A federal association may convert to a Maryland savings and loan association if: (1) Its principal office is in this State; (2) Its members approve; (3) The Division Director approves; and (4) Immediately upon filing its articles of incorporation with the State Department of Assessments and Taxation, the association will convert to a commercial bank under the provisions of §§ 9-631 through 9-639 of this subtitle or convert to a federally chartered savings and loan association under §§ 9-613 through 9-615 of this subtitle.
Maryland Legal Code