(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).