HARRY HUGHES, Governor

869

ON EACH APPLICATION FOR CONVERSION. THE BOARD OF
COMMISSIONERS SHALL APPROVE EACH APPLICATION FOR CONVERSION
IF IT FINDS:

(1)   THAT THE CONVERTING ASSOCIATION SATISFIES
EVERY REQUIREMENT OF THIS SUBTITLE RELATING TO THE FORMATION
OF A SAVINGS AND LOAN ASSOCIATION;

(2)   THAT THE CHARACTER, RESPONSIBILITY, AND
GENERAL FITNESS OF THE OFFICERS AND DIRECTORS OF THE
CONVERTING ASSOCIATION COMMAND CONFIDENCE AND WARRANT BELIEF
THAT THE BUSINESS OF THE CONVERTING ASSOCIATION WILL BE
CONDUCTED HONESTLY AND EFFICIENTLY IN ACCORDANCE WITH THE
INTENT OF THIS SUBTITLE; AND

(3)   THAT ALLOWING THE FEDERAL SAVINGS AND LOAN
ASSOCIATION TO CONVERT INTO A STATE-CHARTERED SAVINGS AND
LOAN ASSOCIATION WILL PROMOTE PUBLIC INTEREST, CONVENIENCE,
AND ADVANTAGE.

(F)   THE BOARD OF COMMISSIONERS MAY REQUIRE ANY CHANGE
IN THE ARTICLES OF INCORPORATION IT CONSIDERS NECESSARY.

(G)   (1) WITHIN 60 DAYS AFTER THE HEARING REQUIRED
BY SUBSECTION (E), THE BOARD OF COMMISSIONERS SHALL PASS AN
ORDER APPROVING OR DENYING THE APPLICATION FOR CONVERSION.

(2) ANY MEMBER OF AN ASSOCIATION AGGRIEVED BY
THE ORDER OF THE BOARD OF COMMISSIONERS MAY APPEAL IT IN
ACCORDANCE WITH ARTICLE 23, § 161H OF THE CODE.

(H) AFTER EXPIRATION OF THE TIME FOR APPEAL, THE
BOARD OF COMMISSIONERS SHALL ENDORSE AND DATE EACH COPY OF
THE ARTICLES OF INCORPORATION "APPROVED" OR "DENIED" OVER
ITS OFFICIAL SIGNATURE.

6-230.

(A)   IF THE BOARD OF COMMISSIONERS APPROVES THE
ARTICLES OF INCORPORATION, IT SHALL:

(1)   RETURN ONE ENDORSED COPY OF THE ARTICLES TO
THE CONVERTING ASSOCIATION; AND

(2)   RETAIN ONE ENDORSED COPY.

(B)   THE CONVERTING ASSOCIATION SHALL FILE FOR RECORD
WITH THE DEPARTMENT OF ASSESSMENTS AND TAXATION THE ENDORSED
COPY OF THE ARTICLES OF INCORPORATION.

(C)   THE CONVERSION SHALL TAKE EFFECT WHEN THE
ARTICLES OF INCORPORATION ARE FILED FOR RECORD IN ACCORDANCE
WITH SUBSECTION (B) OF THIS SECTION.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1979.