1. (1) Shall review an application for conversion to a commercial bank;

2. (2) Shall determine:

   1. (i) Whether the plan is fair to the stockholders 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 commercial bank 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, member, employee, or otherwise will receive any inequitable gain or advantage by reason of the conversion;
3. (3) May require any changes that are necessary to ensure full disclosure of all material facts;
4. (4) May not issue a certificate of authority to commence business to a commercial bank unless all the requirements of this article governing a commercial bank have been met;

5. (5) May modify the initial capitalization requirements of the commercial bank if the Commissioner determines that a modification is:

   1. (i) Reasonably required to protect the welfare of the commercial bank; and
   2. (ii) Not detrimental to the public interest or to the commercial bank; and
6. (6) May adopt regulations to carry out the provisions of this part.

The Commissioner:

Added by Acts 1986, c. 591, § 1, eff. July 1, 1986. Amended by Acts 1987, c. 11, § 1; Acts 1996, c. 326, § 2, eff. July 1, 1996.