HARRY HUGHES, Governor                                       1375

(I) IS INCORPORATED UNDER THE LAWS OF THIS
STATE AS A SAVINGS BANK; AND

(II) ENGAGES ONLY IN THE BUSINESS OF SAVINGS
BANKING.

(2) THE TERM "SAVINGS BANK" INCLUDES A SUBSIDIARY
SAVINGS BANK FOR THE PURPOSE OF APPLYING THE PROVISIONS OF THIS
ARTICLE.

(C) "SUBSIDIARY SAVINGS BANK" MEANS AN INSTITUTION THAT;

(1) IS INCORPORATED UNDER THE LAWS OF THIS STATE AS A
SUBSIDIARY SAVINGS BANK, ALL OF THE STOCK OF WHICH IS OWNED BY A
MUTUAL HOLDING COMPANY;

(2) ENGAGES ONLY IN THE BUSINESS OF SAVINGS BANKING;

(3) IS A MEMBER OF THE FEDERAL DEPOSIT INSURANCE
CORPORATION; AND

(4) IS ORGANIZED TO RECEIVE ASSETS AND LIABILITIES OF
A MUTUAL HOLDING COMPANY IN ACCORDANCE WITH THIS SUBTITLE AND
SUBTITLE 9 OF THIS TITLE.

(D) "MUTUAL HOLDING COMPANY" MEANS THE CORPORATION WHICH
HOLDS ALL THE SHARES OF A SUBSIDIARY SAVINGS BANK PURSUANT TO A
REORGANIZATION UNDER SUBTITLE 8 OF THIS TITLE.

4-401.

UNLESS ORGANIZED AS A SUBSIDIARY SAVINGS BANK, AS DEFINED IN
THIS TITLE,[A] A savings bank is a mutual association and may not
have any capital stock.

SUBTITLE 8. HOLDING COMPANIES

4.001.

(A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(B) "SAVINGS AND LOAN ASSOCIATION" MEANS A SAVINGS AND LOAN
ASSOCIATION ORGANIZED UNDER TITLE 9 OF THIS ARTICLE AND INSURED
BY THE MARYLAND DEPOSIT INSURANCE FUND CORPORATION.

(C) "SUBSIDIARY SAVINGS BANK" MEANS ANY SAVINGS BANK

INCORPORATED AND ORGANIZED AS PROVIDED IN THIS SUBTITLE, A
MAJORITY OF THE ORDINARILY VOTING SHARES OF WHICH IS OWNED BY A
HOLDING COMPANY.

(D) "HOLDING COMPANY" MEANS ANY SAVINGS BANK REORGANIZED
UNDER THIS SUBTITLE TO HOLD A MAJORITY OF THE ORDINARILY VOTING
SHARES OF A SUBSIDIARY SAVINGS BANK.