Maryland Code, Financial Institutions § 9-618

(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.