Maryland Statutes
Part V - Capital Stock Savings and Loan Association Conversion to a Commercial Bank
Section 9-633 - Duty of Commissioner

The Commissioner:
        (1)    Shall review an application for conversion to a commercial bank;
        (2)    Shall determine:
            (i)    Whether the plan is fair to the stockholders 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 commercial bank 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, member, employee, or otherwise will receive any inequitable gain or advantage by reason of the conversion;
        (3)    May require any changes that are necessary to ensure full disclosure of all material facts;
        (4)    May not issue a certificate of authority to commence business to a commercial bank unless all the requirements of this article governing a commercial bank have been met;
        (5)    May modify the initial capitalization requirements of the commercial bank if the Commissioner determines that a modification is:
            (i)    Reasonably required to protect the welfare of the commercial bank; and
            (ii)    Not detrimental to the public interest or to the commercial bank; and
        (6)    May adopt regulations to carry out the provisions of this part.

Structure Maryland Statutes