reglab/statecodes huggingface dataset:
2023 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.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 5 - Supervision of Records of Associations › Section 9-503 - Access to Records

The Division Director and any examiner from, or agent of, the Division of Savings and Loan Associations shall have access to all the records of a savings and loan association, or related entity including the records of any controlling person, director, officer, agent, or employee of the association or related entity that relate to the business of the association or related entity.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 5 - Supervision of Records of Associations › Section 9-504 - Confidentiality of Records

(a)    Except as provided in this section, the Division Director and any authorized representative of the Division Director shall keep confidential any information about a savings and loan association and its business that is:
(1)    Obtained in an examination of or report by a savings and loan association; or
(2)    Reported to the Division Director by a federal or State regulatory or insuring agency.
(b)    This section does not apply to information disclosed:
(1)    In performing a public duty to report and take official action about the business of a savings and loan association;
(2)    As required by law; or
(3)    As collected general or statistical information about associations.
(c)    If the Division Director considers it to be in the public interest, the results of an examination of or report by a savings and loan association may be published in a newspaper of general circulation in any political subdivision where the association is located or doing business.
(d)    This section does not apply to a proper exchange of information about a savings and loan association and its business that is exchanged between the Division Director and the State of Maryland Deposit Insurance Fund Corporation, the Federal Home Loan Bank Board, the Federal Savings and Loan Insurance Corporation, or any similar agency that regulates or insures the business of savings and loan associations, the Attorney General’s Office, the Maryland Department of Labor, and the Office of the Governor of Maryland.
(e)    Upon the request of a standing committee of the General Assembly with subject matter jurisdiction, the Division Director shall provide the standing committee with necessary confidential information.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 5 - Supervision of Records of Associations › Section 9-505 - Documents Submitted by a Federal Association or a Savings and Loan Association

(a)    Within 30 days of adoption, a federal association located in the State or a savings and loan association shall submit to the Director a copy of its most recently adopted federal Community Reinvestment Act statement.
(b)    Within 30 days of receipt, the association shall submit to the Director a copy of the public portion of its most recent Community Reinvestment Act performance evaluation prepared by the federal regulatory agency that examines the association, together with a copy of any written response to the evaluation prepared by the association for its public Community Reinvestment Act file.
(c)    (1)    Upon request, the Director shall make available to the public a copy of the documents submitted under this section.
(2)    The Director may charge a reasonable fee to a person requesting a copy to help defray the costs of providing copies of the documents to the public.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 6 - Conversions; Extraordinary Actions › Part IV - Consolidation; Merger; Transfer of Assets; Statutory Merger › Section 9-627 - Authority to Merge, Consolidate, or Transfer Assets

(a)    A savings and loan association may consolidate with, merge with or into, or transfer its assets to any other savings and loan association, any savings bank, or any out-of-state association as defined in § 9-1001(i) of this title if:
(1)    It complies with Title 3 of the Corporations and Associations Article;
(2)    The Division Director approves the plan of consolidation, merger, or transfer of assets; and
(3)    The out-of-state association complies with § 9-1004 of this title.
(b)    Notwithstanding any other provision of this section or any other law, the approval by the shareholders or members of a savings and loan association for which a receiver has been appointed under § 9-708 of this title of a plan of consolidation, merger, or transfer of assets of that savings and loan association is not required if, after notice and a hearing, the circuit court administering the receivership determines that:
(1)    The savings and loan association is insolvent; or
(2)    Consummation of the transactions contemplated by the plan of consolidation, merger, or transfer of assets will not result in the shareholders or members of the savings and loan association receiving property of a lesser value in their capacity as shareholders or members than they otherwise would upon a complete liquidation of the savings and loan association in receivership.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 6 - Conversions; Extraordinary Actions › Part IV - Consolidation; Merger; Transfer of Assets; Statutory Merger › Section 9-628 - Statutory Merger

