1138

LAWS OF MARYLAND

Ch. 282

(1)  When the [Board of Commissioners] DIVISION
DIRECTOR receives the items listed in § 9-620 of this subtitle,
the [Board] DIVISION DIRECTOR shall publish a notice of the
filing.

(2)  The notice shall state that a public hearing is
scheduled on a date that is not more than 45 days after the
filing.

(b) Manner of publication.

The notice shall be published:

(1)  At least once each week for 2 successive weeks in
a newspaper of general circulation in the political subdivision
where the principal business office of the converting federal
association is located; and

(2)  In the Maryland Register as provided Division
Director in the State Documents Law.

9-622. Findings required for approval.

The [Board of Commissioners] DIVISION DIRECTOR shall approve
an application if [it] THE DIVISION DIRECTOR finds:

(1)  The converting federal association has met the
requirements of Subtitle 2 of this title that relate to the
formation of a savings and loan association;

(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.

9-623. Approval or refusal; appeal.

(a)  Modification of articles or bylaws.

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.

Within 60 days after the scheduled hearing, the [Board of
Commissioners] DIVISION DIRECTOR shall pass an order approving or
denying the application to convert.

(c)  Appeal from order.