Maryland Financial Institutions Section 9-618

      A federal association may convert to a Maryland savings and loan association if:

            (1)      Its principal office is in this State;

            (2)      Its members approve;

            (3)      The Division Director approves; and

            (4)      Immediately upon filing its articles of incorporation with the State Department of Assessments and Taxation, the association will convert to a commercial bank under the provisions of §§ 9-631 through 9-639 of this subtitle or convert to a federally chartered savings and loan association under §§ 9-613 through 9-615 of this subtitle.