Md. Code, Financial Institutions § 9-604
Md. Code, Financial Institutions § 9-604
in effectThe 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.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gfi§ion=9-604&enactments=falseFetched: 10/17/2026