Maryland Financial Institutions Section 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.