The savings bank shall: File with the Commissioner for examination the application for approval of reorganization; and At the time of filing of an application for approval of reorganization, pay to the Commissioner a fee of $1,500. The Commissioner shall investigate the proposed articles of incorporation of the subsidiary savings bank and determine if: The articles are framed in accordance with law; The character, responsibility, and general fitness of the incorporators and directors named in the articles command confidence and warrant belief that the business of the proposed subsidiary savings bank will be conducted honestly and efficiently in accordance with the intent of this article; and Allowing the proposed subsidiary savings bank to engage in business: Will promote public convenience and advantage; and Is expedient and desirable. After investigating the proposed articles of incorporation of the subsidiary savings bank, the Commissioner may require any change in the articles of incorporation that the Commissioner considers necessary. As to the proposed articles of incorporation of the subsidiary savings bank: Within 3 months after the application is filed for examination, the Commissioner shall sign, date, and endorse each copy of the articles of incorporation as “approved” or “refused”. If formation of the subsidiary savings bank is refused, the Commissioner shall return one of the endorsed copies of the articles of incorporation to the incorporators. If formation of the subsidiary savings bank is approved, the Commissioner shall: Return one of the endorsed copies of the articles of incorporation to the incorporators; and Keep and record one of the endorsed copies. Within 3 months after the application for approval of reorganization is filed for examination, the Commissioner shall approve or reject the application. The Commissioner may not approve the application unless the Commissioner determines: That the plan of reorganization is: Reasonably required to protect the welfare of the general economy of this State; Not detrimental to the public interest or the savings bank; and In compliance with the regulations and conditions that the Commissioner adopts; That if the reorganization is pursuant to an acquisition by the mutual holding company of all the stock of a savings and loan association: Exigent circumstances exist that make the acquisition necessary to maintain the viability or prevent the probable failure of the savings and loan association acquired; and The mutual holding company agrees to obtain federal insurance for the deposits of the acquired savings and loan association within the time limitation imposed by the Commissioner; That immediately before the reorganization, the depositors of the savings bank are entitled to deposits in the subsidiary savings bank of like amounts, interest rates, and other terms, without interruption of interest; That all deposits continue to be insured by the Federal Deposit Insurance Corporation up to the maximum amount provided by law; and That the applicant has met all the requirements of this subtitle and Subtitle 9 of this title.