reglab/housing_qa huggingface dataset:
MD. Financial Institutions Code Ann. §  9-425 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 4 - General Powers and Provisions|Part II - General Provisions -- Operations|Section 9-425 - Depository

    (a)    A savings and loan association may:        (1)    Act as a depository of funds of:            (i)    The federal government and its agencies; and            (ii)    This State and any of its political subdivisions;        (2)    Pledge collateral to secure deposits; and        (3)    Comply with the terms required by the depositor.    (b)    Depositors under this section are general creditors under § 9-329 of this title (“Priority of claims”).
MD. Financial Institutions Code Ann. §  9-426 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 4 - General Powers and Provisions|Part II - General Provisions -- Operations|Section 9-426 - Trustee or Custodian Under Federal Retirement Acts

    If the Division Director approves its application, a savings and loan association may act as a trustee or custodian under any pension or retirement act of the federal government or of any state.
MD. Financial Institutions Code Ann. §  9-428 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 4 - General Powers and Provisions|Part II - General Provisions -- Operations|Section 9-428 - Right to Act to Avoid Loss

    With the written approval of the Division Director, a savings and loan association may operate a business, manage or deal in property, or take any other action over any period of time as determined by the Division Director that may be reasonably necessary to avoid loss on a loan or investment made or obligation created in good faith.
MD. Financial Institutions Code Ann. §  9-601 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 6 - Conversions; Extraordinary Actions|Part I - Mutual Association Conversion to Capital Stock Association|Section 9-601 - Authority to Convert

    A mutual association may convert to a capital stock association if:         (1)    Its members approve;        (2)    Its charter is amended; and        (3)    The Division Director approves.
MD. Financial Institutions Code Ann. §  9-602 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 6 - Conversions; Extraordinary Actions|Part I - Mutual Association Conversion to Capital Stock Association|Section 9-602 - Application to Convert

    To convert to a capital stock association, a mutual association shall deliver to the Division Director:        (1)    A filing fee of $1,000;        (2)    An application for conversion;        (3)    A certified copy of the resolution of the board of directors that authorizes the conversion;        (4)    The proposed amended charter and bylaws amendments;        (5)    The proposed notice of the meeting to consider conversion, and the time and manner in which notice will be given to members;        (6)    The proposed proxy statement;        (7)    The proposed plan of conversion; and        (8)    A certified audit of the association.
MD. Financial Institutions Code Ann. §  9-603 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 6 - Conversions; Extraordinary Actions|Part I - Mutual Association Conversion to Capital Stock Association|Section 9-603 - Proposed Plan of Conversion

    A proposed plan of conversion to a capital stock association shall provide:        (1)    That each savings account holder will receive a withdrawable savings account in the converted association that is equal in amount to the withdrawable savings account in the mutual association;        (2)    That all savings accounts will remain insured;        (3)    That each savings account holder shall receive, without payment, nontransferable subscription rights to capital stock in the converted association;        (4)    The number of shares of stock that will be sold;        (5)    That subscription rights shall be on a basis pro rata to the member’s interest in the mutual association, however, fractional shares need not be issued;        (6)    That the conversion to a capital stock association does not result in any reduction of the converting association’s reserves and net worth;        (7)    An independent evaluation of the converting association’s pro forma market value as converted to support the offering of stock to the converting association’s members;        (8)    The business purposes to be accomplished by the conversion;        (9)    The manner in which capital stock in the converted association will be sold and distributed;        (10)    A statement that capital stock is not insured; and        (11)    That all earned surplus shall be distributed to members on a basis pro rata to the member’s interest in the mutual association. However, prior to such a distribution, there shall be set aside sufficient earned surplus in order to insure satisfying the requirements of §§ 9–218, 9–220, 9–221 and 9–324 of this title.
MD. Financial Institutions Code Ann. §  9-604 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 6 - Conversions; Extraordinary Actions|Part I - Mutual Association Conversion to Capital Stock Association|Section 9-604 - Review by Division Director

