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§ 4-101. Definitions

MD Fin Inst Code § 4-101 (2019) (N/A)
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(a)    In this title the following words have the meanings indicated.

(b)    (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.

(c)    “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.

(d)    “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.

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