Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
In this chapter, unless the context otherwise requires:
1. “Acquisition of control” means a transaction by which a person obtains, directly or indirectly, control of a financial institution.
2. “Application” means an application which is made pursuant to this article for approval of the deputy director to become a financial institution holding company.
3. “Control” means direct or indirect ownership or power to vote twenty-five percent or more of the outstanding voting securities of a financial institution or controlling person or to control in any manner the election of a majority of the directors of a financial institution or controlling person. For the purposes of determining the percentage of voting securities owned, controlled or held by a person, there shall be aggregated with the voting securities attributed to the person the voting securities of any other person directly or indirectly controlling, controlled by or under common control with the other person, by any officer, partner, employee or agent of the person or by any spouse, parent or child of the person.
4. “Controlling person” means a person who is directly or indirectly in control of a financial institution.
5. “Financial institution” means a bank, trust company, savings and loan association, international banking facility and holding company of a bank, trust company, savings and loan association and international banking facility under the jurisdiction of the department.
6. “Financial institution holding company” means a corporation, trust, association, partnership or similar organization that directly or indirectly, acting through one or more persons, controls a financial institution or a controlling person.
7. “Voting security” means any security presently entitling the owner or holder of the security to vote for the election of directors of a financial institution or controlling person, excluding, in the case of a savings and loan association, votes attributable to savings accounts. A specified percentage of outstanding voting securities is the amount of the outstanding voting securities that entitles the holder or holders of the securities to cast that specified percentage of the aggregate votes that the holders of all outstanding voting securities are entitled to cast.
Cite this article: FindLaw.com - Maryland Code, Alcoholic Beverages § 26-1810 - last updated December 31, 2021 | https://codes.findlaw.com/md/alcoholic-beverages/md-code-al-bev-sect-26-1810/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.