Maryland Statutes
Part I - Mutual Association Conversion to Capital Stock Association
Section 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.

Structure Maryland Statutes