    The Division Director:         (1)    Shall review an application for conversion to a capital stock association;        (2)    Shall determine:            (i)    Whether the plan is fair to the members of the converting association and the general public;            (ii)    That insurance of the savings accounts will remain in effect after the conversion;            (iii)    That, after conversion, the association will be in sound financial condition and will be soundly managed;            (iv)    That conversion will not impair the capital of the association nor adversely affect the association’s operations; and            (v)    That no person will receive any inequitable gain or advantage by reason of the conversion; and        (3)    May require any changes that are necessary to ensure full disclosure of all material facts.
MD. Financial Institutions Code Ann. §  9-605 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 6 - Conversions; Extraordinary Actions|Part I - Mutual Association Conversion to Capital Stock Association|Section 9-605 - Preliminary Approval

    Within 60 days of the filing of an application, if the Division Director finds that the mutual association has met the requirements of § 9-604 of this subtitle, the Division Director shall issue to the converting association a letter of preliminary approval of the conversion.
MD. Financial Institutions Code Ann. §  9-606 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 6 - Conversions; Extraordinary Actions|Part I - Mutual Association Conversion to Capital Stock Association|Section 9-606 - Meeting of Members

    (a)    On receipt of the Division Director’s letter of preliminary approval, the board of directors of the converting association shall call a meeting of the members for the purpose of considering the plan of conversion to a capital stock association.    (b)    At least 10 days, but not more than 90 days, before the meeting, the converting association shall mail notice of the meeting to all members entitled to vote.
MD. Financial Institutions Code Ann. §  9-607 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 6 - Conversions; Extraordinary Actions|Part I - Mutual Association Conversion to Capital Stock Association|Section 9-607 - Member Approval

    A proposed plan of conversion to a capital stock association and proposed charter amendments to conform to the conversion require approval by a majority vote of the total number of votes eligible to be cast by the members of a mutual association.
MD. Financial Institutions Code Ann. §  9-608 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 6 - Conversions; Extraordinary Actions|Part I - Mutual Association Conversion to Capital Stock Association|Section 9-608 - Approval by Division Director

    (a)    The board of directors of the converting association shall deliver to the Division Director:        (1)    A certified copy of the minutes of the meeting at which the conversion was approved; and        (2)    The executed charter amendments and a conformed copy.    (b)    On receipt of the minutes and charter amendments under subsection (a) of this section, the Division Director shall:        (1)    Endorse the executed copy of the charter amendments as approved; and        (2)    Send to the converting association:            (i)    The endorsed copy; and            (ii)    A final order of approval of the conversion to a capital stock association.
MD. Financial Institutions Code Ann. §  9-609 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 6 - Conversions; Extraordinary Actions|Part I - Mutual Association Conversion to Capital Stock Association|Section 9-609 - Appeal

    Any applicant aggrieved by the action or nonaction of the Division Director under § 9-605 or § 9-608 of this subtitle may appeal to the Circuit Court for Baltimore City.
MD. Financial Institutions Code Ann. §  9-610 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 6 - Conversions; Extraordinary Actions|Part I - Mutual Association Conversion to Capital Stock Association|Section 9-610 - Effective Date of Conversion

    (a)    After the final order of approval, the board of directors of the converting association shall file the endorsed charter amendments with the State Department of Assessments and Taxation.    (b)    When the State Department of Assessments and Taxation accepts the charter amendments for record, the mutual association becomes a capital stock association.
MD. Financial Institutions Code Ann. §  9-611 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 6 - Conversions; Extraordinary Actions|Part I - Mutual Association Conversion to Capital Stock Association|Section 9-611 - Modified Conversions of Savings and Loan Associations to Capital Stock Associations

