{"data":{"id":"us-md/md.-code-financial-institutions-9-604","jurisdiction":"us-md","citation":"Md. Code, Financial Institutions § 9–604","heading":"","body":"The Division Director:\n(1) Shall review an application for conversion to a capital stock association;\n(2) Shall determine:\n(i) Whether the plan is fair to the members of the converting association and the general public;\n(ii) That insurance of the savings accounts will remain in effect after the conversion;\n(iii) That, after conversion, the association will be in sound financial condition and will be soundly managed;\n(iv) That conversion will not impair the capital of the association nor adversely affect the association’s operations; and\n(v) That no person will receive any inequitable gain or advantage by reason of the conversion; and\n(3) May require any changes that are necessary to ensure full disclosure of all material facts.","path":["Article - Financial Institutions"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gfi\u0026section=9-604","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:58:27Z","sha256":"f2ba100626d5159ac53ba520a826c10bd5dc2490eecd5485d84985754db3f0ad","source_id":"us-md","stale":false,"prev":"us-md/md.-code-financial-institutions-9-603","next":"us-md/md.-code-financial-institutions-9-605"},"notice":"GroundRules: Original legal text. Not legal advice."}