662                                      LAWS OF MARYLAND                              Ch. 282

161.

(A) Any association, the free shares of which are insured or otherwise
guaranteed by the Federal Savings and Loan Insurance Corporation, or its
successor agency as designated by the government of the United States shall be
subject to the provisions of this section. In the event that any such association shall
have been adjudicated as insolvent in that its assets are less than its obligations to
its creditors and others, including its shareholders by any court of competent
jurisdiction, or in the event that, under order of any court of competent jurisdiction
such association shall be subject to liquidation, reorganization, consolidation or
merger, the Federal Savings and Loan Insurance Corporation, or its successor
agency, shall have the absolute right to be appointed receiver to administer the
affairs of such insolvent association or to be appointed receiver or conservator in
charge of such liquidation, reorganization, consolidation or merger. Under any
circumstances or sets of circumstances covered by the provisions of this section,
the court having such association under its jurisdiction shall, in each instance,
appoint said Federal Savings and Loan Insurance Corporation, or its successor
agency, as receiver of, or as conservator in charge of the liquidation,
reorganization, consolidation or merger of such association.

(B) ANY ASSOCIATION, THE FREE SHARES OF WHICH ARE
INSURED OR OTHERWISE GUARANTEED BY THE MARYLAND
SAVINGS-SHARE INSURANCE CORPORATION, OR ITS SUCCESSOR
AGENCY AS DESIGNATED BY THE STATE OF MARYLAND, SHALL BE
SUBJECT TO THE PROVISIONS OF THIS SECTION. IF ANY
ASSOCIATION HAS BEEN ADJUDICATED AS INSOLVENT IN THAT
ITS ASSETS ARE LESS THAN ITS OBLIGATIONS TO ITS CREDITORS
AND OTHERS, INCLUDING ITS SHAREHOLDERS, BY ANY COURT OF
COMPETENT JURISDICTION, OR IF, UNDER ORDER OF ANY COURT
OF COMPETENT JURISDICTION, THE ASSOCIATION IS SUBJECT TO
LIQUIDATION, REORGANIZATION, CONSOLIDATION OR MERGER,
THE MARYLAND SAVINGS-SHARE INSURANCE CORPORATION, OR
ITS SUCCESSOR, SHALL HAVE THE ABSOLUTE RIGHT TO BE
APPOINTED RECEIVER TO ADMINISTER THE AFFAIRS OF THE
INSOLVENT ASSOCIATION, OR TO BE APPOINTED RECEIVER OR
CONSERVATOR IN CHARGE OF THE LIQUIDATION,
REORGANIZATION, CONSOLIDATION, OR MERGER. UNDER ANY
CIRCUMSTANCES OR SETS OF CIRCUMSTANCES COVERED BY THE
PROVISIONS OF THIS SECTION, THE COURT HAVING THE
ASSOCIATION UNDER ITS JURISDICTION, IN EACH INSTANCE,
SHALL APPOINT THE MARYLAND SAVINGS-SHARE INSURANCE
CORPORATION, OR ITS SUCCESSOR, AS RECEIVER OF, OR AS
CONSERVATOR IN CHARGE OF THE LIQUIDATION,
REORGANIZATION, CONSOLIDATION, OR MERGER OF THE
ASSOCIATION.

161L.

(a) If irregularities complained of in a final order are not corrected, or if any
irregularities complained of in a petition for the appointment of a conservator are
not corrected, or in the case of any emergency, the Board, if in its judgment the
public interest requires, acting through the Attorney General, may apply to an
equity court for the city or county where the association has its principal Maryland
office for the appointment of a receiver, [who may be the Director] IN
ACCORDANCE WITH SECTION 161 OF THIS SUBTITLE. Such court is
authorized to appoint a receiver if it finds that such association: (1) Is in an
impaired or insolvent condition; or (2) is in substantial violation of any valid and