    (a)    In this section, “savings and loan association” means a savings and loan association organized under this title as a mutual association.    (b)    Notwithstanding any other provision of this title, the Division Director may approve a conversion of a savings and loan association to a capital stock association that deviates from the standard requirements of this title if the circumstances of the conversion would, under federal law, permit the Federal Home Loan Bank Board to authorize a modified conversion.    (c)    The Division Director may approve a modified conversion only if:        (1)    The Division Director determines that:            (i)    The stability of the savings and loan association is threatened by severe financial difficulties;            (ii)    The conversion to a capital stock form is likely to improve the financial condition of the savings and loan association;            (iii)    The association will be viable after the conversion; and            (iv)    The approval of the conversion is not detrimental to the public interest; and        (2)    The approval imposes the same conditions that federal law requires or permits.    (d)    (1)    The Division Director may adopt rules and regulations for a modified conversion, including:            (i)    Procedures for application and approval; and            (ii)    Conditions for approval of the Division Director in the final order.        (2)    The Division Director may approve the chartering of a capital stock corporation to acquire the assets of, or merge with, a mutual association under this section.    (e)    A conversion under this section is not subject to the requirements contained in the following sections of this title:        (1)    §§ 9-206 through 9-208, inclusive;        (2)    §§ 9-216 through 9-222, inclusive;        (3)    §§ 9-601 through 9-609, inclusive; and        (4)    §§ 9-627 through 9-630, inclusive.
MD. Financial Institutions Code Ann. §  9-612 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 6 - Conversions; Extraordinary Actions|Part I - Mutual Association Conversion to Capital Stock Association|Section 9-612 - Voluntary Conversions of Savings and Loan Associations to Capital Stock Associations

    (a)    In this section, “savings and loan association” means a savings and loan association organized under this title as a mutual association.    (b)    Notwithstanding any other provision of this title, the Division Director may approve the voluntary conversion of a savings and loan association to a capital stock association and the sale of the association’s newly issued capital stock to a third party or parties in a transaction in which the association members have no rights of approval or participation and no rights to the continuance of any legal or beneficial ownership interest in the converted association if the circumstances of the conversion and sale would, under federal law, permit the Federal Home Loan Bank Board to authorize a voluntary supervisory stock conversion.    (c)    The Division Director may approve a voluntary supervisory stock conversion only if:        (1)    The Division Director determines that:            (i)    The Division Director would have grounds to seek the appointment of a conservator or receiver under this title;            (ii)    No equity value would be realized by the savings and loan association’s mutual account holders after liquidation of the association;            (iii)    Severe financial conditions exist that threaten the financial stability of the savings and loan association;            (iv)    The conversion to a capital stock form is likely to improve the financial condition of the savings and loan association;            (v)    The association will be viable after the conversion; and            (vi)    The approval of the conversion is not detrimental to the public interest; and        (2)    The approval imposes the same conditions that federal law requires or permits.    (d)    (1)    The Division Director may adopt rules and regulations for a voluntary supervisory stock conversion, including:            (i)    Procedures for application and approval; and            (ii)    Conditions for approval of the Division Director in the final order.        (2)    The Division Director may approve the chartering of a capital stock corporation to acquire the assets of, or merge with, a mutual association under this section.    (e)    A conversion under this section is not subject to the requirements contained in the following sections of this title:        (1)    §§ 9-206 through 9-208, inclusive;        (2)    §§ 9-216 through 9-222, inclusive;        (3)    §§ 9-601 through 9-609, inclusive; and        (4)    §§ 9-627 through 9-630, inclusive.
MD. Financial Institutions Code Ann. §  9-613 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 6 - Conversions; Extraordinary Actions|Part II - State-Chartered Conversion to Federally Chartered|Section 9-613 - Authority to Convert

    A Maryland savings and loan association may convert to a federal association if:         (1)    It is eligible to become a member of the federal home loan bank system;        (2)    Its members approve;        (3)    Within 6 months after member approval, the association acts to convert in the manner required by federal law; and        (4)    It receives a federal charter.
MD. Financial Institutions Code Ann. §  9-614 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 6 - Conversions; Extraordinary Actions|Part II - State-Chartered Conversion to Federally Chartered|Section 9-614 - Meeting of Members

    (a)    If a savings and loan association wishes to convert to a federal association, the board of directors shall call a meeting of the members of the savings and loan association for the purpose of considering the proposal to convert.    (b)    The savings and loan association shall give notice of the meeting as provided in Title 2, Subtitle 5 of the Corporations and Associations Article.
MD. Financial Institutions Code Ann. §  9-615 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 6 - Conversions; Extraordinary Actions|Part II - State-Chartered Conversion to Federally Chartered|Section 9-615 - Member Approval

    A proposal to convert to a federal association requires approval by a majority vote of the total number of votes eligible to be cast by the members of the savings and loan association.
MD. Financial Institutions Code Ann. §  9-618 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 6 - Conversions; Extraordinary Actions|Part III - Federally Chartered Conversion to State-Chartered|Section 9-618 - Authority to Convert

