Sec. 86.11. Conflict between State and Federal law and regulation

In the event that any converting institution or other person subject to the provisions of this Part shall find that it cannot either absolutely or without undue hardship comply with the provisions of this Part and at the same time satisfy the requirements of any State or Federal law or any regulation promulgated by the Federal Deposit Insurance Corporation, Federal Savings and Loan Insurance Corporation, Securities and Exchange Commission or any other regulatory agency as may have jurisdiction over any person or transaction referred to herein, such converting institution or other person may request a waiver of such conflicting provision from the superintendent, which the superintendent may grant for good cause after considering the declaration of policy in section one of chapter one of the Laws of 1984.