Maryland Financial Institutions Section 9-603

      A proposed plan of conversion to a capital stock association shall provide:

            (1)      That each savings account holder will receive a withdrawable savings account in the converted association that is equal in amount to the withdrawable savings account in the mutual association;

            (2)      That all savings accounts will remain insured;

            (3)      That each savings account holder shall receive, without payment, nontransferable subscription rights to capital stock in the converted association;

            (4)      The number of shares of stock that will be sold;

            (5)      That subscription rights shall be on a basis pro rata to the member's interest in the mutual association, however, fractional shares need not be issued;

            (6)      That the conversion to a capital stock association does not result in any reduction of the converting association's reserves and net worth;

            (7)      An independent evaluation of the converting association's pro forma market value as converted to support the offering of stock to the converting association's members;

            (8)      The business purposes to be accomplished by the conversion;

            (9)      The manner in which capital stock in the converted association will be sold and distributed;

            (10)      A statement that capital stock is not insured; and

            (11)      That all earned surplus shall be distributed to members on a basis pro rata to the member's interest in the mutual association. However, prior to such a distribution, there shall be set aside sufficient earned surplus in order to insure satisfying the requirements of §§ 9-218, 9-220, 9-221 and 9-324 of this article.