2013 Maryland Code
FINANCIAL INSTITUTIONS
§ 4-101 - Definitions
§4-101.
(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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