Ask Reggi Your Question Now
Can you summarize MDCM Fin. Inst. Section 9-633?
Short Summary
This legal document, found in the Code of Maryland under the Financial Institutions section, specifically Title 9, SubTitle 6, outlines the requirements and considerations for associations seeking to convert to a commercial bank. The Commissioner is responsible for reviewing the conversion application and ensuring various factors are met. These factors include determining the fairness of the plan to stockholders and the general public, ensuring the continued insurance of savings accounts, assessing the financial condition and management of the commercial bank post-conversion, and preventing any inequitable gain or advantage for individuals involved in the conversion. The Commissioner may also require changes for full disclosure and must ensure all requirements for a commercial bank are met before issuing a certificate of authority. Additionally, the Commissioner has the authority to modify the initial capitalization requirements if it is deemed necessary for the welfare of the commercial bank and not detrimental to the public interest. The Commissioner is also empowered to adopt regulations to implement the provisions of this document.
Whom does it apply to?
Associations seeking to convert to a commercial bank
What does it govern?
Conversion to a commercial bank
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Maryland