1. (a) Except as provided in subsection (b) of this section, the Division Director may not approve any applications seeking incorporation of a newly formed savings and loan association under this title on or after July 1, 1990.

2. (b) The Division Director may approve an application seeking incorporation of a newly formed savings and loan association under this title if:

   1. (1) The application provides that the newly formed association will, immediately after filing its articles of incorporation with the State Department of Assessments and Taxation, convert to a commercial bank under the provisions of §§ 9-631 through 9-639 of this title or convert to a federally chartered savings and loan association under §§ 9-613 through 9-615 of this title;
   2. (2) The association does not operate as a savings and loan association under this title; and
   3. (3) All other requirements set forth in this title and imposed by the Commissioner are satisfied.

Added by Acts 1990, c. 149, § 1, eff. July 1, 1990. Amended by Acts 1996, c. 326, § 2, eff. July 1, 1996.