Sec. 86.3. De novo chartering; conversions from Federal charter to State charter, followed by a simultaneous conversion to stock-form

(a) Five or more persons may incorporate a stock-form thrift in accordance with the requirements of articles II and XV of the Banking Law governing the incorporation of a bank or trust company. If the shares of a de novo stock-form thrift will be offered in a public offering, an offering circular in the form prescribed in section 86.15 of this Part shall be submitted to the superintendent for his approval within such time as shall be prescribed in this Part as a condition precedent to the issuance of an authorization certificate to such thrift.

(b) Where an existing federally chartered mutual savings bank or mutual savings and loan association proposes to convert to State charter pursuant to the provisions of Part 87 of this Title and simultaneously therewith to convert from mutual form to stock-form, any vote taken by the depositors of the Federal mutual thrift which is in compliance with the provisions of this Part shall be deemed equivalent to a vote required of the depositors of State-chartered mutual thrifts for purposes of this Part.