1132

LAWS OF MARYLAND

Ch. 282

(IV)  THAT CONVERSION WILL NOT IMPAIR THE
CAPITAL OF THE ASSOCIATION NOR ADVERSELY AFFECT THE ASSOCIATION'S
OPERATIONS; AND

(V)  THAT NO PERSON, MEMBER, EMPLOYEE, OR

OTHERWISE WILL RECEIVE ANY INEQUITABLE GAIN OR ADVANTAGE BY
REASON OF THE CONVERSION; AND

(3) May require any changes that are necessary to
ensure full disclosure of all material facts.

9-605. Preliminary approval.

Within 60 days of the filing of an application, if the
Division Director finds that the mutual association has met the
requirements of § 9-604 of this subtitle, the Division Director
shall issue to the converting association a letter of preliminary
approval of the conversion.

9-606. Meeting of members.

(a)  Meeting called.

On receipt of the Division Director's letter of preliminary
approval, the board of directors of the converting association
shall call a meeting of the members for the purpose of
considering the plan of conversion to a capital stock
association.

(b)  Notice.

At least 10 days, but not more than 90 days, before the
meeting, the converting association shall mail notice of the
meeting to all members entitled to vote.

9-607. Member approval.

A proposed plan of conversion to a capital stock association
and proposed charter amendments to conform to the conversion
require approval by a majority vote of the total number of votes
eligible to be cast by the members of a mutual association.

9-608. Approval by Division Director.

(a) Filing.

The board of directors of the converting association shall
deliver to the Division Director:

(1)  A certified copy of the minutes of the meeting at
which the conversion was approved; and

(2)  The executed charter amendments and a conformed
copy.