1. (1) Shall review an application for conversion to a capital stock association;

2. (2) Shall determine:

   1. (i) Whether the plan is fair to the members of the converting association and the general public;
   2. (ii) That insurance of the savings accounts will remain in effect after the conversion;
   3. (iii) That, after conversion, the association will be in sound financial condition and will be soundly managed;
   4. (iv) That conversion will not impair the capital of the association nor adversely affect the association's operations; and
   5. (v) That no person will receive any inequitable gain or advantage by reason of the conversion; and
3. (3) May require any changes that are necessary to ensure full disclosure of all material facts.

The Division Director:

Added by Acts 1980, c. 856, § 2, eff. July 1, 1980. Amended by Acts 1986, c. 282, § 1, eff. June 1, 1986.