1. (a) In this title the following words have the meanings indicated.
2. (b) “Mutual holding company” means the corporation which holds more than 50% of the stock of a subsidiary savings bank pursuant to a reorganization under Subtitle 8 of this title.

3. (c)

   1. (1) “Savings bank” means an institution that:

      1. (i) Is incorporated under the laws of this State as a savings bank; and
      2. (ii) Engages only in the business of savings banking.
   2. (2) The term “savings bank” includes a subsidiary savings bank for the purpose of applying the provisions of this article.

4. (d) “Subsidiary savings bank” means an institution that:

   1. (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. (2) Engages only in the business of savings banking;
   3. (3) Is a member of the Federal Deposit Insurance Corporation; and
   4. (4) Is organized to receive assets and liabilities of a mutual holding company in accordance with this subtitle and Subtitle 9 of this title.

Added by Acts 1986, c. 355, § 1, eff. July 1, 1986. Amended by Acts 2004, c. 342, § 1, eff. June 1, 2004; Acts 2020, c. 628, § 5.