1134

LAWS OF MARYLAND

Ch. 282

The Division Director may approve a modified conversion only

if:

(1)  The Division Director determines that:

(i) The stability of the savings and loan
association is threatened by severe financial difficulties;

(ii) The conversion to a capital stock form is
likely to improve the financial condition of the savings and loan
association;

(iii) The association will be viable after the
conversion; and

(iv) The approval of the conversion is not
detrimental to the public interest; and

(2)  The approval imposes the same conditions that
federal law requires or permits.

(d)  REGULATIONS.

(1)  The [Board of Commissioners] DIVISION DIRECTOR
may adopt rules and regulations for a modified conversion,
including:

(i) Procedures for application and approval;
and

(ii) Conditions for approval of the Division
Director in the final order.

(2)  The [Board of Commissioners] DIVISION DIRECTOR
may approve the chartering of a capital stock corporation [by the
Division Director] to acquire the assets of, or merge with, a
mutual association under this section.

(e)  EXEMPTIONS FROM OTHER PROVISIONS OF LAW.

A conversion under this section is not subject to the
requirements contained in the following sections of this title:

(1)  §§ 9-206 through 9-208,   inclusive;

(2)  §§ 9-216 through 9-222,   inclusive;

(3)  §§ 9-601 through 9-609,   inclusive; and

(4)  §§ 9-627 through 9-630,   inclusive.
9-612.

(a) DEFINITION.