1074                                          LAWS OF MARYLAND                                      Ch. 282

(1) THE NAME OF THE PROPOSED SAVINGS AND LOAN
ASSOCIATION:

(I)  IS THE SAME AS AN EXISTING ASSOCIATION OR
SO SIMILAR TO THE NAME OF AN EXISTING ASSOCIATION AS TO MISLEAD
THE PUBLIC; AND

(II)  COMPLIES WITH § 9-203 OF THIS SUBTITLE;

[(1)] (2) The character, responsibility, and general
fitness of the incorporators, BOARD OF directors, [and managing]
officers [warrant belief that the business of the proposed
savings and loan association will be conducted honestly and
efficiently, in accordance with this title] AND CONTROLLING
PERSONS OF THE PROPOSED ASSOCIATION QUALIFIES THOSE INDIVIDUALS
TO ACT AS INCORPORATORS, DIRECTORS, OFFICERS, OR CONTROLLING
PERSONS;[and]

[(2)] (3) The establishment of the [savings and loan]
PROPOSED association and its location will promote the public
interest; AND

(4) THE PROPOSED ASSOCIATION, IF A STOCK ASSOCIATION,
HAS SUBSCRIPTION FOR CAPITAL STOCK IN AN AMOUNT DETERMINED BY THE
DIVISION DIRECTOR TO BE SUFFICIENT FOR THE SAFE AND PROPER
OPERATION OF THE ASSOCIATION, WHICH IN NO EVENT MAY BE LESS THAN
$1,000,000.

9-208. Approval or refusal; appeal.

(a)  Modification of articles.

The [Board of Commissioners] DIVISION DIRECTOR may require
any change in the proposed articles of incorporation or bylaws
that the [Board] DIVISION DIRECTOR considers necessary.

(b)  Order on application.

(1)  Not later than 60 days after [the conclusion of
the hearing] APPLICATION, [or, if a hearing is not held, after
the scheduled hearing date,] the [Board of Commissioners]
DIVISION DIRECTOR shall pass a preliminary order IN WRITING
approving or refusing the application to organize.

(2)  The [Board of Commissioners] DIVISION DIRECTOR
shall issue a final WRITTEN order of approval for incorporation
when the [board] DIVISION DIRECTOR receives the surety bond under
this subtitle and is satisfied that the initial accounts required
under this subtitle are funded in cash.

(c)  Appeal from order.

An applicant aggrieved by the final order of the [Board of
Commissioners] DIVISION DIRECTOR may appeal [it in accordance