HARRY HUGHES, Governor

517

THE BOARD OF COMMISSIONERS MAY INSTITUTE PROCEEDINGS IN
AN EQUITY COURT IN THE COUNTY WHERE THE SAVINGS AND LOAN
ASSOCIATION HAS ITS PRINCIPAL BUSINESS OFFICE FOR THE
APPOINTMENT OF A RECEIVER:

(1)   IF:

(I)   THE SAVINGS AND LOAN ASSOCIATION FAILS
TO COMPLY WITH A FINAL ORDER OF THE DIVISION DIRECTOR OR
BOARD OF COMMISSIONERS;

(II)   THE IRREGULARITIES GIVING RISE TO A
CONSERVATORSHIP ARE NOT CORRECTED; OR

(III)   AN EMERGENCY EXISTS; AND

(2)   THE BOARD OF COMMISSIONERS CONSIDERS THE
APPOINTMENT OF A RECEIVER TO BE IN THE PUBLIC INTEREST.

(B) APPOINTMENT OF RECEIVER.

SUBJECT TO THE PROVISIONS OF § 9-709 OF THIS SUBTITLE,
A COURT MAY APPOINT A RECEIVER IF IT FINDS THAT A SAVINGS
AND LOAN ASSOCIATION IS:

(1)   IN AN IMPAIRED OR INSOLVENT CONDITION;

(2)   IN SUBSTANTIAL VIOLATION OF ANY LAW OR
REGULATION;

(3)   CONCEALING ANY OF ITS ASSETS OR RECORDS; OR

(4)   CONDUCTING AN UNSAFE AND UNSOUND OPERATION.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23, §
161L(a).

In subsection (a) (1) (i) of this section, the
phrase "of the Director of Board of

Commissioners" is added for clarity and in
accordance with the practice of the Board of
Commissioners.

As to subsection (b)(3) of this section, the
present term "books" is deleted as included in
the phrase "assets or records".

Present Art. 23, § 161L(b), which provided that
the procedure in a receivership action would be
in accordance with the practice of the court, is
deleted as unnecessary.

Note that the court has broader discretion as to
who is appointed receiver than as to the
appointment of conservator. See § 9—701 of this
subtitle.