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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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FINANCIAL INSTITUTIONS |
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TITLE 9. SAVINGS AND LOAN ASSOCIATIONS |
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SUBTITLE 11. MUTUAL ASSOCIATION CONVERSION TO A CREDIT UNION |
§ 9-1108. Changes in application or exhibits; actions of Commissioner upon approval or denial of application
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(a) Changes in application or exhibits. -- The Commissioner may require any changes to the application or exhibits that the Department considers necessary.
(b) Denial. -- If the application for conversion is denied, the Commissioner shall endorse and date a copy of the application "denied", return it to the mutual association, and certify this action to the State of Maryland Deposit Insurance Fund Corporation.
(c) Approval. -- If the application for conversion is approved, the Commissioner shall:
(1) Sign, date, and endorse each copy of the application for conversion as "approved";
(2) Keep and record 1 copy of each endorsed application; and
(3) Certify these actions taken to the share insurer.