Section 5-901 - Definitions.
§ 5-901. Definitions.
(a) In general.- In this subtitle the following words have the meanings indicated.
(b) Acquire.- "Acquire" means:
(1) For one bank holding company to merge or consolidate with another bank holding company;
(2) For a bank holding company to assume direct or indirect ownership or control of:
(i) More than 5 percent of any class of voting shares of another bank holding company or a bank; or
(ii) All or substantially all of the assets of another bank holding company or a bank; or
(3) To take any other action that results in the direct or indirect control by a bank holding company of another bank holding company or a bank.
(c) Affiliate.- "Affiliate" has the meaning stated in § 5-401 of this title.
(d) Bank.- "Bank" has the meaning stated in § 2 (c) of the Bank Holding Company Act.
(e) Bank holding company.- "Bank holding company":
(1) Has the meaning stated in § 2 (a) of the Bank Holding Company Act; and
(2) Unless the context requires otherwise, includes:
(i) A Maryland bank holding company;
(ii) An out-of-state bank holding company;
(iii) A foreign bank holding company; and
(iv) A corporation or other entity that becomes a bank holding company by making an acquisition under this subtitle.
(f) Bank Holding Company Act.- "Bank Holding Company Act" means the federal Bank Holding Company Act of 1956.
(g) Bank supervisory agency.- "Bank supervisory agency" means:
(1) The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Board of Governors of the Federal Reserve System, and any successor to these agencies;
(2) Any agency of another state with primary responsibility for chartering and supervising banks; and
(3) Any agency of a foreign country with primary responsibility for chartering and supervising banks.
(h) Control.- "Control" has the meaning stated in § 2 (a) of the Bank Holding Company Act.
(i) Deposit.- "Deposit":
(1) With respect to any bank holding company other than a foreign bank holding company, has the meaning stated in 12 U.S.C. § 1813 (l); and
(2) With respect to a foreign bank holding company, has the meaning stated in the law of the country in which the holding company is organized or incorporated.
(j) Foreign bank holding company.- "Foreign bank holding company" means a bank holding company with its principal place of business outside the United States.
(k) Insured depository institution.- "Insured depository institution" means any financial institution the deposits of which are insured by the Federal Deposit Insurance Corporation.
(l) Maryland bank.- "Maryland bank" means a bank that is:
(1) Organized under Title 3 or Title 4 of this article; or
(2) Organized under federal law and having its main office in this State.
(m) Maryland bank holding company.- "Maryland bank holding company" means a bank holding company that:
(1) Had its principal place of business in this State on the later of July 1, 1966 or the date on which the company became a bank holding company; and
(2) Is not controlled by a bank holding company other than a Maryland bank holding company.
(n) Out-of-state bank holding company.-
(1) "Out-of-state bank holding company" means a bank holding company that is not a Maryland bank holding company.
(2) "Out-of-state bank holding company" includes a foreign bank holding company.
(o) Principal place of business.- "Principal place of business" means the jurisdiction in which the total deposits of a bank holding company's bank subsidiaries are the greatest.
(p) State.- "State" means any state, territory, or other possession of the United States, including the District of Columbia.
(q) Subsidiary.- "Subsidiary" has the meaning stated in § 2 (d) of the Bank Holding Company Act.
[1995, ch. 213, § 2; 1996, ch. 326, §§ 2, 3.]