2013 Maryland Code
FINANCIAL INSTITUTIONS
§ 8-101 - Definitions
§8-101.
(a) In this title and in Title 9, the following words have the meanings indicated.
(b) “Affiliate” means any corporation, business trust, statutory trust, association, partnership, sole proprietorship, or other similar organization or person of which an association or any officer, director, or controlling person of an association, directly or indirectly:
(1) Owns or controls either a majority of the voting shares or controls in any manner the election of a majority of its directors, trustees, or other persons exercising similar functions; or
(2) Otherwise controls the management of that organization.
(c) “Control” means the ability of a person to direct the management or policies of an association or entity or elect a majority of a board of directors or the ownership of more than 10 percent of the outstanding shares of any class of securities of an association or interest in an entity.
(d) “Controlling person” means any person or entity, acting directly or indirectly, individually or in concert with one or more other persons or entities, or through one or more subsidiaries, who:
(1) Owns, controls, holds with power to vote, or holds proxies representing 10 percent or more of the voting shares, rights, or interests of any association or corporation; or
(2) Controls in any manner the election or appointment of a majority of the directors of that association or corporation.
(e) “Division Director” means the Director of the Division of Savings and Loan Associations.
(f) “Holding company” means any company or other entity which directly or indirectly controls any other company, or other entity.
(g) “Immediate family” means a spouse, child, child’s spouse, parent, sibling, grandparent, or grandchild.
(h) “Related entity” means an affiliate, holding company, or subsidiary of a savings and loan association.
(i) “Savings and loan association” or “association” means, unless the context clearly requires otherwise, a corporation that is chartered under the laws of this State as a savings and loan association.
(j) “Secretary” means the Secretary of Labor, Licensing, and Regulation.
(k) “Subsidiary” means any company or other entity which is directly or indirectly controlled by any controlling person.
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