A savings and loan association may effect a statutory merger into any other savings and loan association, any savings bank, or any out-of-state association as defined in § 9-1001(i) of this title if the plan of statutory merger:
(1)    Complies with Title 3 of the Corporations and Associations Article;
(2)    Is approved by:
(i)    The board of directors of both the successor and the transferor;
(ii)    The shareholders or members of a transferor association; and
(iii)    The Division Director; and
(3)    The out-of-state association complies with § 9-1004 of this title.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 6 - Conversions; Extraordinary Actions › Part IV - Consolidation; Merger; Transfer of Assets; Statutory Merger › Section 9-629 - Partial Liquidation, Dissolution, or Reorganization

A savings and loan association may reorganize, partially liquidate, or dissolve if:
(1)    It complies with Title 3 of the Corporations and Associations Article; and
(2)    The Division Director approves the plan of reorganization, partial liquidation, or dissolution.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 6 - Conversions; Extraordinary Actions › Part V - Capital Stock Savings and Loan Association Conversion to a Commercial Bank › Section 9-631 - When Conversion Permitted

A capital stock savings and loan association may convert to a commercial bank if:
(1)    Its stockholders approve;
(2)    Its charter is amended;
(3)    The Commissioner approves;
(4)    All deposits will be insured throughout the conversion;
(5)    The depositors of the capital stock savings and loan association immediately prior to the conversion shall be entitled to deposits in the commercial bank of like amounts, interest rate and other terms, without interruption of interest;
(6)    All deposits shall be insured by the Federal Deposit Insurance Corporation up to the maximum amount provided by law;
(7)    It complies with Title 3 of the Corporations and Associations Article; and
(8)    It has met all the requirements of this part and other applicable provisions in this article.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 6 - Conversions; Extraordinary Actions › Part V - Capital Stock Savings and Loan Association Conversion to a Commercial Bank › Section 9-632 - Procedure for Conversion

To convert to a commercial bank, a capital stock savings and loan shall deliver to the Commissioner:
(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 stockholders;
(6)    The proposed proxy statement;
(7)    The proposed plan of conversion; and
(8)    Any additional documents required by the Commissioner.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 6 - Conversions; Extraordinary Actions › Part V - Capital Stock Savings and Loan Association Conversion to a Commercial Bank › Section 9-633 - Duty of Commissioner

The Commissioner:
(1)    Shall review an application for conversion to a commercial bank;
(2)    Shall determine:
(i)    Whether the plan is fair to the stockholders 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 commercial bank 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, member, employee, or otherwise will receive any inequitable gain or advantage by reason of the conversion;
(3)    May require any changes that are necessary to ensure full disclosure of all material facts;
(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)    May modify the initial capitalization requirements of the commercial bank if the Commissioner determines that a modification is:
(i)    Reasonably required to protect the welfare of the commercial bank; and
(ii)    Not detrimental to the public interest or to the commercial bank; and
(6)    May adopt regulations to carry out the provisions of this part.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 6 - Conversions; Extraordinary Actions › Part V - Capital Stock Savings and Loan Association Conversion to a Commercial Bank › Section 9-634 - Issuance of Letter of Preliminary Approval

Within 60 days of the filing of an application, if the Commissioner finds that the stock association has met the requirements of § 9-633 of this subtitle, the Commissioner shall issue to the converting association a letter of preliminary approval of the conversion.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 6 - Conversions; Extraordinary Actions › Part V - Capital Stock Savings and Loan Association Conversion to a Commercial Bank › Section 9-635 - Meeting for Consideration of Plan of Conversion

(a)    On receipt of the Commissioner’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 commercial bank.
(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.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 6 - Conversions; Extraordinary Actions › Part V - Capital Stock Savings and Loan Association Conversion to a Commercial Bank › Section 9-636 - Stockholder Approval

A proposed plan of conversion to a commercial bank 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 stockholders of a stock association.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 6 - Conversions; Extraordinary Actions › Part V - Capital Stock Savings and Loan Association Conversion to a Commercial Bank › Section 9-637 - Delivery of Minutes and Charter Amendments; Action by Commissioner

