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§ 4-101. Definitions

West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2020

West's Annotated Code of Maryland
Financial Institutions
Title 4. Banking Institutions--Savings Banks
Subtitle 1. Definitions (Refs & Annos)
Effective: October 1, 2020
MD Code, Financial Institutions, § 4-101
§ 4-101. Definitions
Currentness
In general
(a) In this title the following words have the meanings indicated.
Mutual holding company
(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.
Savings bank
(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.
Subsidiary savings bank
(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.

Credits

Added by Acts 1986, c. 355, § 1, eff. July 1, 1986. Amended by Acts 2004, c. 342, § 1, eff. June 1, 2004; Acts 2020, c. 628, § 5.
MD Code, Financial Institutions, § 4-101, MD FIN INST § 4-101
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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