WILLIAM DONALD SCHAEFER, Governor Ch. 635

(B) AN APPLICATION FOR CONVERSION MAY ONLY BE APPROVED IF
IT IS FOUND THAT:

(1)  THE CONVERTING MUTUAL ASSOCIATION HAS MET THE
REQUIREMENTS OF TITLE 6;

(2)  THE CONVERTING MUTUAL ASSOCIATION WILL QUALIFY
FOR SHARE INSURANCE BY THE CREDIT UNION INSURANCE CORPORATION OR
THE NATIONAL CREDIT UNION ADMINISTRATION SHARE PROGRAM;

(3)  THE CONVERTING MUTUAL ASSOCIATION HAS CREDITED TO
THE RESERVE FUND 6 PERCENT OF ITS RISK ASSETS; AND

(4)  THE PUBLIC INTEREST WILL BE PROMOTED BY ALLOWING
THE MUTUAL ASSOCIATION TO CONVERT TO A CREDIT UNION.

9-1108. 9-1107.

(A)  ON APPROVAL OF THE APPLICATION FOR CONVERSION, THE
APPLICANT SHALL FILE AN ENDORSED COPY OF THE APPLICATION WITH THE
STATE DEPARTMENT OF ASSESSMENTS AND TAXATION.

(B)  THE MUTUAL ASSOCIATION BECOMES A CREDIT UNION WHEN THE
APPLICATION AND ENDORSED AMENDED ARTICLES AND BYLAWS BY THE STATE
DEPARTMENT OF ASSESSMENTS AND TAXATION ACCEPTS THE APPLICATION
FOR RECORD.

(C)  THE CREDIT UNION SHALL CERTIFY THE ACCEPTANCE OF THE
APPLICATION AND ENDORSED AMENDED ARTICLES AND BYLAWS BY THE STATE
DEPARTMENT OF ASSESSMENTS AND TAXATION WITHIN 10 DAYS OF
RECEIVING THE ACCEPTANCE TO THE BANK COMMISSIONER AND THE
DIVISION DIRECTOR.

9-1109 9-1108.

(A)  THE BANK COMMISSIONER MAY REQUIRE ANY CHANGES TO THE
APPLICATION OR EXHIBITS THAT THE DEPARTMENT CONSIDERS NECESSARY.

(B)  IF THE APPLICATION FOR CONVERSION IS DENIED, THE
DIVISION DIRECTOR BANK COMMISSIONER SHALL ENDORSE AND DATE A COPY
OF THE APPLICATION "DENIED", RETURN IT TO THE MUTUAL ASSOCIATION,
AND CERTIFY THIS ACTION TO THE STATE OF MARYLAND DEPOSIT
INSURANCE FUND CORPORATION.

(C)  IF THE APPLICATION FOR CONVERSION IS APPROVED,' THE BANK
COMMISSIONER SHALL:

(1)  SIGN, DATE, AND ENDORSE EACH COPY OF THE
APPLICATION FOR CONVERSION AS "APPROVED";

(2)  KEEP AND RECORD 1 COPY OF EACH ENDORSED
APPLICATION; AND

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