WILLIAM DONALD SCHAEFER, Governor

Ch. 2

Defined terms: "Company" § 8-101
"Savings and loan association" § 8-101
"Savings bank" § 8-101 "State" § 1-101

(D)  SAVINGS AND LOAN ASSOCIATION.
"SAVINGS AND LOAN ASSOCIATION" MEANS:

(1)  A SAVINGS AND LOAN ASSOCIATION THAT:

(I)  IS ORGANIZED UNDER THE LAWS OF THIS STATE;

(II)  IS ORGANIZED UNDER THE LAWS OF ANOTHER
STATE AND IS ADMITTED TO DO BUSINESS IN THIS STATE; OR

(III)  IS ORGANIZED UNDER THE LAWS OF THE UNITED
STATES AND HAS AN OFFICE IN THIS STATE; OR

(2)  A SAVINGS BANK CHARTERED BY THE FEDERAL HOME LOAN
BANK BOARD.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from former Art. 81, §
128B(a).

In the introductory language of this subsection, the
term "savings and loan association" is substituted, as
the defined term, for the former word "association",
for clarity.

In item (2) of this section, the reference to the
"Federal Home Loan Bank Board" is substituted for the
former incorrect reference to the "Federal Home Loan
Bank".

Also in item (2) of this subsection, the word
"federal", which formerly modified "savings bank", is
deleted as surplusage.

Defined terms: "Savings bank" § 8-101
"State" § 1-101

(E)  SAVINGS BANK.

(1)  "SAVINGS BANK" MEANS A COMPANY OR OTHER
INSTITUTION THAT IS ORGANIZED TO RECEIVE DEPOSITS OF MONEY AND
PAY INTEREST ON THE DEPOSITS.

(2)  "SAVINGS BANK" DOES NOT INCLUDE A BANK WITH
CAPITAL STOCK.

REVISOR'S NOTE: This subsection is new language that
repeats the provisions of former Art. 81, § 128(b)(3).

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