HARRY HUGHES, Governor                                    2089

i

NUMBER OF VOTES ELIGIBLE TO BE CAST BY THE STOCKHOLDERS OF A
STOCK ASSOCIATION.

9-637.

(A)  THE BOARD OF DIRECTORS OF THE CONVERTING ASSOCIATION
SHALL DELIVER TO THE BANK COMMISSIONER:

(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.

(B)  ON RECEIPT OF THE MINUTES AND CHARTER AMENDMENTS UNDER
SUBSECTION (A) OF THIS SECTION, THE BANK COMMISSIONER SHALL:

(1)  ENDORSE THE EXECUTED COPY OF THE CHARTER

AMENDMENTS AS APPROVED; AND

(2)  SEND TO THE CONVERTING ASSOCIATION:

(I)  THE ENDORSED COPY; AND

(II)  A FINAL ORDER OF APPROVAL OF THE
CONVERSION TO A BANKING INSTITUTION COMMERCIAL BANK.

9-638.

ANY APPLICANT AGGRIEVED BY THE ACTION OR NONACTION OF THE
BANK COMMISSIONER UNDER THIS SUBTITLE MAY APPEAL TO THE CIRCUIT
COURT FOR BALTIMORE CITY.

9-639.

(A)  AFTER THE FINAL ORDER OF APPROVAL, THE BOARD OF
DIRECTORS OF THE CONVERTING ASSOCIATION SHALL FILE THE ENDORSED
CHARTER AMENDMENTS WITH THE STATE DEPARTMENT OF ASSESSMENTS AND
TAXATION.

(B)  WHEN THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION
ACCEPTS THE CHARTER AMENDMENTS FOR RECORD, THE STOCK ASSOCIATION
BECOMES A BANKING INSTITUTION COMMERCIAL BANK.

9-640.

(A) EXCEPT AS PROVIDED IN SUBSECTIONS (B), (C), AND (D) OF
THIS SECTION, A CAPITAL STOCK SAVINGS AND LOAN ASSOCIATION
CONVERTED UNDER THIS PART V TO A COMMERCIAL BANK MAY EXERCISE ALL
THE POWERS OF, AND SHALL BE SUBJECT TO ALL THE RESTRICTIONS
IMPOSED ON, A COMMERCIAL BANK UNDER THIS ARTICLE.

(B) A COMMERCIAL BANK THAT RESULTS FROM A CONVERSION OF A
CAPITAL STOCK SAVINGS AND LOAN ASSOCIATION MAY HOLD ASSETS OR
CONDUCT BUSINESS ACTIVITIES, OTHER THAN INSURANCE ASSETS AND