A mutual association may convert to a credit union if:
         (1)    Its members approve; and
        (2)    Approval is granted by:
            (i)    The Division Director; and
            (ii)    The Commissioner.
Structure Maryland Statutes
Title 9 - Savings and Loan Associations
Subtitle 11 - Mutual Association Conversion to a Credit Union
Section 9-1101 - "Mutual Association" Defined
Section 9-1102 - Authority to Convert
Section 9-1103 - Meeting of Members
Section 9-1104 - Member Approval
Section 9-1105 - Application to Convert; Examination; Audit
Section 9-1106 - Review and Approval of Application by Commissioner