§ 9–604

Statutes in effect as of October 1, 2026.

Md. Code Ann., Fin. Inst. § 9-604 (2026)

Title 9. Savings and Loan Associations

Subtitle 6. Conversions; Extraordinary Actions

The Division Director:

(1)

Shall review an application for conversion to a capital stock association;

(2)

Shall determine:

(i)

Whether the plan is fair to the members 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 association 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 will receive any inequitable gain or advantage by reason of the conversion; and

(3)

May require any changes that are necessary to ensure full disclosure of all material facts.