(a) A savings and loan association that forfeits its charter may revive the charter in accordance with Title 3, Subtitle 5 of the Corporations and Associations Article only if:
(1) The Division Director approves the proposed articles of revival; and
(2) The charter was forfeited for:
(i) Failure to file an annual report with the State Department of Assessments and Taxation; or
(ii) Nonpayment of taxes.
(b) Not later than 30 days after a savings and loan association files articles of revival with the Division Director for examination, the Director shall pass an order approving or refusing the articles of revival.