§ 9-604
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/md/financial-institutions/9-604A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§9–604.
The Division Director:
(1)Shall review an application for conversion to a capital stock association;
(2)Shall determine:
(i)Whether the plan is fair to the members of the converting association and the general public;
(ii)That insurance of the savings accounts will remain in effect after the conversion;
(iii)That, after conversion, the association will be in sound financial condition and will be soundly managed;
(iv)That conversion will not impair the capital of the association nor adversely affect the association’s operations; and
(v)That no person will receive any inequitable gain or advantage by reason of the conversion; and
(3)May require any changes that are necessary to ensure full disclosure of all material facts.