2. If approved by the superintendent, the mutual holding company shall submit the plan of conversion to its shareholders for approval at a meeting convened for that purpose in accordance with such regulations. The provisions of paragraphs (a), (b), (c) and (d) of subdivision three of section four hundred forty-seven-a of this article shall apply to such meeting. For the purpose of this subdivision, the term "shareholders" shall mean those shareholders as of a record date, of a stock savings and loan association subsidiary of the mutual holding company which:

1. (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
2. (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).