§ 9-618. Authority to convert

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   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.

HISTORY: CA § 6-229; 1980, ch. 856; 1986, ch. 282; 1990, ch. 149; 1999, ch. 34, § 1.

                    
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