Section 447. Authorization of the formation of mutual holding companies

1.
  Notwithstanding any other  provision  of  law  and  in  accordance  with
  general   regulations  which  the  banking  board  shall  promulgate  to
  facilitate such reorganizations, a mutual savings and  loan  association
  may  reorganize  so as to cause its deposit-taking and one or more other
  activities to be conducted by  a  stock  savings  and  loan  association
  subsidiary  of a mutual holding company formed for such purpose upon the
  payment of a fee as prescribed pursuant to section  eighteen-a  of  this
  chapter.
    2.  Except  to  the  extent that such provisions are inconsistent with
  this article, the stock savings and loan association subsidiary  of  the
  mutual  holding  company shall be subject to the same provisions of this
  chapter as apply to savings and loan associations which  have  converted
  to stock form pursuant to sections fourteen-e and nine thousand nineteen
  of this chapter.