Section 9-604 - Review by Division Director. - Maryland Statutes

§ 9-604. Review by Division Director.
 

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. 
 

[CA § 6-217; 1980, ch. 856; 1986, ch. 282.]