Maryland Financial Institutions Section 9-604
§ 9-604.
  The Division Director:
    (1)   Shall review an application for conversion to a capital stock association;
    (2)   Shall determine:
      (i)   Whether the plan is fair to the members of the converting association and the general public;
      (ii)   That insurance of the savings accounts will remain in effect after the conversion;
      (iii)   That, after conversion, the association will be in sound financial condition and will be soundly managed;
      (iv)   That conversion will not impair the capital of the association nor adversely affect the association's operations; and
      (v)   That no person will receive any inequitable gain or advantage by reason of the conversion; and
    (3)   May require any changes that are necessary to ensure full disclosure of all material facts.