An application to the commissioner for approval of a reorganization under this article shall contain such relevant information as the commissioner may require. The commissioner may disapprove any proposed mutual holding company formation and refuse to issue a certificate of authority for the reorganized stock association only if within 60 days after the date of filing of a completed application he or she finds the following:
(a) The disapproval is necessary to prevent unsafe and unsound practices.
(b) The financial or managerial resources of the mutual association warrant disapproval.
(c) The mutual association fails to furnish the information required by the commissioner pursuant to this section.
(d) The mutual association fails to comply with the requirements of Section 5862.