1. (1) Is a corporation chartered under the laws of the State as a savings and loan association that does not have the authority to issue capital stock;
2. (2) Is insured by the State of Maryland Deposit Insurance Corporation; and
3. (3) Has assets of $15,000,000 or less or had total assets of less than $15,000,000 as of May 18, 1985.

In this subtitle, “mutual association” means an association that:

Added by Acts 1988, c. 635, § 1, eff. June 1, 1988.