(a)    The board of directors of the converting association shall deliver to the Commissioner:
(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 Commissioner 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 commercial bank.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 6 - Conversions; Extraordinary Actions › Part V - Capital Stock Savings and Loan Association Conversion to a Commercial Bank › Section 9-639 - Filing Endorsed Charter Amendments; Acceptance of Charter Amendments

(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 stock association becomes a commercial bank.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 6 - Conversions; Extraordinary Actions › Part V - Capital Stock Savings and Loan Association Conversion to a Commercial Bank › Section 9-640 - Powers of Converted Capital Stock Savings and Loan Association; Assets; Conducting Insurance Activity

(a)    Except as provided in subsections (b), (c), and (d) of this section, a capital stock savings and loan association converted under this part to a commercial bank may exercise all the powers of, and shall be subject to all the restrictions imposed on, a commercial bank under this article.
(b)    A commercial bank that results from a conversion of a capital stock savings and loan association may hold assets or conduct business activities, other than insurance assets and insurance activities, that result from the conversion and that do not conform with applicable law, unless a different period is authorized by federal regulatory agencies:
(1)    For a period of 5 years after the conversion; and
(2)    If the Commissioner approves, for an additional period not exceeding 5 years.
(c)    A commercial bank resulting from a conversion of a capital stock savings and loan association may hold insurance assets or conduct insurance activities that were held or conducted before the conversion and that do not conform with applicable law, for a period of 2 years after the date of conversion, unless a different period is authorized by federal regulatory agencies.
(d)    Except as provided in subsection (c) of this section, a commercial bank resulting from the conversion of a capital stock savings and loan association may hold insurance assets or conduct insurance activities only to the extent permitted under applicable law for a Maryland commercial bank.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 7 - Involuntary Actions -- Conservator; Receivership › Part I - Conservatorship › Section 9-701 - Appointment of Conservator

(a)    With the prior written approval of the Secretary, the Division Director may institute proceedings in the circuit court in the county where the principal office of a savings and loan association is located for the appointment of a conservator if:
(1)    The savings and loan association or related entity fails to comply with a final order of the Division Director; or
(2)    The Division Director considers that the appointment of a conservator is in the public interest.
(b)    Subject to § 9-709 of this subtitle, a court may appoint the Division Director, deputy division director, or an examiner from the Division of Savings and Loan Associations as conservator if the court finds that a savings and loan association or related entity is:
(1)    In an impaired or insolvent condition;
(2)    In substantial violation of any law or regulation;
(3)    Concealing any of its assets or records or refusing to submit its records or affairs for inspection to an examiner or lawful agent or the Division Director;
(4)    Conducting an unsafe or unsound operation;
(5)    In violation of any final order;
(6)    In need of the appointment of a conservator in order to preserve the assets of the savings and loan association for the benefit of the depositors and creditors; or
(7)    Eligible for conservatorship under the provisions of Title 10 of this article.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 7 - Involuntary Actions -- Conservator; Receivership › Part I - Conservatorship › Section 9-702 - Function of Conservator

(a)    A conservator shall endeavor to correct the irregularities in the operation of a savings and loan association.
(b)    In addition to the powers set forth in this subtitle and the powers granted by order of the court, a conservator may exercise any or all of the following powers:
(1)    If authorized by the court, exercise the powers, rights, and privileges of the officers, directors, members, and stockholders of the savings and loan association;
(2)    Recommend for the court’s adoption a plan of reorganization, composition, or rearrangement of business, including its liabilities and capital structure;
(3)    Remove any director, officer, or employee of the savings and loan association;
(4)    Borrow from, pledge assets to, and repay a Federal Reserve Bank or other lenders;
(5)    Make wire transfers;
(6)    To the extent authorized by law or court order, pay withdrawals of deposits;
(7)    Pay negotiated order of withdrawal drafts and cashiers checks either directly or repay financial institutions on which the cashiers checks may be drawn;
(8)    Receive new deposits including direct deposit of United States Treasury, Social Security, and other payments;
(9)    Pay a Federal Reserve Bank or other bank cash to fund withdrawals;
(10)    Pay employees and necessary day-to-day operating expenses of the institution;
(11)    If authorized by the court, approve, in place of shareholders or members, a merger, conversion, transfer of assets, reorganization, or acquisition of the savings and loan association; and
(12)    If authorized by the court, request a stay of proceedings in other courts.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 7 - Involuntary Actions -- Conservator; Receivership › Part I - Conservatorship › Section 9-703 - Operation of Savings and Loan Association by Conservator

