Md. Code Ann., Fin. Inst. § 4-101

Redline — January 1, 2019 → current.View current text →

Current — January 1, 2021

As of January 1, 2019

(a) In this title the following words have the meanings indicated.

(b) “Mutual holding company” means the corporation which holds more than 50% of the stock of a subsidiary savings bank pursuant to a reorganization under Subtitle 8 of this title.

~~(b)~~ (1) “Savings bank” means an institution that: (i) Is incorporated under the laws of this State as a savings bank; and (ii) Engages only in the business of savings banking. (2) The term “savings bank” includes a subsidiary savings bank for the purpose of applying the provisions of this article.

(c) (1) “Savings bank” means an institution that: (i) Is incorporated under the laws of this State as a savings bank; and (ii) Engages only in the business of savings banking. (2) The term “savings bank” includes a subsidiary savings bank for the purpose of applying the provisions of this article.

~~(c)~~ “Subsidiary savings bank” means an institution that: (1) Is incorporated under the laws of this State as a subsidiary savings bank, all of the stock of which is owned by a mutual holding company; (2) Engages only in the business of savings banking; (3) Is a member of the Federal Deposit Insurance Corporation; and (4) Is organized to receive assets and liabilities of a mutual holding company in accordance with this subtitle and Subtitle 9 of this title.

(d) “Subsidiary savings bank” means an institution that: (1) Is incorporated under the laws of this State as a subsidiary savings bank, all of the stock of which is owned by a mutual holding company; (2) Engages only in the business of savings banking; (3) Is a member of the Federal Deposit Insurance Corporation; and (4) Is organized to receive assets and liabilities of a mutual holding company in accordance with this subtitle and Subtitle 9 of this title.

(d) “Mutual holding company” means the corporation which holds more than 50% of the stock of a subsidiary savings bank pursuant to a reorganization under Subtitle 8 of this title.

Official source: Maryland General Assembly. Reproduced from public-domain Maryland statutes; confirm against the official source for the current text. Not legal advice.