3116

LAWS OF MARYLAND

Ch. 856

of Commissioners" was substituted for "any final
order" for clarity and in accordance with
practice.

Subsection (b) of this section is a new provision
added to clarify administrative procedure.

In subsection (c) of this section, the phrase
"Subject to the provisions of § 9-709 of this
subtitle" is added to make clear that in certain
instances that are provided in § 9-709 of this
subtitle, i.e., under a court ordered insolvency,
liquidation, merger, or consolidation, the
insuring agency of a savings and loan association
is appointed conservator.

The former provision that a certified copy of a
court order is evidence of the appointment of a
conservator is deleted as unnecessary in light of
CJ § 10-204, which relates to the admissibility
as evidence of public records.

"Board of Commissioners", "Division Director",
and "savings and loan association" are defined in
§ 9-101 of this title.

9-702. POWERS AND DUTIES OF CONSERVATOR.

(A)  IN GENERAL.

A CONSERVATOR SHALL ENDEAVOR TO CORRECT THE
IRREGULARITIES IN THE OPERATION OF A SAVINGS AND LOAN
ASSOCIATION.

(B)  POWERS, RIGHTS, AND PRIVILEGES.

IN ADDITION TO THE POWERS SET FORTH IN THIS SUBTITLE
AND THE POWERS GRANTED BY ORDER OF THE COURT, A CONSERVATOR:

(1)  IF AUTHORIZED BY THE COURT, HAS THE POWERS,
RIGHTS, AND PRIVILEGES OF THE OFFICERS, DIRECTORS, AND
MEMBERS OF THE SAVINGS AND LOAN ASSOCIATION;

(2)  MAY RECOMMEND A PLAN OF REORGANIZATION,
COMPOSITION, OR REARRANGEMENT OF BUSINESS; AND

(3)  ON RECOMMENDATION OF THE BOARD OF
COMMISSIONERS AND BY ORDER OF THE COURT, MAY REMOVE ANY
DIRECTOR, OFFICER, OR EMPLOYEE OF THE SAVINGS AND LOAN
ASSOCIATION.

COMMITTEE COMMENT: This section replaces the last
clause of the third sentence and the entire
fourth sentence of former Art. 23, § 161K(a) and
from former Art. 23, § 161K(b) and the last
clause of (d).