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. The Division Director may approve an application seeking incorporation of a newly formed savings and loan association under this title if: 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; The association does not operate as a savings and loan association under this title; and All other requirements set forth in this title and imposed by the Commissioner are satisfied.