HARRY HUGHES, Governor

4047

(1980 Volume and 1985 Supplement)

BY adding to

Article - Financial Institutions

Section 4-101; and 4-801 through 4-804 4-807, inclusive, to
be under the new subtitle "Subtitle 8. Mutual
Holding Companies"; 4-901 through 4-910, inclusive,
to be under the new subtitle "Subtitle 9. Subsidiary
Savings Banks"; and 5-210

Annotated Code of Maryland

(1980 Volume and 1985 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

[4-101.

In this title, "savings bank" means an institution that;

(1) Is incorporated under the laws of this State as a
savings bank; and

(2) Engages only in the business of savings banking.]
4-101.

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

(B) (1) "SAVINGS BANK" MEANS AN INSTITUTION THAT;

(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;
AND