§ 9-633. Duty of Commissioner

   The Commissioner:

   (1) Shall review an application for conversion to a commercial bank;

   (2) Shall determine:

      (i) Whether the plan is fair to the stockholders 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 commercial bank 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, member, employee, or otherwise will receive any inequitable gain or advantage by reason of the conversion;

   (3) May require any changes that are necessary to ensure full disclosure of all material facts;

   (4) May not issue a certificate of authority to commence business to a commercial bank unless all the requirements of this article governing a commercial bank have been met;

   (5) May modify the initial capitalization requirements of the commercial bank if the Commissioner determines that a modification is:

      (i) Reasonably required to protect the welfare of the commercial bank; and

      (ii) Not detrimental to the public interest or to the commercial bank; and

   (6) May adopt regulations to carry out the provisions of this part.

HISTORY: 1986, ch. 591; 1987, ch. 11, § 1; 1996, ch. 326, § 2.