(a) was organized as a result of the reorganization of a mutual savings and loan association as provided in section four hundred forty-seven 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).
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