Maryland Code, FINANCIAL INSTITUTIONS 9-631
Terms Used In Maryland Code, FINANCIAL INSTITUTIONS 9-631
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
(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.