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LAWS OF MARYLAND

Ch. 33

(1)   RETAIN SPECIAL COUNSEL;

(2)   INCUR OTHER THAN NORMAL OPERATING EXPENSES;

OR

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

REVISOR'S NOTE: This section is new language derived
without substantive change from the sixth
sentence of Art. 23, § 161K(a) and from 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.

REVISOR'S NOTE: This section is new language derived
without substantive change from the fifth
sentence of Art. 23, § 161K(a).

The General Assembly may wish to consider whether
to limit the maximum time allowed for extension
by the court.

The last sentence of present Art. 23, § 161K(a),
which provides that a certified copy of the order
is sufficient evidence of the discharge, is
deleted as unnecessary in light of CJ § 10—201,
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.