§ 9-604. Review by Division Director

   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.

HISTORY: CA § 6-217; 1980, ch. 856; 1986, ch. 282.