WILLIAM DONALD SCHAEFER, Governor Ch. 149
ASSOCIATION UNDER THIS TITLE ON OR AFTER JULY 1, 1990.

(B) THE DIVISION DIRECTOR MAY APPROVE AN APPLICATION
SEEKING INCORPORATION OF A NEWLY FORMED SAVINGS AND LOAN
ASSOCIATION UNDER THIS TITLE IF:

(1) THE APPLICATION PROVIDES THAT THE NEWLY FORMED
ASSOCIATION WILL, IMMEDIATELY AFTER FILING ITS ARTICLES OF
INCORPORATION WITH THE STATE DEPARTMENT OF ASSESSMENTS AND
TAXATION, CONVERT TO A COMMERCIAL BANK UNDER THE PROVISIONS
OF §§ 9-631 THROUGH 9-639 OF THIS TITLE OR CONVERT TO A
FEDERALLY CHARTERED SAVINGS AND LOAN ASSOCIATION UNDER §§
9-613 THROUGH 9-615 OF THIS TITLE;

(2) THE ASSOCIATION DOES NOT OPERATE AS A SAVINGS AND
LOAN ASSOCIATION UNDER THIS TITLE; AND

(3) ALL OTHER REQUIREMENTS SET FORTH IN THIS TITLE
AND IMPOSED BY THE BANK COMMISSIONER ARE SATISFIED.

9-618.

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; [and]

(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.

9-918.

ON JUNE 1, 1992 ANY SAVINGS AND LOAN ASSOCIATION THAT IS
CHARTERED UNDER THE PROVISIONS OF THIS TITLE SHALL BE PLACED
IN RECEIVERSHIP IN ACCORDANCE WITH § 9-708 OF THIS TITLE.

9-1003.

(E) THE DIVISION DIRECTOR MAY APPROVE THE ACQUISITION OF
A MARYLAND SAVINGS AND LOAN ASSOCIATION OR A MARYLAND
SAVINGS AND LOAN HOLDING COMPANY ONLY IF ALL OF THE

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