(a)    (1)    If a court appoints a conservator, each director, officer, and employee of a savings and loan association may remain in the respective office or position unless removed in accordance with this subtitle.
(2)    A member, director, officer, or controlling person may not have or exercise any power, right or privilege or act in connection with any of the association’s assets or property unless otherwise approved in writing by the conservator.
(b)    The court may order that members of a savings and loan association:
(1)    Shall continue to make payments in accordance with any contract with the association; and
(2)    May withdraw money from their savings accounts in accordance with the order of the court.
(c)    The conservator may accept new accounts and additions to existing accounts. Any amounts received under this subsection:
(1)    May be segregated; and
(2)    If provided by order of the court, may not be:
(i)    Subject to offset; or
(ii)    Used to liquidate any indebtedness that existed at the time the conservator was appointed or that was incurred to liquidate indebtedness that existed at the time the conservator was appointed.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 7 - Involuntary Actions -- Conservator; Receivership › Part I - Conservatorship › Section 9-704 - Expenses of Conservatorship

(a)    A savings and loan association shall pay the expenses of operation during its conservatorship.
(b)    Except as provided in subsection (c) of this section, a savings and loan association shall pay its conservator the compensation that the court determines.
(c)    The Division Director or an examiner from the Division of Savings and Loan Associations may not receive additional compensation as conservator of a savings and loan association.
(d)    Unless authorized by the court, the conservator of a savings and loan association may not:
(1)    Retain special counsel;
(2)    Incur other than normal operating expenses; or
(3)    Liquidate any assets except in the normal course of operation.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 7 - Involuntary Actions -- Conservator; Receivership › Part II - Receivership › Section 9-708 - Receiver

(a)    With the prior written approval of the Secretary, the Division Director may institute proceedings in the circuit court of the county where the principal office of a savings and loan association is located for the appointment of a receiver if:
(1)    (i)    The savings and loan association or related entity fails to comply with a final order of the Division Director;
(ii)    The irregularities giving rise to a conservatorship are not corrected;
(iii)    An emergency exists; or
(iv)    The savings and loan association or related entity is conducting an unsafe and unsound operation; and
(2)    The Division Director considers the appointment of a receiver to be in the public interest.
(b)    Subject to the provisions of § 9-709 of this subtitle, a court may appoint a receiver if it finds that a savings and loan association or related entity is:
(1)    In an impaired or insolvent condition;
(2)    In substantial violation of any law or regulation;
(3)    Concealing any of its assets or records or refusing to submit its records or affairs for inspection to an examiner or lawful agent;
(4)    Conducting an unsafe and unsound operation;
(5)    In violation of any final order; or
(6)    Eligible for receivership under the provisions of Title 10 of this article.
(c)    A receiver has:
(1)    All the powers and authority of the conservator;
(2)    The power to liquidate; and
(3)    Any other powers and authority as may be expressed in the order of any court of competent jurisdiction.
(d)    In addition to the specific powers set forth in this title and any powers granted by order of the court, a receiver appointed under this section has and may exercise all powers necessary or appropriate to liquidate the business and affairs of the savings and loan association, including all of the powers granted by law to the conservator of a savings and loan association and all of the powers granted by law to the receiver of a Maryland corporation that is in the process of voluntary or involuntary dissolution.
(e)    (1)    Except to the extent otherwise provided in this subsection, Title 13 of the Maryland Rules applies to the estate of a savings and loan association for which a receiver is appointed under this section.
(2)    On motion of the receiver any other interested party, or on the court’s own initiative, the court may, after notice and a hearing, waive compliance with or modify one or more of the requirements of Subtitle BP relating to the timing of, method of, or procedures for providing notices, providing claims, or administering distributions from the receivership estate, if the waiver or modification relates to the preservation of the confidentiality of savings account holders, or a reduction in the cost of administration of the receivership estate.
(3)    Any waiver or modification made under paragraph (2) of this subsection only shall apply prospectively to actions taken by the receiver or any other person after adoption by the court.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 7 - Involuntary Actions -- Conservator; Receivership › Part III - General Provisions › Section 9-709 - Insuring Agency as Receiver or Conservator

