Section 294. 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  depositors  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  two  hundred ninety-one of this article shall apply to such
  meeting. For the purpose of  this  subdivision,  the  term  "depositors"
  shall mean those depositors as of a record date, of a stock savings bank
  subsidiary of the mutual holding company which:
    (a)  was  organized  as  a  result  of  the reorganization of a mutual
  savings bank as provided in section two hundred ninety 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).