1. An association may reorganize as a mutual holding company in the manner and with the effect provided in the federal National Housing Act of 1934, 12 U.S.C. § 1730a(s). The mutual holding company may engage in activities permitted by the federal National Housing Act of 1934, 12 U.S.C. § 1730a(s). For purposes of 12 U.S.C. § 1730a(s)(5)(D), investments in service corporations shall be deemed available for purchase without regard to the limitation contained in section 534.213, subsection 1, paragraph "i", on the amount of such investments.
2. A mutual holding company shall be deemed a mutual association for purposes of sections 534.401, 534.403, 534.501, 534.502, 534.503, 534.505, 534.509, 534.510, 534.511, 534.512, 534.513, 534.514, 534.601, 534.602, 534.603, 534.604, 534.605, 534.606, 534.701, 534.702, 534.703, 534.704, and 534.705.
3. Except as otherwise provided in this chapter, a mutual holding company has all powers set forth in section 490.302.
4. The superintendent may adopt rules pursuant to chapter 17A pertaining to mutual holding companies.
5. Proxies of the association shall continue in force as proxies of the mutual holding company.
90 Acts, ch 1208, §19; 91 Acts, ch 258, §62
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