§ 9–633
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 9-633 (2026)
Title 9. Savings and Loan Associations
Subtitle 6. Conversions; Extraordinary Actions
§ 9–633LinkCopy Citation
The Commissioner:
(1)
Shall review an application for conversion to a commercial bank;
(2)
Shall determine:
(i)
Whether the plan is fair to the stockholders 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 commercial bank 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, member, employee, or otherwise will receive any inequitable gain or advantage by reason of the conversion;
(3)
May require any changes that are necessary to ensure full disclosure of all material facts;
(4)
May not issue a certificate of authority to commence business to a commercial bank unless all the requirements of this article governing a commercial bank have been met;
(5)
May modify the initial capitalization requirements of the commercial bank if the Commissioner determines that a modification is:
(i)
Reasonably required to protect the welfare of the commercial bank; and
(ii)
Not detrimental to the public interest or to the commercial bank; and
(6)
May adopt regulations to carry out the provisions of this part.