514

LAWS OF MARYLAND

Ch. 33

DIRECTOR, OFFICER, OR EMPLOYEE OF THE SAVINGS AND LOAN
ASSOCIATION.

REVISOR'S NOTE: This section is new language derived
without substantive change from the last clause
of the third sentence and the entire fourth
sentence of Art. 23, § 16IK(a) and from Art. 23,
§ 161K(b) and the last clause of (d).

As to subsection (a) of this section, the present
phrase "situations complained of in the petition
for his appointment" is 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" is 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 FREE SHAKE ACCOUNTS IN
ACCORDANCE WITH THE ORDER OF THE COURT.

(C)   NEW ACCOUNTS AND DEPOSITS.

THE CONSERVATOR MAY ACCEPT NEW FREE SHARE 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