Ch. 384 LAWS OF MARYLAND

Article - Financial Institutions

Section 8-101, 8-103, 8-303, 8-306, 8-307, 8-310, 8-404, 9-101, 9-422, 9-503,
9-704, and 9-908

Annotated Code of Maryland

(1986 Replacement Volume and 1989 Supplement)

BY repealing

Article - Financial Institutions

Section 8-201 through 8-207 and the subtitle "Subtitle 2. Board of Savings and
Loan Association Commissioners"; and 8-304

Annotated Code of Maryland

(1986 Replacement Volume and 1989 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

8-101.

(a) In this title and in Title 9, the following words have the meanings indicated.

(b) "Affiliate" means any corporation, business 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) ["Board of Commissioners" means the Board of Savings and Loan
Association Commissioners.

(d)] "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.

[(e)] (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.

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