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.
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