Maryland Financial Institutions Section 9-623

      (a)      The Division Director may require any change in the proposed articles of incorporation or bylaws that the Division Director considers necessary.

      (b)      Within 60 days after the scheduled hearing, the Division Director shall pass an order approving or denying the application to convert.

      (c)      Any applicant aggrieved by the order of the Division Director may appeal to the Circuit Court for Baltimore City.

      (d)      (1)      After the time for appeal of the order expires or on final determination of any appeal taken, the Division Director shall endorse and date each copy of the article "approved" or "denied".

            (2)      If the Division Director approves the articles, the Division Director shall:

                  (i)      Return the endorsed, executed articles to the chairman of the board of directors; and

                  (ii)      Keep the endorsed, conformed copy.