{"data":{"id":"us-md/md.-code-financial-institutions-9-633","jurisdiction":"us-md","citation":"Md. Code, Financial Institutions § 9–633","heading":"","body":"The Commissioner:\n(1) Shall review an application for conversion to a commercial bank;\n(2) Shall determine:\n(i) Whether the plan is fair to the stockholders 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 commercial bank 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, member, employee, or otherwise will receive any inequitable gain or advantage by reason of the conversion;\n(3) May require any changes that are necessary to ensure full disclosure of all material facts;\n(4) May not issue a certificate of authority to commence business to a commercial bank unless all the requirements of this article governing a commercial bank have been met;\n(5) May modify the initial capitalization requirements of the commercial bank if the Commissioner determines that a modification is:\n(i) Reasonably required to protect the welfare of the commercial bank; and\n(ii) Not detrimental to the public interest or to the commercial bank; and\n(6) May adopt regulations to carry out the provisions of this part.","path":["Article - Financial Institutions"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gfi\u0026section=9-633","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:58:27Z","sha256":"b1c472caed1d8c165b1534fb6279251c6b6163cc678fbf1dd54569e6dec1a3e4","source_id":"us-md","stale":false,"prev":"us-md/md.-code-financial-institutions-9-632","next":"us-md/md.-code-financial-institutions-9-634"},"notice":"GroundRules: Original legal text. Not legal advice."}