WILLIAM DONALD SCHAEFER, Governor                   Ch. 635

(3) HAS ASSETS OF $15,000,000 OR LESS OR HAD TOTAL
ASSETS OF LESS THAN $15,000,000 AS OF MAY 18, 1985.

9-1102.

A MUTUAL ASSOCIATION MAY CONVERT TO A CREDIT UNION IF:

(1)  ITS MEMBERS APPROVE; AND

(2)  APPROVAL IS GRANTED BY:

(I)  THE DIVISION DIRECTOR; AND

(II)  THE BANK COMMISSIONER.
9-1103.

(A)  IF A MUTUAL ASSOCIATION WISHES TO CONVERT TO A CREDIT
UNION, THE BOARD OF DIRECTORS OF THE MUTUAL ASSOCIATION SHALL
CALL A MEETING OF THE MEMBERS OF THE MUTUAL ASSOCIATION FOR THE
PURPOSE OF CONSIDERING THE PROPOSAL TO CONVERT.

(B)  THE MUTUAL ASSOCIATION SHALL GIVE NOTICE OF THE MEETING
AS PROVIDED IN TITLE 2, SUBTITLE 5 OF THE CORPORATIONS AND
ASSOCIATIONS ARTICLE.

9-1104.

A PROPOSED PLAN OF CONVERSION TO A CREDIT UNION SHALL BE
APPROVED BY A MAJORITY VOTE OF THE TOTAL NUMBER OF VOTES ELIGIBLE
TO BE CAST BY THE MEMBERS OF THE MUTUAL ASSOCIATION.

9-1105.

(A)  TO CONVERT TO A CREDIT UNION, THE MUTUAL ASSOCIATION
SHALL DELIVER TO THE SECRETARY OF LICENSING AND REGULATION, OR TO
THE APPOINTED OFFICIAL BANK COMMISSIONER:

(1)  A WRITTEN APPLICATION FOR CONVERSION IN THE FORM
THAT THE DEPARTMENT OF LICENSING AND REGULATION REQUIRES;

(2)  ANY ADDITIONAL EXHIBITS THE DEPARTMENT MAY
REQUIRE;

(3)  ANY FILING FEE SET BY THE DEPARTMENT BY
REGULATION; AND

(4)  ITS PROPOSED AMENDED ARTICLES AND BYLAWS.

(B)  UPON RECEIPT OF AN APPLICATION TO CONVERT, THE
SECRETARY OF LICENSING AND REGULATION BANK COMMISSIONER SHALL
EXAMINE THE MUTUAL ASSOCIATION.

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