§ 9-633
205 words·~1 min read·
/md/financial-institutions/9-633A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§9–633.
The Commissioner:
(1)Shall review an application for conversion to a commercial bank;
(2)Shall determine:
(i)Whether the plan is fair to the stockholders 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 commercial bank 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, member, employee, or otherwise will receive any inequitable gain or advantage by reason of the conversion;
(3)May require any changes that are necessary to ensure full disclosure of all material facts;
(4)May not issue a certificate of authority to commence business to a commercial bank unless all the requirements of this article governing a commercial bank have been met;
(5)May modify the initial capitalization requirements of the commercial bank if the Commissioner determines that a modification is:
(i)Reasonably required to protect the welfare of the commercial bank; and
(ii)Not detrimental to the public interest or to the commercial bank; and
(6)May adopt regulations to carry out the provisions of this part.