The Federal Savings and Loan Insurance Corporation or the State of Maryland Deposit Insurance Fund Corporation has an absolute right to be appointed conservator or receiver of a savings and loan association insured by it.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 7 - Involuntary Actions -- Conservator; Receivership › Part III - General Provisions › Section 9-710 - Jurisdiction of Circuit Court

(a)    (1)    Notwithstanding any other provision of law and to the maximum extent permitted under the federal and State constitutions, the circuit court administering a conservatorship or receivership under this title shall have exclusive and plenary jurisdiction over all claims, actions, and proceedings that are brought by any person and that are related to the assets, property, powers, rights, privileges, duties, and liabilities of:
(i)    The savings and loan association and its subsidiaries, affiliates, or holding company;
(ii)    The receivership or conservatorship estate; and
(iii)    The State of Maryland Deposit Insurance Fund Corporation in its capacity as receiver or conservator of the savings and loan association.
(2)    A court other than a court administering a conservatorship or receivership under this title may exercise jurisdiction over claims and actions if:
(i)    The court would have jurisdiction over the claims or actions but for this section; and
(ii)    The court administering the conservatorship or receivership approves:
1.    The initiation and prosecution, or the continued prosecution, of the claims or actions in the other court by the conservator or receiver; or
2.    The continued prosecution of claims or actions in the other court by any person other than the conservator or receiver.
(b)    Except as otherwise ordered by the court administering the conservatorship or receivership, any action or proceeding described in subsection (a)(1) of this section that is pending at the time the conservatorship or receivership is established under this title shall be transferred to the circuit court administering the conservatorship or receivership.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 7 - Involuntary Actions -- Conservator; Receivership › Part III - General Provisions › Section 9-711 - Powers of Circuit Court in Administering Conservatorship or Receivership

(a)    The circuit court administering a conservatorship or receivership under this title has full power to approve and allow or to reject and disallow claims against the conservatorship or receivership estate.
(b)    In a receivership, the court administering the receivership may estimate for purposes of allowance:
(1)    Any contingent, unliquidated, unmatured, or disputed claim, the fixing, liquidation, maturation, or settlement of the dispute of which would delay the administration of the receivership; or
(2)    Any right to payment arising from a right to an equitable remedy for breach of performance.
(c)    (1)    In a conservatorship or receivership, a court may reconsider for cause according to the equities of the case a claim that has been allowed or disallowed.
(2)    A reconsideration under this subsection:
(i)    Must be filed within 60 days from the date of the court’s initial determination; and
(ii)    Does not affect the validity of any payment or transfer from the receivership estate that is made to a holder of an allowed claim on account of the allowed claim that is not reconsidered.
(3)    This subsection does not alter or otherwise prejudice the right of the conservator or receiver to recover any excess payment or transfer made to a creditor.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 8 - Foreign Associations › Section 9-801 - "Foreign Association" Defined

In this subtitle, “foreign association” means any savings and loan association other than:
(1)    A savings and loan association incorporated under the laws of this State; or
(2)    A savings and loan association incorporated under the laws of the United States that has its principal office in this State.