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§ 4-804. Powers of mutual holding company after reorganization

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 4. Banking Institutions--Savings Banks
Subtitle 8. Mutual Holding Companies (Refs & Annos)
MD Code, Financial Institutions, § 4-804
§ 4-804. Powers of mutual holding company after reorganization
Currentness
Retention of assets
(a) In connection with the reorganization of a savings bank into a mutual holding company pursuant to this subtitle and with the approval of the Commissioner, the mutual holding company may retain assets to the extent that they are not then required by the subsidiary savings bank to satisfy State or federal capital or reserve requirements.
General corporate powers and limitations
(b) After reorganization pursuant to this subtitle, a mutual holding company shall:
(1) Continue to possess and may exercise all general corporate powers; and
(2) Be subject to all limitations not inconsistent with this section, of a savings bank under the laws of this State.
Stock holdings
(c) A mutual holding company shall hold more than 50% of the stock of a subsidiary savings bank or savings and loan association acquired pursuant to this subtitle.
Acquisition of assets or stock of savings and loan association
(d) Without limiting any powers it may have under this section or any other laws of this State, a mutual holding company may acquire the assets or stock of a savings and loan association with the prior approval of the Commissioner pursuant to the determinations required under § 4-803(e)(2) of this subtitle.
Deposits
(e) A mutual holding company may not take deposits.

Credits

Added by Acts 1986, c. 355, § 1, eff. July 1, 1986. Amended by Acts 1996, c. 326, § 2, eff. July 1, 1996; Acts 2004, c. 342, § 1, eff. June 1, 2004.
MD Code, Financial Institutions, § 4-804, MD FIN INST § 4-804
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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