2013 Maryland Code
FINANCIAL INSTITUTIONS
§ 9-208 - Approval or refusal; appeal

§9-208.

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

(b) (1) Not later than 60 days after application, the Division Director shall pass a preliminary order in writing approving or refusing the application to organize.

(2) The Division Director shall issue a final written order of approval for incorporation when the Division Director receives the surety bond under this subtitle and is satisfied that the initial accounts required under this subtitle are funded in cash.

(c) An applicant aggrieved by the final order of the Division Director may appeal under § 8-403 of this article.

(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 articles “approved” or “refused”.

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

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

(ii) Keep the conformed copy.

(3) If the Division Director refuses the articles, the Division Director shall return the endorsed, executed articles to the chairman of the incorporators.

§ 9-208 - 1. Approvals on or after July 1, 1990

(a) Prohibition. -- Except as provided in subsection (b) of this section, the Division Director may not approve any applications seeking incorporation of a newly formed savings and loan association under this title on or after July 1, 1990.

(b) Conditions for approval. -- The Division Director may approve an application seeking incorporation of a newly formed savings and loan association under this title if:

(1) The application provides that the newly formed association will, immediately after filing its articles of incorporation with the State Department of Assessments and Taxation, convert to a commercial bank under the provisions of §§ 9-631 through 9-639 of this title or convert to a federally chartered savings and loan association under §§ 9-613 through 9-615 of this title;

(2) The association does not operate as a savings and loan association under this title; and

(3) All other requirements set forth in this title and imposed by the Commissioner are satisfied.