Notwithstanding any general or special law to the contrary, a mutual bank, subject to approval of the commissioner, may convert to a stock bank.
Any mutual bank which converts to a stock bank shall have all the powers and privileges of a savings bank or co-operative bank, as applicable.
The commissioner shall have the authority to conduct a supervisory conversion of a mutual bank to stock form if the commissioner determines that upon liquidation of the mutual bank there would be no equity value realizable by the depositors of the mutual bank.
The commissioner shall prescribe from time to time such rules and regulations as may be necessary or proper in carrying out this section.