# Financial Institutions (GFI)

## Title 9. Savings and Loan Associations

### Subtitle 6. Conversions; Extraordinary Actions

#### Section 9-604

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.

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Md. Code Ann., Fin. Inst. (as displayed at mgaleg.maryland.gov, October 16, 2026)