Section 9-1106 - Review and approval of application by Commissioner. - Maryland Statutes

§ 9-1106. Review and approval of application by Commissioner.
 

(a)  Review.- In reviewing an application for conversion, the Commissioner shall determine: 

(1) Whether, after conversion, the credit union will be in sound financial condition and will be soundly managed; and 

(2) That no person will receive any inequitable gain or advantage by reason of the conversion. 

(b)  Approval.- An application for conversion may only be approved if it is found that: 

(1) The converting mutual association has met the requirements of Title 6 of this article; 

(2) The converting mutual association will qualify for share insurance by the Credit Union Insurance Corporation or the National Credit Union Administration Share Program; 

(3) The converting mutual association has credited to the reserve fund 6 percent of its risk assets; and 

(4) The public interest will be promoted by allowing the mutual association to convert to a credit union. 
 

[1988, ch. 635; 1996, ch. 326, § 2; 2003, ch. 21, § 7.]