3118

LAWS OF MARYLAND

Ch. 856

In subsection (b) of this section, the words
"court may order" were substituted for "By order
of the appointing court", and the former phrase
"terms and conditions", which relates to a
contract, is deleted as unnecessary.

As to subsection (c) of this section, an
ambiguity existed in the present phrase "if so
ordered" in the third clause of the second
sentence of Art. 23, § 161K(e) as to whether the
order is from the court or the conservator. In
light of the general use of the term "order" in
this section to mean the court's order and in
light of the subject of the order, this revision
resolves the ambiguity in favor of meaning an
order of the court.

"Savings and loan association" is defined in §
9-101 of this title.

9-704. EXPENSES OF CONSERVATORSHIP.

(A)  IN GENERAL.

A SAVINGS AND LOAN ASSOCIATION SHALL PAY THE EXPENSES
OF OPERATION DURING ITS CONSERVATORSHIP.

(B)  COMPENSATION OF CONSERVATOR.

EXCEPT AS PROVIDED IN SUBSECTION (C) OF THIS SECTION, A
SAVINGS AND LOAN ASSOCIATION SHALL PAY ITS CONSERVATOR THE
COMPENSATION THAT THE COURT DETERMINES.

(C)  DIVISION DIRECTOR AND STAFF MAY NOT RECEIVE
COMPENSATION.

THE DIVISION DIRECTOR, DEPUTY DIRECTOR, OR AN EXAMINER
FROM THE DIVISION OF SAVINGS AND LOAN ASSOCIATIONS MAY NOT
RECEIVE ADDITIONAL COMPENSATION AS CONSERVATOR OF A SAVINGS
AND LOAN ASSOCIATION.

(D)  LIMITATIONS TO AUTHORITY.

UNLESS AUTHORIZED BY THE COURT, THE CONSERVATOR OF A
SAVINGS AND LOAN ASSOCIATION MAY NOT:

(1)  RETAIN SPECIAL COUNSEL;

(2)  INCUR OTHER THAN NORMAL OPERATING EXPENSES;
OR

(3)  LIQUIDATE ANY ASSETS EXCEPT IN THE NORMAL
COURSE OF OPERATION.

COMMITTEE COMMENT: This section replaces the sixth
sentence of former Art. 23, § 161K(a) and from