Section 9-1109 – Membership
In addition to membership authorized in § 6-302 of this article, a credit union resulting from a conversion under this subtitle may permit individuals who, at the time of conversion, are members, savings account holders, directors, officers, employees, or borrowers of a mutual association, to become members of the resulting credit union.
Section 9-1105 – Application to Convert; Examination; Audit
(a) To convert to a credit union, the mutual association shall deliver to the Commissioner: (1) A written application for conversion in the form that the Maryland Department of Labor requires; (2) Any additional exhibits the Department may require; (3) Any filing fee set by the Department by regulation; and (4) Its proposed amended articles and bylaws. (b) Upon receipt of […]
Section 9-1106 – Review and Approval of Application by Commissioner
(a) In reviewing an application for conversion, the Commissioner shall determine: (1) Whether, after conversion, the credit union will be in sound financial condition and will be soundly managed; and (2) That no person will receive any inequitable gain or advantage by reason of the conversion. (b) An application for conversion may only be approved if it is found […]
Section 9-1107 – Effective Date of Conversion
(a) On approval of the application for conversion, the applicant shall file an endorsed copy of the application with the State Department of Assessments and Taxation. (b) The mutual association becomes a credit union when the application and endorsed amended articles and bylaws by the State Department of Assessments and Taxation accepts the application for record. (c) The […]
Section 9-1108 – Changes in Application or Exhibits; Actions of Commissioner Upon Approval or Denial of Application
(a) The Commissioner may require any changes to the application or exhibits that the Department considers necessary. (b) If the application for conversion is denied, the Commissioner shall endorse and date a copy of the application “denied”, return it to the mutual association, and certify this action to the State of Maryland Deposit Insurance Fund Corporation. (c) If […]
Section 9-1002 – Scope of Subtitle
(a) This subtitle sets forth the conditions under which an out-of-state association or out-of-state savings and loan holding company may acquire a Maryland association, a Maryland savings and loan holding company, an interstate association, or an out-of-state savings and loan holding company having a Maryland association subsidiary. (b) This subtitle does not authorize any acquisition other than […]
Section 9-1003 – Acquisition by Out-of-State Savings and Loan Holding Company
(a) (1) An out-of-state savings and loan holding company not having a Maryland association subsidiary is authorized to acquire a Maryland association, a Maryland savings and loan holding company, an interstate association, or an out-of-state savings and loan holding company having a Maryland association subsidiary, if the out-of-state savings and loan holding company and entity being acquired: […]
Section 9-1004 – Acquisition by Out-of-State Association
(a) (1) An out-of-state association that has not acquired a Maryland association or an interstate association is authorized to acquire a Maryland association or an interstate association, if the out-of-state association and entity being acquired: (i) Comply with all applicable provisions of § 9-216 of this title; (ii) Comply with all applicable provisions of Subtitle 6 of this title; […]
Section 9-1005 – Prohibited Acquisitions
(a) Except as expressly permitted by federal law or Title 5, Subtitle 11 of this article, a savings and loan association or savings and loan holding company that is not a Maryland association, an interstate association, an out–of–state association, a Maryland savings and loan holding company, or an out–of–state savings and loan holding company may not […]
Section 9-1006 – Duties of Interstate Association or Out-of-State Savings and Loan Holding Company
(a) An interstate association or an out–of–state savings and loan holding company that controls a Maryland association, a Maryland savings and loan holding company, an interstate association, or an out–of–state savings and loan holding company having a Maryland association subsidiary shall be subject to and be entitled to the benefits of those laws of this State […]