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 […]
A proposal to convert to a Maryland savings and loan association requires approval by a majority vote of the total number of votes eligible to be cast by the members of the federal association.
To convert to a Maryland savings and loan association, the board of directors of a federal association shall deliver to the Division Director: (1) A written application in the form that the Division Director requires; (2) The executed copy of the proposed articles of incorporation and a conformed copy; (3) The proposed bylaws; (4) Any additional exhibits the Division […]
(a) (1) When the Division Director receives the items listed in § 9-620 of this subtitle, the Division Director shall publish a notice of the filing. (2) The notice shall state that a public hearing is scheduled on a date that is not more than 45 days after the filing. (b) The notice shall be published: (1) At least once […]
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 […]
(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 […]
(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, […]
