1382

LAWS OF MARYLAND

Ch. 355

(3) THAT IMMEDIATELY BEFORE THE REORGANIZATION, THE
DEPOSITORS OF THE SAVINGS BANK ARE ENTITLED TO DEPOSITS IN THE
SUBSIDIARY SAVINGS BANK OF LIKE AMOUNTS, INTEREST RATE, AND OTHER
TERMS, WITHOUT INTERRUPTION OF INTEREST;

(4) THAT ALL DEPOSITS CONTINUE TO BE INSURED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION UP TO THE MAXIMUM AMOUNT
PROVIDED BY LAW; AND

(5) THAT THE APPLICANT HAS MET ALL THE REQUIREMENTS
OF THIS SUBTITLE AND SUBTITLE 9 OF THIS TITLE.

4-804.

(A) IN CONNECTION WITH THE REORGANIZATION OF A SAVINGS BANK
INTO A MUTUAL HOLDING COMPANY PURSUANT TO THIS SUBTITLE AND WITH
THE APPROVAL OF THE BANK COMMISSIONER, THE MUTUAL HOLDING COMPANY
MAY RETAIN ASSETS TO THE EXTENT THAT THEY ARE NOT THEN REQUIRED
BY THE SUBSIDIARY SAVINGS BANK TO SATISFY STATE OR FEDERAL
CAPITAL OR RESERVE REQUIREMENTS.

(B) AFTER REORGANIZATION PURSUANT TO THIS SUBTITLE, A
MUTUAL HOLDING COMPANY SHALL;

(1) CONTINUE TO POSSESS AND MAY EXERCISE ALL GENERAL
CORPORATE POWERS; AND

(2) BE SUBJECT TO ALL LIMITATIONS NOT INCONSISTENT
WITH THIS SECTION, OF A SAVINGS BANK UNDER THE LAWS OF THIS
STATE.

(C) A MUTUAL HOLDING COMPANY SHALL HOLD ALL THE STOCK OF A
SUBSIDIARY SAVINGS BANK OR SAVINGS AND LOAN ASSOCIATION ACQUIRED
PURSUANT TO THIS SUBTITLE.

(D) WITHOUT LIMITING ANY POWERS IT MAY HAVE UNDER THIS
SECTION OR ANY OTHER LAWS OF THIS STATE, A MUTUAL HOLDING COMPANY
MAY ACQUIRE THE ASSETS OR STOCK OF A SAVINGS AND LOAN ASSOCIATION
WITH THE PRIOR APPROVAL OF THE BANK COMMISSIONER PURSUANT TO THE
DETERMINATIONS REQUIRED UNDER SECTION 4-803(E)(2) OF THIS
SUBTITLE.

(E) A MUTUAL HOLDING COMPANY MAY NOT TAKE DEPOSITS.

4-805.

A MUTUAL HOLDING COMPANY SHALL BE SUBJECT TO THE PROVISIONS
OF THE FEDERAL BANK HOLDING COMPANY ACT OF 1956, AS AMENDED AND
ALL THE PROVISIONS OF THIS ARTICLE GOVERNING BANK HOLDING
COMPANIES.

4-805.1.

A MUTUAL HOLDING COMPANY IS A MUTUAL ASSOCIATION AND MAY NOT
HAVE ANY CAPITAL STOCK.