Section 9-608 – Approval by Division Director
(a) The board of directors of the converting association shall deliver to the Division Director: (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 Division Director […]
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 9-407 – Small Accounts
(a) As to any savings account that has a withdrawal value of less than $25, a savings and loan association: (1) Need not pay a dividend or interest on the account; and (2) May not charge a penalty or service charge. (b) This section does not apply to a negotiable or transferable order of withdrawal account.
Section 9-504 – Confidentiality of Records
(a) Except as provided in this section, the Division Director and any authorized representative of the Division Director shall keep confidential any information about a savings and loan association and its business that is: (1) Obtained in an examination of or report by a savings and loan association; or (2) Reported to the Division Director by a federal […]
Section 9-408 – Withdrawals
(a) At any time, a holder of a savings account in a savings and loan association may request to withdraw all or any part of the money in the account of the holder and, for certain classes of accounts, the request may be made by a negotiable or transferable order. (b) (1) A savings and loan association may […]