After examination, if the Banking Board becomes satisfied that a foreign building and loan association desiring to do business in this territory is solvent and conducts its business according to law, and has complied with the provisions of this subchapter, it may issue a license to such association until January 1 following. If such association is found insolvent, or is being illegally conducted, the Banking Board shall refuse to issue such license. In case of such refusal to an association that has complied with the provisions of this subchapter, such association may appeal to the District Court.