§ 9-1001. Definitions
West's Annotated Code of MarylandFinancial Institutions
MD Code, Financial Institutions, § 9-1001
§ 9-1001. Definitions
(b) “Acquire” means:
(2) For a savings and loan association or savings and loan holding company to assume direct or indirect ownership or control of voting shares of another savings and loan association or savings and loan holding company if, after assumption of ownership or control, the 1st savings and loan association or savings and loan holding company directly or indirectly owns or controls more than 5 percent of any class of voting shares of the other savings and loan association or savings and loan holding company;
(c)(1) “Control” means:
(i) For a person directly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, to own, control, or hold with power to vote, or to hold proxies representing, more than 5 percent of the voting shares of a savings and loan association, or to control in any manner the election of a majority of the directors of a savings and loan association;
(ii) For a person directly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, to own, control, or hold with power to vote, or to hold proxies representing more than 5 percent of the voting shares or rights of another company, or to control in any manner the election or appointment of a majority of the directors or trustees of another company, or to be a general partner in or have contributed more than 25 percent of the capital of another company; or
(2) A person shall be deemed to have control over a savings and loan association or any other company if the Division Director determines, after reasonable notice and opportunity for hearing, that the person directly or indirectly exercises a controlling influence over the management or policies of the savings and loan association or other company.
(d)(1) “Deposit” means any demand, negotiable order of withdrawal, time certificate, or savings deposit or savings share account made by an individual, corporation, partnership, State or federal governmental unit, or any other organization, without regard to the location of the depositor, except:
(e)(1) “Deposit-taking office” means any savings and loan association, branch of a savings and loan association, or any other fixed location where a savings and loan association accepts deposits.
(f) “Interstate association” means an out-of-state association:
(g)(1) “Maryland association” means:
(h) “Maryland savings and loan holding company” means a savings and loan holding company:
(2) That has more than 80 percent of the total deposits of savings and loan association subsidiaries held by savings and loan association subsidiaries, other than savings and loan association subsidiaries acquired by it in accordance with § 9-1005(b)(2) of this subtitle, located within the region; and
(i) “Out-of-state association” means a savings and loan association other than a Maryland association:
(2) That has more than 80 percent of the total deposits of its deposit-taking offices held by deposit-taking offices located within the region, excluding for purposes of applying this 80 percent requirement deposits in deposit-taking offices acquired by it in accordance with § 9-1005(b)(2) of this subtitle; and
(j) “Out-of-state savings and loan holding company” means a savings and loan holding company other than a Maryland savings and loan holding company:
(2) That has more than 80 percent of the total deposits of savings and loan association subsidiaries held by savings and loan association subsidiaries located within the region, excluding for purposes of applying this 80 percent requirement deposits in savings and loan association subsidiaries acquired by it in accordance with § 9-1005(b)(2) of this subtitle; and
(k) “Principal place of business”:
(l) “Reciprocal basis” means that, in conjunction with the laws of this State:
(1) The laws of the jurisdiction where the out-of-state association or out-of-state savings and loan holding company has its principal place of business permit Maryland associations and Maryland savings and loan holding companies to acquire savings and loan associations and savings and loan holding companies in that jurisdiction; and
(2) The laws of the jurisdiction where the out-of-state association or out-of-state savings and loan holding company has its principal place of business permit the out-of-state association or out-of-state savings and loan holding company to be acquired by the Maryland association or Maryland savings and loan holding company sought to be acquired.
(m) “Region” means the states of Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia, and the District of Columbia.
(n) “Savings and loan association”:
(o) “Savings and loan holding company” means a company that controls a savings and loan association or controls any other company which is a savings and loan holding company.
Credits
Added by Acts 1987, c. 544, § 1, eff. July 1, 1987. Amended by Acts 1988, c. 6, § 1.
MD Code, Financial Institutions, § 9-1001, MD FIN INST § 9-1001
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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