The Division Director:
(1) Shall review an application for conversion to a capital stock association;
(2) Shall determine:
(i) Whether the plan is fair to the members 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 association 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 will receive any inequitable gain or advantage by reason of the conversion; and
(3) May require any changes that are necessary to ensure full disclosure of all material facts.