HARRY HUGHES, Governor

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former Art. 23, § 161K(c) and the last sentence
of (e).

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

9-705. DISCHARGE OF CONSERVATORSHIP.

WITHIN 6 MONTHS AFTER A COURT APPOINTS A CONSERVATOR OR
WITHIN THE TIME THE COURT ORDERS, THE COURT SHALL:

(1)  RETURN THE MANAGEMENT OF THE SAVINGS AND
LOAN ASSOCIATION TO ITS BOARD OF DIRECTORS, AFTER WHICH
RETURN THE ASSOCIATION SHALL BE OPERATED AS IF A CONSERVATOR
HAD NOT BEEN APPOINTED; OR

(2)  APPOINT A RECEIVER UNDER § 9-708 OR 9-709 OF
THIS SUBTITLE.

COMMITTEE COMMENT: This section replaces the fifth and
last sentences of former Art. 23, § 161K(a).

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

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

9-706. RESERVED.

9-707. RESERVED.

PART II. RECEIVERSHIP.

9-708. RECEIVER.

(A) PROCEEDINGS BY BOARD.

THE BOARD OF COMMISSIONERS MAY INSTITUTE PROCEEDINGS IN
AN EQUITY COURT OF THE COUNTY WHERE THE PRINCIPAL OFFICE OF
A SAVINGS AND LOAN ASSOCIATION IS LOCATED FOR THE
APPOINTMENT OF A RECEIVER:

(1) IF:

(I)  THE SAVINGS AND LOAN ASSOCIATION FAILS
TO COMPLY WITH A FINAL ORDER OF THE DIVISION DIRECTOR OR
BOARD OF COMMISSIONERS;

(II)  THE IRREGULARITIES GIVING RISE TO A
CONSERVATORSHIP ARE NOT CORRECTED; OR

(III)  AN EMERGENCY EXISTS; AND