(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.