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.
Section 9-630 – Approval or Disapproval of Plan; Appeal
(a) To consolidate, merge, transfer assets, effect a statutory merger, reorganize, partially liquidate, or dissolve, a savings and loan association shall deliver to the Division Director the proposed plan of the respective action. (b) (1) Except as provided in paragraph (3) of this subsection, the Division Director shall publish notice of the filing of a plan of consolidation, […]
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 9-613 – 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.