§ 9-208.1
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§9–208.1.
(a)Except as provided in subsection
(b)of this section, the Division Director may not approve any applications seeking incorporation of a newly formed savings and loan association under this title on or after July 1, 1990.
(b)The Division Director may approve an application seeking incorporation of a newly formed savings and loan association under this title if:
(1)The application provides that the newly formed association will, immediately after filing its articles of incorporation with the State Department of Assessments and Taxation, convert to a commercial bank under the provisions of §§ 9-631 through 9-639 of this title or convert to a federally chartered savings and loan association under §§ 9-613 through 9-615 of this title;
(2)The association does not operate as a savings and loan association under this title; and
(3)All other requirements set forth in this title and imposed by the Commissioner are satisfied.