Maryland Financial Institutions Section 9-1106
(a)   In reviewing an application for conversion, the Commissioner shall determine:
(1)   Whether, after conversion, the credit union will be in sound financial condition and will be soundly managed; and
(2)   That no person will receive any inequitable gain or advantage by reason of the conversion.
(b)   An application for conversion may only be approved if it is found that:
(1)   The converting mutual association has met the requirements of Title 6 of this article;
(2)   The converting mutual association will qualify for share insurance by the Credit Union Insurance Corporation or the National Credit Union Administration Share Program;
(3)   The converting mutual association has credited to the reserve fund 6 percent of its risk assets; and
(4)   The public interest will be promoted by allowing the mutual association to convert to a credit union.