§ 9-1106
136 words·~1 min read·
/md/financial-institutions/9-1106A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§9–1106.
(a)In reviewing an application for conversion, the Commissioner shall determine:
(1)Whether, after conversion, the credit union will be in sound financial condition and will be soundly managed; and
(2)That no person will receive any inequitable gain or advantage by reason of the conversion.
(b)An application for conversion may only be approved if it is found that:
(1)The converting mutual association has met the requirements of Title 6 of this article;
(2)The converting mutual association will qualify for share insurance by the Credit Union Insurance Corporation or the National Credit Union Administration Share Program;
(3)The converting mutual association has credited to the reserve fund 6 percent of its risk assets; and
(4)The public interest will be promoted by allowing the mutual association to convert to a credit union.