Md. Code Ann., Fin. Inst. § 9-1108
Approval or denial of application by Commissioner
Effective Jul 1, 1996Added by Acts 1988, c. 635, § 1, eff. June 1, 1988. Amended by Acts 1996, c. 326, § 2, eff. July 1, 1996.State of Maryland
- (a) The Commissioner may require any changes to the application or exhibits that the Department considers necessary.
- (b) If the application for conversion is denied, the 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 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
- (3) Certify these actions taken to the share insurer.
Added by Acts 1988, c. 635, § 1, eff. June 1, 1988. Amended by Acts 1996, c. 326, § 2, eff. July 1, 1996.