Section 290. 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 bank may reorganize so
  as to cause its deposit-taking and one or more other  activities  to  be
  conducted by a stock savings bank 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 bank subsidiary of the mutual holding
  company shall be subject to the same provisions of this chapter as apply
  to savings banks which have converted to stock form pursuant to sections
  fourteen-e and nine thousand nineteen of this chapter.