Section 447-D. Conversion of mutual holding company into stock holding company

1. If approved by the superintendent, a mutual holding  company  may  convert  to  a  stock  holding  company  in accordance with general
  regulations promulgated by the banking board.
    2. If approved by the superintendent, the mutual holding company shall
  submit the plan of conversion to its  shareholders  for  approval  at  a
  meeting  convened  for that purpose in accordance with such regulations.
  The provisions of paragraphs (a), (b), (c) and (d) of subdivision  three
  of  section  four  hundred  forty-seven-a of this article shall apply to
  such  meeting.    For  the  purpose  of  this  subdivision,   the   term
  "shareholders"  shall  mean those shareholders as of a record date, of a
  stock savings and loan association  subsidiary  of  the  mutual  holding
  company which:
    (a)  was  organized  as  a  result  of  the reorganization of a mutual
  savings and  loan  association  as  provided  in  section  four  hundred
  forty-seven of this article; and
    (b)  has  not  at  any time subsequent to its organization issued more
  than forty-nine per centum of its issued and outstanding common stock to
  any persons other than a mutual holding company  organized  pursuant  to
  this  article  or the savings and loan holding company provisions of the
  Home Owners Loan Act (title twelve United States Code Section 1467a).