Unannotated Code of Maryland (Last Updated: May 16, 2014) |
FINANCIAL INSTITUTIONS |
TITLE 9. SAVINGS AND LOAN ASSOCIATIONS |
SUBTITLE 6. CONVERSIONS; EXTRAORDINARY ACTIONS |
PART V. CAPITAL STOCK SAVINGS AND LOAN ASSOCIATION CONVERSION TO A COMMERCIAL BANK |
§ 9-637. Delivery of minutes and charter amendments; action by Commissioner
Latest version.
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(a) Delivery by board of directors. -- The board of directors of the converting association shall deliver to the Commissioner:
(1) A certified copy of the minutes of the meeting at which the conversion was approved; and
(2) The executed charter amendments and a conformed copy.
(b) Action by Commissioner. -- On receipt of the minutes and charter amendments under subsection (a) of this section, the Commissioner shall:
(1) Endorse the executed copy of the charter amendments as approved; and
(2) Send to the converting association:
(i) The endorsed copy; and
(ii) A final order of approval of the conversion to a commercial bank.