HARRY HUGHES, Governor

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without substantive change from the first two
sentences and the first clause of the third
sentence of Art. 23, § 161K(a).

As to subsection (a) of this section, the General
Assembly may wish to consider whether, in view of
the exigencies of the financial community, the
Board of Commissioners should be empowered to
appoint a conservator directly, and then apply to
a court for confirmation.

In subsection (a) (1) of this section, the phrase
"a final order of the Director or Board of
Commissioners" is substituted for "any final
order" for clarity and in accordance with the
Board's practice.

In subsection (b) of this section, the phrase
"{s}ubject to the provisions of § 9-707 of this
subtitle" is added to make clear that in certain
instances, i.e., under a court ordered
insolvency, liquidation, merger, or
consolidation, the insuring agency of a savings
and loan association is appointed conservator.

The present 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
§ 1-101 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