A mutual holding company is a mutual association and may not have any capital stock.
Structure Maryland Statutes
Title 4 - Banking Institutions -- Savings Banks
Subtitle 8 - Mutual Holding Companies
Section 4-801 - "Savings and Loan Association" Defined
Section 4-802 - Reorganization of Savings Bank to Become Mutual Holding Company
Section 4-805 - Applicability of Federal Bank Holding Company Act of 1956
Section 4-805.1 - Capital Stock
Section 4-807 - Holding Company Subject to Provisions of Subtitles 4, 5, and 7 of This Title