{"data":{"id":"us-md/md.-code-financial-institutions-9-1106","jurisdiction":"us-md","citation":"Md. Code, Financial Institutions § 9–1106","heading":"","body":"(a) In reviewing an application for conversion, the Commissioner shall determine:\n(1) Whether, after conversion, the credit union will be in sound financial condition and will be soundly managed; and\n(2) That no person will receive any inequitable gain or advantage by reason of the conversion.\n(b) An application for conversion may only be approved if it is found that:\n(1) The converting mutual association has met the requirements of Title 6 of this article;\n(2) The converting mutual association will qualify for share insurance by the Credit Union Insurance Corporation or the National Credit Union Administration Share Program;\n(3) The converting mutual association has credited to the reserve fund 6 percent of its risk assets; and\n(4) The public interest will be promoted by allowing the mutual association to convert to a credit union.","path":["Article - Financial Institutions"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gfi\u0026section=9-1106","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:58:27Z","sha256":"e9b53d8451c1330812037dc7d4ce1b1429d27ce60808957c1f11fb855d30e327","source_id":"us-md","stale":false,"prev":"us-md/md.-code-financial-institutions-9-1105","next":"us-md/md.-code-financial-institutions-9-1107"},"notice":"GroundRules: Original legal text. Not legal advice."}