HARRY HUGHES, Governor

1043

Subtitle 1. Definitions; Policy

8-101. Definitions.

(a) In general.

In this title AND IN TITLE 9, the following words have the
meanings indicated.

(B) AFFILIATE.

"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.

[(b)] (C) Board of Commissioners.

"Board of Commissioners" means the Board of Savings and Loan
Association Commissioners.

(D) CONTROL

"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) (E) CONTROLLING PERSON.

"CONTROLLING PERSON" MEANS ANY PERSON OR ENTITY, ACTING
DIRECTLY OR INDIRECTLY, INDIVIDUALLY OR IN CONCERT WITH ONE OR
MORE OTHER INDIVIDUALS PERSONS OR LEGAL ENTITIES, OR THROUGH ONE
OR MORE SUBSIDIARIES, WHO:

(1)  OWNS, CONTROLS, OR 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.