J. MILLARD TAWES, GOVERNOR 13

160J. INFORMATION TO BE CONFIDENTIAL.

The Director, hearing officers, examiners and other employees of
the Department shall keep confidential any information obtained in
an examination, except when the public duty of such persons requires
them to report upon and to take official action regarding the affairs
of the association examined. When the Director deems it to the in-
terest of the public, he may publish the results of the examination
of an association in one or more newspapers of general circulation
in the city or counties in which such association is located or doing
business. This provision shall not prevent the proper exchange of
information relating to associations, and to their business, with the
representatives of associations of this or other states or with the
representatives of the Federal Home Loan Bank Board.

160K. CONSERVATORSHIP.

(a) Conservator. In the event that any association shall fail or re-
fuse to carry out any final order, and should the Director believe that
the public interest may be served by the appointment of a conservator,
he is authorized, acting through the Attorney General, to apply to
an equity court for the city or county where the association has its
principal Maryland office for the appointment of a conservator. Such
court is authorized to appoint a conservator if it finds that such
association: (1) is in an impaired or insolvent condition; or (2) is
in substantial violation of any valid and applicable law or regulation;
or (3) is concealing any of its assets, books or records; or (4) is
conducting an unsafe or unsound operation. The Director or one
of the examiners shall be appointed by the court as conservator, and
a certified copy of the order of the court making such appointment
shall be evidence thereof, and such conservator shall have the power
and authority provided in this sub-title and such other power and
authority as may be expressed in the orders of the court. Such con-
servator shall endeavor promptly to remedy the situations complained
of in the petition for his appointment and may recommend plans of
reorganization, composition or rearrangement of the affairs of such
association. Within six (6) months of the date of such appointment,
or within such time as the court may order, such association shall
be returned to its board of directors and thereafter shall be managed
and operated as if no conservator had been appointed, or a receiver
shall be appointed as hereinafter provided. If the Director, or one
of the examiners, is appointed conservator, he shall receive no addi-
tional compensation. A certified copy of the order of the court dis-
charging such conservator and returning such association to its
directors shall be sufficient evidence thereof.

(b) Powers of conservator. By order of the appointing court, any
conservator appointed shall have all the rights, powers, privileges
possessed by the officers, board of directors, and members of the
association.

(e) Special counsel, expenses. Unless directed otherwise by order
of the appointing court, the conservator shall not retain special
counsel, or incur any expenses other than normal operating expenses,
or liquidate assets except in the ordinary course of operations.

(d) Removal of any officer, director or employee. The directors
and officers of any association for whom a conservator has been