    A federal association may convert to a Maryland savings and loan association if:         (1)    Its principal office is in this State;        (2)    Its members approve;        (3)    The Division Director approves; and        (4)    Immediately upon filing its articles of incorporation with the State Department of Assessments and Taxation, the association will convert to a commercial bank under the provisions of §§ 9-631 through 9-639 of this subtitle or convert to a federally chartered savings and loan association under §§ 9-613 through 9-615 of this subtitle.
MD. Financial Institutions Code Ann. §  9-619 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 6 - Conversions; Extraordinary Actions|Part III - Federally Chartered Conversion to State-Chartered|Section 9-619 - Member Approval

    A proposal to convert to a Maryland savings and loan association requires approval by a majority vote of the total number of votes eligible to be cast by the members of the federal association.
MD. Financial Institutions Code Ann. §  9-620 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 6 - Conversions; Extraordinary Actions|Part III - Federally Chartered Conversion to State-Chartered|Section 9-620 - Application to Convert

    To convert to a Maryland savings and loan association, the board of directors of a federal association shall deliver to the Division Director:         (1)    A written application in the form that the Division Director requires;        (2)    The executed copy of the proposed articles of incorporation and a conformed copy;        (3)    The proposed bylaws;        (4)    Any additional exhibits the Division Director requires; and        (5)    A filing fee of $1,000.
MD. Financial Institutions Code Ann. §  9-621 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 6 - Conversions; Extraordinary Actions|Part III - Federally Chartered Conversion to State-Chartered|Section 9-621 - Notice of Filing and Hearing

    (a)    (1)    When the Division Director receives the items listed in § 9-620 of this subtitle, the Division Director shall publish a notice of the filing.        (2)    The notice shall state that a public hearing is scheduled on a date that is not more than 45 days after the filing.    (b)    The notice shall be published:        (1)    At least once each week for 2 successive weeks in a newspaper of general circulation in the political subdivision where the principal business office of the converting federal association is located; and        (2)    In the Maryland Register as provided in the State Documents Law.
MD. Financial Institutions Code Ann. §  9-622 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 6 - Conversions; Extraordinary Actions|Part III - Federally Chartered Conversion to State-Chartered|Section 9-622 - Findings Required for Approval

    The Division Director shall approve an application if the Division Director finds:         (1)    The converting federal association has met the requirements of Subtitle 2 of this title that relate to the formation of a savings and loan association;        (2)    The character, responsibility, and general fitness of the officers and directors of the converting federal association command confidence and warrant belief that the business of the converting association will be conducted honestly and efficiently in accordance with the intent of this title; and        (3)    Allowing the federal association to convert to a Maryland savings and loan association will promote the public interest.
MD. Financial Institutions Code Ann. §  9-623 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 6 - Conversions; Extraordinary Actions|Part III - Federally Chartered Conversion to State-Chartered|Section 9-623 - Approval or Refusal; Appeal

    (a)    The Division Director may require any change in the proposed articles of incorporation or bylaws that the Division Director considers necessary.    (b)    Within 60 days after the scheduled hearing, the Division Director shall pass an order approving or denying the application to convert.    (c)    Any applicant aggrieved by the order of the Division Director may appeal to the Circuit Court for Baltimore City.    (d)    (1)    After the time for appeal of the order expires or on final determination of any appeal taken, the Division Director shall endorse and date each copy of the article “approved” or “denied”.        (2)    If the Division Director approves the articles, the Division Director shall:            (i)    Return the endorsed, executed articles to the chairman of the board of directors; and            (ii)    Keep the endorsed, conformed copy.
MD. Financial Institutions Code Ann. §  9-624 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 6 - Conversions; Extraordinary Actions|Part III - Federally Chartered Conversion to State-Chartered|Section 9-624 - Filing for Record; Status

    (a)    On final order of approval of the articles of incorporation by the Division Director, the board of directors of the converting association shall file for record with the State Department of Assessments and Taxation the endorsed, executed articles of incorporation.    (b)    When the State Department of Assessments and Taxation accepts the articles of incorporation for record, the federal association becomes a Maryland savings and loan association.    (c)    The board of directors of the converted association shall send a copy of the certificate acknowledging acceptance of the articles of incorporation to the Division Director.