A capital stock savings and loan association may convert to a commercial bank if:
(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.