HARRY HUGHES, Governor                                       1067

"EMPLOYEE" DOES NOT INCLUDE A CONTROLLING PERSON, DIRECTOR,
OR OFFICER OF AN ASSOCIATION.

(g) (H) Federal association.

"Federal association" means a:

(1) A savings and loan association that is
incorporated under the laws of the United States; OR

(2) A FEDERAL SAVINGS BANK THAT  OPERATES UNDER THE

JURISDICTION OF THE FEDERAL HOME LOAN BANK    BOARD AND WHOSE

ACCOUNTS ARE INSURED BY THE FEDERAL SAVINGS  AND LOAN INSURANCE
CORPORATION.

(h) (I) Fund Director.

"Fund Director" means the Director of the STATE OF Maryland
Deposit Insurance Fund Corporation.

(i) (J) Mutual association.

"Mutual association" means a savings and loan association
that does not have authority to issue capital stock.

(j) (K) Net worth certificate.

"Net worth certificate" means a capital instrument issued by
a savings and loan association for the purpose of increasing or
maintaining the capital of the association.

(k) (L) Savings and loan association.

[Unless the context clearly requires otherwise, "savings and
loan association" means a corporation that is chartered under the
laws of this State as a savings and loan association] "SAVINGS
AND LOAN ASSOCIATION" HAS THE MEANING STATED IN § 8-101 OF THIS
ARTICLE.

(1) (M) Savings account.

(1)  "Savings account" means that part of the savings
liability of a savings and loan association that is credited to
the account of the holder of the account.

(2)  "Savings account" includes a savings certificate
account or any other fixed term account.

(m) (N) Savings share account.

"Savings share account" means a savings account that is a
share interest in a savings and loan association.

(n) (O) Savings deposit account.