3108

LAWS OF MARYLAND

Ch. 856

(1)  FOR AT LEAST 2 SUCCESSIVE WEEKS IN A
NEWSPAPER OF GENERAL CIRCULATION IN THE POLITICAL
SUBDIVISION WHERE THE PRINCIPAL BUSINESS OFFICE OF THE
CONVERTING FEDERAL ASSOCIATION IS LOCATED; AND

(2)  IN THE MARYLAND REGISTER AS PROVIDED IN THE
STATE DOCUMENTS LAW.

COMMITTEE COMMENT: This section replaces former CA §
6-229(d) and the first sentence of (e).

Subsection (b) of this section is new language
added to conform to similar provisions elsewhere
in this title.

"Board of Commissioners" and "federal
association" are defined in § 9-101 of this
title.

9-622. FINDINGS.

THE BOARD OF COMMISSIONERS SHALL APPROVE AN APPLICATION
IF IT FINDS:

(1)  THE CONVERTING FEDERAL ASSOCIATION HAS MET
THE REQUIREMENTS OF SUBTITLE 2 OF THIS TITLE THAT RELATE TO
THE FORMATION OF A SAVINGS AND LOAN ASSOCIATION;

(2)  THE CHARACTER, RESPONSIBILITY, AND GENERAL
FITNESS OF THE OFFICERS AND DIRECTORS OF THE CONVERTING
FEDERAL 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 TITLE; AND

(3)  ALLOWING THE FEDERAL ASSOCIATION TO CONVERT
TO A MARYLAND SAVINGS AND LOAN ASSOCIATION WILL PROMOTE THE
PUBLIC INTEREST.

COMMITTEE COMMENT: This section replaces the second
sentence of former CA § 6-229(e).

"Maryland" was added to the defined term "savings
and loan association" for emphasis.

"Board of Commissioners", "federal association",
and "savings and loan association" are defined in
§ 9-101 of this title.

9-623. APPROVAL OR REFUSAL; APPEAL.

(A) MODIFICATION OF ARTICLES OR BYLAWS.

THE BOARD OF COMMISSIONERS MAY REQUIRE ANY CHANGE IN
THE PROPOSED ARTICLES OF INCORPORATION OR BYLAWS THAT THE
BOARD CONSIDERS NECESSARY.