HARRY HUGHES, Governor

4055

(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 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.

4-806.

THE BANK COMMISSIONER MAY ADOPT REGULATIONS TO CARRY OUT THE
PROVISIONS OF THIS SUBTITLE.

4-807.

A MUTUAL HOLDING COMPANY SHALL BE SUBJECT TO THE PROVISIONS
OF SUBTITLES 4, 5, AND 7 OF THIS TITLE.

SUBTITLE 9. SUBSIDIARY SAVINGS BANKS

4-901.

FIVE OR MORE ADULT INDIVIDUALS, EACH OF WHOM IS A RESIDENT
OF THIS STATE AND A CITIZEN OF THE UNITED STATES, MAY ACT AS
INCORPORATORS TO FORM A SUBSIDIARY SAVINGS BANK UNDER THIS
SUBTITLE.

4-902.

(A) THE INCORPORATORS OF A SUBSIDIARY SAVINGS BANK SHALL
SIGN AND ACKNOWLEDGE 2 COPIES OF THE ARTICLES OF INCORPORATION.