Section 9-609 – Appeal
Any applicant aggrieved by the action or nonaction of the Division Director under § 9-605 or § 9-608 of this subtitle may appeal to the Circuit Court for Baltimore City.
Section 9-610 – Effective Date of Conversion
(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 mutual association becomes a capital stock association.
Section 9-611 – Modified Conversions of Savings and Loan Associations to Capital Stock Associations
(a) In this section, “savings and loan association” means a savings and loan association organized under this title as a mutual association. (b) Notwithstanding any other provision of this title, the Division Director may approve a conversion of a savings and loan association to a capital stock association that deviates from the standard requirements of this title […]
Section 9-612 – Voluntary Conversions of Savings and Loan Associations to Capital Stock Associations
(a) In this section, “savings and loan association” means a savings and loan association organized under this title as a mutual association. (b) Notwithstanding any other provision of this title, the Division Director may approve the voluntary conversion of a savings and loan association to a capital stock association and the sale of the association’s newly issued […]
Section 9-613 – Authority to Convert
A Maryland savings and loan association may convert to a federal association if: (1) It is eligible to become a member of the federal home loan bank system; (2) Its members approve; (3) Within 6 months after member approval, the association acts to convert in the manner required by federal law; and (4) It receives a federal charter.
Section 9-614 – Meeting of Members
(a) If a savings and loan association wishes to convert to a federal association, the board of directors shall call a meeting of the members of the savings and loan association for the purpose of considering the proposal to convert. (b) The savings and loan association shall give notice of the meeting as provided in Title 2, […]
Section 9-615 – Member Approval
A proposal to convert to a federal association requires approval by a majority vote of the total number of votes eligible to be cast by the members of the savings and loan association.
Section 9-505 – Documents Submitted by a Federal Association or a Savings and Loan Association
(a) Within 30 days of adoption, a federal association located in the State or a savings and loan association shall submit to the Director a copy of its most recently adopted federal Community Reinvestment Act statement. (b) Within 30 days of receipt, the association shall submit to the Director a copy of the public portion of its […]
Section 9-618 – Authority to Convert
A federal association may convert to a Maryland savings and loan association if: (1) Its principal office is in this State; (2) Its members approve; (3) The Division Director approves; and (4) Immediately upon filing its articles of incorporation with the State Department of Assessments and Taxation, the association will convert to a commercial bank under the provisions of […]
Section 9-601 – Authority to Convert
A mutual association may convert to a capital stock association if: (1) Its members approve; (2) Its charter is amended; and (3) The Division Director approves.