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LAWS OF MARYLAND

Ch. 33

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

9-709. INSURING AGENCY AS RECEIVER OR CONSERVATOR.

THE FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION OR
THE MARYLAND SAVINGS SHARE INSURANCE CORPORATION HAS AN
ABSOLUTE RIGHT TO BE APPOINTED AS:

(1)       RECEIVES IF A SAVINGS AND LOAN ASSOCIATION
INSURED BY IT IS ADJUDICATED AS INSOLVENT IN THAT ITS ASSETS
ABE LESS THAN ITS OBLIGATIONS TO ITS CREDITORS AND OTHERS,
INCLUDING ITS SHAREHOLDERS; AND

(2)       RECEIVER OR CONSERVATOR IF A COURT ORDERS A
SAVINGS AND LOAN ASSOCIATION INSURED BY IT TO BE LIQUIDATED,
REORGANIZED, CONSOLIDATED, OR MERGED.

REVISOR'S NOTE: This section is new language, which
combines without substantive change the duplicate
provisions of Art. 23, § 161(a) and (b).

The present provision in each of Art. 23, §
161 (a) and (b) that provides that the section
applies only to certain insured associations is
deleted in light of § 9-901 of this title, which
provides that insurance by either the federal or
the State insuring agency is mandatory.

As to item (2) of this section, note that the law
is silent as to what circumstances would warrant
a court to order a merger or consolidation.

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

9-710. TERMINATION OF PROVISIONS OF CERTAIN SECTIONS IN
SUBTITLE.

SECTIONS 9-701, 9-70 2, 9-703, 9-704, 9-705, 9-708, AND
9-709 OF THIS SUBTITLE RELATING TO THE BOARD OF
COMMISSIONERS, THE DIVISION OF SAVINGS AND LOAN

ASSOCIATIONS, AND RELATING TO THE REGULATIONS OF SAVINGS AND
LOAN ASSOCIATIONS ARE OF NO EFFECT AND MAY NOT BE ENFORCED
AFTER JULY 1, 1982.

REVISOR'S NOTE: This section presently appears as Art.
23, § 161LL-3.

The only changes are in style.

NOTE TO GENERAL ASSEMBLY: The sections of this
subtitle that are scheduled for termination by
this section are derived from Art. 23, §§ 161K
and 161L, which sections were terminated in their