A savings and loan association that forfeits its charter may revive the charter in accordance with Title 3, Subtitle 5 of the Corporations and Associations Article only if: The Division Director approves the proposed articles of revival; and The charter was forfeited for: Failure to file an annual report with the State Department of Assessments and Taxation; or Nonpayment of taxes. Not later than 30 days after a savings and loan association files articles of revival with the Division Director for examination, the Director shall pass an order approving or refusing the articles of revival.