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.
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