Maryland Statutes
Subtitle 11 - Mutual Association Conversion to a Credit Union
Section 9-1108 - Changes in Application or Exhibits; Actions of Commissioner Upon Approval or Denial of Application

(a)    The Commissioner may require any changes to the application or exhibits that the Department considers necessary.
    (b)    If the application for conversion is denied, the Commissioner shall endorse and date a copy of the application “denied”, return it to the mutual association, and certify this action to the State of Maryland Deposit Insurance Fund Corporation.
    (c)    If the application for conversion is approved, the Commissioner shall:
        (1)    Sign, date, and endorse each copy of the application for conversion as “approved”;
        (2)    Keep and record 1 copy of each endorsed application; and
        (3)    Certify these actions taken to the share insurer.

Structure Maryland Statutes