HARRY HUGHES, Governor                                 3109

(B)  ORDER ON APPLICATION.

WITHIN 60 DAYS AFTER THE SCHEDULED HEARING, THE BOARD
OF COMMISSIONERS SHALL PASS AN ORDER APPROVING OR DENYING
THE APPLICATION TO CONVERT.

(C)  APPEAL FROM ORDER,

ANY APPLICANT AGGRIEVED BY THE ORDER OF THE BOARD OF
COMMISSIONERS MAY APPEAL IN ACCORDANCE WITH TITLE 8.
SUBTITLE 4 OF THIS ARTICLE.

(D)  APPROVAL OR DISAPPROVAL OF ARTICLES.

            (1) AFTER THE TIME FOR APPEAL OF THE ORDER
EXPIRES OR ON FINAL DETERMINATION OF ANY APPEAL TAKEN, THE
BOARD OF COMMISSIONERS SHALL ENDORSE AND DATE EACH COPY OF
THE ARTICLE "APPROVED" OR "DENIED".

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

                (I) RETURN THE ENDORSED, EXECUTED ARTICLES
TO THE CHAIRMAN OF THE BOARD OF DIRECTORS; AND

(II) KEEP THE ENDORSED CONFORMED COPY.

COMMITTEE COMMENT: This section replaces the reference
to approval of the Board of Commissioners in the
second sentence of former CA § 6-229(e) and from
former CA §§ 6-229(f), (g), and (h) and 6-230(a).

In subsection (a) of this section, the word
"bylaws" was added as a normal administrative
requirement to conform to similar provisions
elsewhere in this title.

In subsection (c) of this section, "applicant"
was substituted for "member of an association"
since it is the corporation, not the individual
members who would appeal. This also conforms to
similar provisions elsewhere in this subtitle.

In subsection (d)(2) of this section, a new
provision was added requiring the second copy of
the articles to be a conformed copy. See § 9-620
of this subtitle.

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

9-624. STATUS AS A STATE-CHARTERED SAVINGS AND LOAN
ASSOCIATION.

(A) FILING FOR RECORD.