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LAWS OF MARYLAND

Ch. 33

the Board of Commissioners, and to conform to a
similar provision in banking law.

"Division Director", "savings and loan
association", "statutory merger", and "successor"
are defined in § 9-101 of this title.

GENERAL REVISOR'S NOTE:

The General Assembly should note that although other
subtitles of this title contain a "sunset" section to
terminate provisions that relate to regulation of savings
and loan associations by the Board of Commissioners and the
Division Director, none of the present sections from which
this subtitle is derived are scheduled to be terminated
although many of them refer to the Board of Commissioners or
the Division Director.

SUBTITLE 7. INVOLUNTARY ACTIONS — CONSERVATOR;
RECEIVERSHIP.

PART I. CONSERVATORSHIP.

9-701. CONSERVATOR.

(A)   PROCEEDINGS BY BOARD OF COMMISSIONERS.

THE BOARD OF COMMISSIONERS MAY INSTITUTE PROCEEDINGS IN
AN EQUITY COURT IN THE COUNTY WHERE A SAVINGS AND LOAN
ASSOCIATION HAS ITS PRINCIPAL BUSINESS OFFICE FOR THE
APPOINTMENT OF A CONSERVATOR IF:

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

(2)   THE BOARD OF COMMISSIONERS CONSIDERS THAT
THE APPOINTMENT OF A CONSERVATOR IS IN THE PUBLIC INTEREST.

(B)       COURT APPOINTMENT.

SUBJECT TO § 9-709 OF THIS SUBTITLE, A COURT MAY
APPOINT THE DIVISION DIRECTOR, DEPUTY DIRECTOR, OR AN
EXAMINER FROM THE DIVISION OF SAVINGS AND LOAN ASSOCIATIONS
AS CONSERVATOR IF THE COURT FINDS THAT A SAVINGS AND LOAN
ASSOCIATION IS:

(1)       IN AN IMPAIRED OR INSOLVENT CONDITION;

(2)       IN SUBSTANTIAL VIOLATION OF ANY LAW OR

REGULATION;

(3) CONCEALING ANY OF ITS ASSETS OR RECORDS; OR
(14) CONDUCTING AN UNSAFE OR UNSOUND OPERATION.

REVISOR'S NOTE: This section is new language derived