2086                                        LAWS OF MARYLAND                                    Ch. 591

stockholder approval; providing for certain rulemaking
authority for the Bank Commissioner; providing for certain
determinations and modifications to be made by the Bank
Commissioner? providing filing requirements and appeal
procedures; providing for certain powers and restrictions
with certain exceptions for a converted commercial bank; and
generally relating to procedures to be followed in
converting a capital stock savings and loan association to a
banking institution commercial bank.

BY adding to

Article - Financial Institutions

Section 9-631 through 9-639 9-640 to be under the new part

"Part V. Capital Stock Savings and Loan Association
Conversion to a Banking Institution Commercial Bank"
Annotated Code of Maryland
(1980 Volume and 1985 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF

MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

PART V. CAPITAL STOCK SAVINGS AND LOAN ASSOCIATION
CONVERSION TO A BANKING INSTITUTION COMMERCIAL BANK

9-631.

A CAPITAL STOCK SAVINGS AND LOAN ASSOCIATION MAY CONVERT TO
A BANKING INSTITUTION COMMERCIAL BANK IF:

(1)  ITS STOCKHOLDERS APPROVE;

(2)  ITS CHARTER IS AMENDED;

(3)  THE BANK COMMISSIONER APPROVES; AND

(4) THE FEDERAL DEPOSIT INSURANCE CORPORATION OR THE
FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION AGREES TO INSURE
THE DEPOSITS OF THE CONVERTED INSTITUTION.

(4) ALL DEPOSITS WILL BE INSURED THROUGHOUT THE
CONVERSION;

(5) THE DEPOSITORS OF THE CAPITAL STOCK SAVINGS AND
LOAN ASSOCIATION IMMEDIATELY PRIOR TO THE CONVERSION SHALL BE
ENTITLED TO DEPOSITS IN THE COMMERCIAL BANK OF LIKE AMOUNTS,
INTEREST RATE AND OTHER TERMS, WITHOUT INTERRUPTION OF INTEREST;

(6) ALL DEPOSITS SHALL BE INSURED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION UP TO THE MAXIMUM AMOUNT PROVIDED
BY LAW;