§ 4-101

Maryland § 4-101

• Jurisdiction: Maryland
• Article gfi: Financial Institutions
• Title: 4

Text

(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.

(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.

(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.