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.
Maryland Legal Code