HARRY HUGHES, Governor

3117

As to subsection (a) of this section, the former
phrase "situations complained of in the petition
for his appointment" was deleted to make clear
that the conservator acts in accordance with the
findings and order of the court which are not
necessarily the same as the irregularities
complained of in the petition.

In subsection (b)(2) of this section, the word
"business" was substituted for "affairs".

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

9-703. OPERATION OF A SAVINGS AND LOAN ASSOCIATION BY A
CONSERVATOR.

(A)  DIRECTORS, OFFICERS, AND EMPLOYEES.

IF A COURT APPOINTS A CONSERVATOR, EACH DIRECTOR,
OFFICER, AND EMPLOYEE OF A SAVINGS AND LOAN ASSOCIATION MAY
REMAIN IN THE RESPECTIVE OFFICE OR POSITION UNLESS REMOVED
IN ACCORDANCE WITH THIS SUBTITLE.

(B)  EXISTING ACCOUNTS.

THE COURT MAY ORDER THAT MEMBERS OF A SAVINGS AND LOAN
ASSOCIATION:

(1)  SHALL CONTINUE TO MAKE PAYMENTS IN
ACCORDANCE WITH ANY CONTRACT WITH THE ASSOCIATION; AND

(2)  MAY WITHDRAW MONEY FROM THEIR SAVINGS
ACCOUNTS IN ACCORDANCE WITH THE ORDER OF THE COURT.

(C)  NEW ACCOUNTS AND DEPOSITS.

THE CONSERVATOR MAY ACCEPT NEW ACCOUNTS AND ADDITIONS
TO EXISTING ACCOUNTS. ANY AMOUNTS RECEIVED UNDER THIS
SUBSECTION:

(1)  MAY BE SEGREGATED; AND

(2)  IF PROVIDED BY ORDER OF THE COURT, MAY NOT
BE:

(I)  SUBJECT TO OFFSET; OR

(II)  USED TO LIQUIDATE ANY INDEBTEDNESS
THAT EXISTED AT THE TIME THE CONSERVATOR WAS APPOINTED OR
THAT WAS INCURRED TO LIQUIDATE INDEBTEDNESS THAT EXISTED AT
THE TIME THE CONSERVATOR WAS APPOINTED.

COMMITTEE COMMENT: This section replaces the first part
of former Art. 23, § 161K(d) and the first two
sentences of (e).