Maryland Financial Institutions Section 9-633

      The Commissioner:

            (1)      Shall review an application for conversion to a commercial bank;

            (2)      Shall determine:

                  (i)      Whether the plan is fair to the stockholders 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 commercial bank 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, member, employee, or otherwise will receive any inequitable gain or advantage by reason of the conversion;

            (3)      May require any changes that are necessary to ensure full disclosure of all material facts;

            (4)      May not issue a certificate of authority to commence business to a commercial bank unless all the requirements of this article governing a commercial bank have been met;

            (5)      May modify the initial capitalization requirements of the commercial bank if the Commissioner determines that a modification is:

                  (i)      Reasonably required to protect the welfare of the commercial bank; and

                  (ii)      Not detrimental to the public interest or to the commercial bank; and

            (6)      May adopt regulations to carry out the provisions of this part.