Section 9-631 – When Conversion Permitted
A capital stock savings and loan association may convert to a commercial bank if: (1) Its stockholders approve; (2) Its charter is amended; (3) The Commissioner approves; (4) All deposits will be insured throughout the conversion; (5) The depositors of the capital stock savings and loan association immediately prior to the conversion shall be entitled to deposits in the commercial […]
Section 9-632 – Procedure for Conversion
To convert to a commercial bank, a capital stock savings and loan shall deliver to the Commissioner: (1) A filing fee of $1,000; (2) An application for conversion; (3) A certified copy of the resolution of the board of directors that authorizes the conversion; (4) The proposed amended charter and bylaws amendments; (5) The proposed notice of the meeting to […]
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 […]
Section 9-634 – Issuance of Letter of Preliminary Approval
Within 60 days of the filing of an application, if the Commissioner finds that the stock association has met the requirements of § 9-633 of this subtitle, the Commissioner shall issue to the converting association a letter of preliminary approval of the conversion.
Section 9-635 – Meeting for Consideration of Plan of Conversion
(a) On receipt of the Commissioner’s letter of preliminary approval, the board of directors of the converting association shall call a meeting of the members for the purpose of considering the plan of conversion to a commercial bank. (b) At least 10 days, but not more than 90 days, before the meeting, the converting association shall mail […]
Section 9-636 – Stockholder Approval
A proposed plan of conversion to a commercial bank and proposed charter amendments to conform to the conversion require approval by a majority vote of the total number of votes eligible to be cast by the stockholders of a stock association.
Section 9-637 – Delivery of Minutes and Charter Amendments; Action by Commissioner
(a) The board of directors of the converting association shall deliver to the Commissioner: (1) A certified copy of the minutes of the meeting at which the conversion was approved; and (2) The executed charter amendments and a conformed copy. (b) On receipt of the minutes and charter amendments under subsection (a) of this section, the Commissioner shall: (1) Endorse […]
Section 9-638 – Appeals
Any applicant aggrieved by the action or nonaction of the Commissioner under this subtitle may appeal to the Circuit Court for Baltimore City.
Section 9-639 – Filing Endorsed Charter Amendments; Acceptance of Charter Amendments
(a) After the final order of approval, the board of directors of the converting association shall file the endorsed charter amendments with the State Department of Assessments and Taxation. (b) When the State Department of Assessments and Taxation accepts the charter amendments for record, the stock association becomes a commercial bank.
Section 9-622 – Findings Required for Approval
The Division Director shall approve an application if the Division Director finds: (1) The converting federal association has met the requirements of Subtitle 2 of this title that relate to the formation of a savings and loan association; (2) The character, responsibility, and general fitness of the officers and directors of the converting federal association command confidence […]