1130                                          LAWS OF MARYLAND                                      Ch. 282

UPON THE REQUEST OF A STANDING COMMITTEE OF THE GENERAL
ASSEMBLY WITH SUBJECT MATTER JURISDICTION, THE DIVISION DIRECTOR
SHALL PROVIDE THE STANDING COMMITTEE WITH NECESSARY CONFIDENTIAL
INFORMATION.

Subtitle 6. Conversions; Extraordinary Actions.

Part I. Mutual Association Conversion to Capital
Stock Association.

9-601. Authority to convert.

A mutual association may convert to a capital stock
association if:

(1)  Its  members approve;

(2)  Its   charter is amended; and

(3)  The  Division Director approves.

9-602. Application   to convert.

To convert to a capital stock association, a mutual
association shall deliver to the Division Director:

(1)  A filing fee of [$750] $1,000;

(2)  An application for conversion;

(3)  A certified copy of the resolution of the Board
of Directors that authorizes the conversion;

(4)  The proposed amended charter and bylaws
amendments;

(5)  The proposed notice of the meeting to consider
conversion, and the time and manner in which notice will be given
to members;

(6)  The proposed proxy statement; [and]

(7)  The proposed plan of conversion; AND

(8)  A CERTIFIED AUDIT OF THE ASSOCIATION.

9-603. Proposed plan of conversion.

A proposed plan of conversion to a capital stock association
shall provide:

(1) That each savings account holder will receive a
withdrawable savings account in the converted association that is
equal in amount to the withdrawable savings account in the mutual
association;