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§ 9-101. Definitions

West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2011

West's Annotated Code of Maryland
Financial Institutions
Title 9. Savings and Loan Associations
Subtitle 1. Definitions; General Prohibition (Refs & Annos)
Effective: October 1, 2011
MD Code, Financial Institutions, § 9-101
§ 9-101. Definitions
Currentness
In general
(a) In this title the following words have the meanings indicated.
Capital stock
(b) “Capital stock” means capital stock issued by a capital stock association.
Capital stock association
(c) “Capital stock association” means a savings and loan association that has authority under this title to issue capital stock.
Claim
(d) “Claim” means:
(1) A right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured; or
(2) A right to an equitable remedy for breach of performance if the breach gives rise to a right to payment, whether or not the right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured, or unsecured.
Deposit association
(e) “Deposit association” means a savings and loan association that has savings deposit accounts.
Division Director
(f) “Division Director” means the Commissioner.
Employee
(g) “Employee” does not include a controlling person, director, or officer of an association.
Federal association
(h) “Federal association” means:
(1) A savings and loan association that is incorporated under the laws of the United States; or
(2) A federal savings bank that operates under the jurisdiction of the Federal Home Loan Bank Board and whose accounts are insured by the Federal Savings and Loan Insurance Corporation.
Fund Director
(i) “Fund Director” means the Director of the State of Maryland Deposit Insurance Fund Corporation.
Mutual association
(j) “Mutual association” means a savings and loan association that does not have authority to issue capital stock.
Net worth certificate
(k) “Net worth certificate” means a capital instrument issued by a savings and loan association for the purpose of increasing or maintaining the capital of the association.
Savings account
(l)(1) “Savings account” means that part of the savings liability of a savings and loan association that is credited to the account of the holder of the account.
(2) “Savings account” includes a savings certificate account or any other fixed term account.
Savings and loan association
(m) “Savings and loan association” has the meaning stated in § 8-101 of this article.
Savings deposit account
(n) “Savings deposit account” means a savings account that:
(1) Is a liability of a deposit association to the extent of its withdrawal value; and
(2) Is not a share interest in a savings and loan association.
Savings liability
(o) “Savings liability” means the aggregate amount of savings accounts of savings account holders, including earnings credited to the accounts.
Savings share account
(p) “Savings share account” means a savings account that is a share interest in a savings and loan association.
Secretary
(q) “Secretary” has the meaning stated in § 8-101 of this article.
Statutory merger
(r) “Statutory merger” means the transfer of all or substantially all of the assets of a corporation which transfer is:
(1) Subject to all or substantially all of the liabilities of the transferor; and
(2) Followed by the dissolution of the transferor corporation.
Unsecured days funds
(s) “Unsecured days funds” has the meaning stated in the rules and regulations of the Federal Home Loan Bank Board that apply to savings associations insured by the Federal Savings and Loan Insurance Corporation.

Credits

Added by Acts 1980, c. 856, § 2, eff. July 1, 1980. Amended by Acts 1981, c. 2, § 3; Acts 1985, 1st Sp. Sess., c. 5, § 1; Acts 1986, c. 11, §§ 1, 2; Acts 1986, c. 282, § 1, eff. June 1, 1986; Acts 1988, c. 662; Acts 1990, c. 384; Acts 1991, c. 426, § 2; Acts 1996, c. 326, § 2, eff. July 1, 1996.
MD Code, Financial Institutions, § 9-101, MD FIN INST § 9-101
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.
End of Document