In reviewing an application for conversion, the Commissioner shall determine: Whether, after conversion, the credit union will be in sound financial condition and will be soundly managed; and That no person will receive any inequitable gain or advantage by reason of the conversion. An application for conversion may only be approved if it is found that: The converting mutual association has met the requirements of Title 6 of this article; The converting mutual association will qualify for share insurance by the Credit Union Insurance Corporation or the National Credit Union Administration Share Program; The converting mutual association has credited to the reserve fund 6 percent of its risk assets; and The public interest will be promoted by allowing the mutual association to convert to a credit union.