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 […]
Section 9-640 – Powers of Converted Capital Stock Savings and Loan Association; Assets; Conducting Insurance Activity
(a) Except as provided in subsections (b), (c), and (d) of this section, a capital stock savings and loan association converted under this part to a commercial bank may exercise all the powers of, and shall be subject to all the restrictions imposed on, a commercial bank under this article. (b) A commercial bank that results from […]
Section 9-623 – Approval or Refusal; Appeal
(a) The Division Director may require any change in the proposed articles of incorporation or bylaws that the Division Director considers necessary. (b) Within 60 days after the scheduled hearing, the Division Director shall pass an order approving or denying the application to convert. (c) Any applicant aggrieved by the order of the Division Director may appeal to […]
Section 9-624 – Filing for Record; Status
(a) On final order of approval of the articles of incorporation by the Division Director, the board of directors of the converting association shall file for record with the State Department of Assessments and Taxation the endorsed, executed articles of incorporation. (b) When the State Department of Assessments and Taxation accepts the articles of incorporation for record, […]
Section 9-627 – Authority to Merge, Consolidate, or Transfer Assets
(a) A savings and loan association may consolidate with, merge with or into, or transfer its assets to any other savings and loan association, any savings bank, or any out-of-state association as defined in § 9-1001(i) of this title if: (1) It complies with Title 3 of the Corporations and Associations Article; (2) The Division Director approves the […]
Section 9-628 – Statutory Merger
A savings and loan association may effect a statutory merger into any other savings and loan association, any savings bank, or any out-of-state association as defined in § 9-1001(i) of this title if the plan of statutory merger: (1) Complies with Title 3 of the Corporations and Associations Article; (2) Is approved by: (i) The board of directors […]
Section 9-629 – Partial Liquidation, Dissolution, or Reorganization
A savings and loan association may reorganize, partially liquidate, or dissolve if: (1) It complies with Title 3 of the Corporations and Associations Article; and (2) The Division Director approves the plan of reorganization, partial liquidation, or dissolution.