HARRY HUGHES, Governor

3719

(a)   [at] AT least [ninety] 90 percent of [the] WHOSE
capital stock [of which] is held by or for [one] 1 or more
[persons (other than individuals)] ORGANIZATIONS, NONE OF WHICH,
OTHER THAN A NATIONAL SECURITIES EXCHANGE OR ASSOCIATION, HOLDS
IN EXCESS OF 20 PERCENT OF THE CAPITAL STOCK OF THE CORPORATION,
AND each of [whom] WHICH IS:

(i) [Is subject] SUBJECT to supervision or
regulation pursuant to the provisions of federal or state banking
laws or state insurance laws[, or];

(ii) [Is a] A broker or dealer or investment
company registered under the [Securities Exchange Act of 1934 or
the Investment Company Act of 1940] FEDERAL SECURITIES LAWS[,];
or

(iii) [Is a] A national securities exchange or
association registered under [a statute of the United States such
as the Securities Exchange Act of 1934,] THE FEDERAL SECURITIES
LAWS; and [none of whom, other than a national securities
exchange or association, holds in excess of twenty percent of the
capital stock of such corporation; and]

(b)  Any remaining capital stock of which is held by
individuals who have purchased [such capital stock] IT at or
prior to the time of their taking office as directors of [such]
THE corporation and who have purchased only so much of [such] THE
capital stock as [may be] IS necessary to permit them to qualify
as [such] directors.

(4)  A "custodian bank" is [any] A bank or trust company
[which] THAT is supervised and examined by state or federal
authority having supervision over banks and [which] is acting as
custodian for a clearing corporation.

(5)  Other definitions applying to this title or to
specified subtitles thereof and the sections in which they appear
are:

"Adverse claim." § [8-301] 8-302.

"Bona fide purchaser." § 8-302.

"Broker." § 8-303.

"DEBTOR." § 9-105.

"FINANCIAL INTERMEDIARY." § 8-313.

"Guarantee of the signature." § 8-402.

"INITIAL TRANSACTION STATEMENT." § 8-408.

"INSTRUCTION." § 8-308.