506

LAWS OF MARYLAND

Ch. 33

(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, CONVENIENCE, AND ADVANTAGE.

REVISOR'S NOTE: This section is new language derived
without substantive change from the second
sentence of CA § 6—229(e).

"Maryland" is 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.

9-624. APPROVAL OR REFUSAL; APPEAL.

(A)   CHANGE IN ARTICLES OR BYLAWS.

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

(B)   ORDER ON APPLICATION.

WITHIN 60 DAYS AFTER THE 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 UNDER THIS SECTION 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 ARTICLES "APPROVED" OR "DENIED".

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

(I) RETURN ONE COPY__OF THE ENDORSED,

EXECUTED ARTICLES TO THE CHAIRMAN OF THE BOARD OF DIRECTORS:
AND