that directly or indirectly or acting in concert with one or more other persons or through one or more subsidiaries, owns, controls, or holds with power to vote, or holds proxies representing more than 25% of the voting shares or rights of any savings bank or savings bank holding company or controls in any manner whether by holding of proxies or otherwise, the election of a majority of the directors of any savings bank or savings bank holding company. Notwithstanding the foregoing, no company shall be deemed to have control of or over a savings bank or holding company by virtue of the following: (1) its ownership or control of shares in a fiduciary capacity arising in the ordinary course of its business; (2) its ownership or control of shares acquired by it in connection with its underwriting of securities that are held only for that period of time as will permit the sale thereof upon a reasonable basis; (3) its holding any shares as collateral taken in the ordinary course of securing a debt or other obligation; (4) its ownership or control of shares acquired in the ordinary course of collecting a debt or other obligation previously contracted in good faith, until 5 years after the date acquired; (5) its voting rights with respect to shares of any savings bank or holding company acquired in the course of a proxy solicitation in the case of a company formed and operated for the sole purpose of participating in a proxy solicitation. capacity arising in the ordinary course of its business; in connection with its underwriting of securities that are held only for that period of time as will permit the sale thereof upon a reasonable basis; ordinary course of securing a debt or other obligation; the ordinary course of collecting a debt or other obligation previously contracted in good faith, until 5 years after the date acquired; savings bank or holding company acquired in the course of a proxy solicitation in the case of a company formed and operated for the sole purpose of participating in a proxy solicitation.
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