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LAWS OF MARYLAND

Ch. 33

As to the counterpart federal statute governing bank

services and bank service corporations, see 12 U.S.C. § 1861

et seq. This federal statute was the pattern on which
present Art. 11, § 62A was based.

The Commission to Revise the Annotated Code would note
that the revision of this subtitle is not intended to modify
the law. Judicial and administrative interpretations of the
federal provisions still would aid in the interpretation of
comparable State provisions.

SUBTITLE 2. FOREIGN BANKS.

PART I. DEFINITIONS.

12-201. DEFINITIONS.

(A)   IN GENERAL.

IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from the introductory
phrase of the second paragraph of Art. 11, §
31A(b).

See also § 1—101 of this article for other
applicable definitions.

(B)   AFFILIATED CORPORATION.

"AFFILIATED CORPORATION" MEANS ANY CORPORATION, WHETHER
INCORPORATED UNDER THE LAWS OF THIS STATE OR OF ANY OTHER
JURISDICTION, OF WHICH 25 PERCENT OR MORE OF THE OUTSTANDING
VOTING SHARES ARE OWNED OF RECORD OR BENEFICIALLY BY:

(1)   A FOREIGN BANK; OR

(2)   PERSONS WHO OWN OF RECORD OR BENEFICIALLY 25
PERCENT OR MORE OF THE OUTSTANDING VOTING SHARES OF A
FOREIGN BANK.

REVISOR'S NOTE: This subsection presently appears as
Art. 11, § 31A(b)2.

The term "outstanding" is added to modify "voting
shares" for clarity and conformity to the similar
reference in subsection (c) of this section.

(C)   BANK HOLDING COMPANY.

"BANK HOLDING COMPANY" MEANS A CORPORATION THAT OWNS OF
RECORD OR BENEFICIALLY 25 PERCENT OR MORE OF THE OUTSTANDING
VOTING SHARES OF: