Sec. 2. (a) A mutual holding company, to collateralize an obligation of its own or of any of its subsidiaries or affiliates, may pledge any stock that comprises a minority interest in any subsidiary or any stock that the mutual holding company holds in the following:
(1) A subsidiary savings bank, if the proceeds or other benefit of the obligation collateralized are received by the savings bank whose stock is pledged.
(2) A subsidiary savings bank that was in the stock form when acquired.
(3) Any nondepository subsidiary.
(b) A pledge of stock that is not described in subsection (a) may not be made without the prior written approval of the director.