4108                                              LAWS OF MARYLAND                                     Ch. 2

(a)  A conservator shall endeavor to correct the
irregularities in the operation of a savings and loan
association.

(b)  In addition to the powers set forth in this subtitle
and the' powers granted by order of the court, a conservator MAY
EXERCISE ANY OR ALL OF THE FOLLOWING POWERS:

(1)  If authorized by the court, has EXERCISE the
powers, rights, and privileges of the officers, directors, and
members of the savings and loan association;

(2)  May recommend RECOMMEND FOR THE COURT'S ADOPTION
a plan of reorganization, composition, or rearrangement of
business, INCLUDING ITS LIABILITIES AND CAPITAL STRUCTURE; [and]

(3)  On recommendation of the Board of Commissioners
and by order of the court, may remove any director, officer, or
employee of the savings and loan association;

(4)  MAY BORROW FROM, PLEDGE ASSETS TO, AND REPAY A
FEDERAL RESERVE BANK OR OTHER LENDERS;

(5)  MAY MAKE WIRE TRANSFERS;

(6)  TO THE EXTENT AUTHORIZED BY LAW OR COURT ORDER,
MAY PAY WITHDRAWALS OF DEPOSITS;

(7)  MAY PAY NEGOTIATED ORDER OF WITHDRAWAL DRAFTS AND
CASHIERS CHECKS EITHER DIRECTLY OR REPAY CORRESPONDENTS FINANCIAL
INSTITUTIONS ON WHICH THE CASHIERS CHECKS MAY BE DRAWN;

(8)  MAY RECEIVE NEW DEPOSITS INCLUDING DIRECT
DEPOSITS OF UNITED STATES TREASURY, SOCIAL SECURITY, AND OTHER
PAYMENTS;

(9)  MAY PAY A FEDERAL RESERVE BANK OR OTHER BANK CASH
TO FUND WITHDRAWALS; AND

(10)  MAY PAY EMPLOYEES AND NECESSARY DAY-TO-DAY
OPERATING EXPENSES OF THE INSTITUTION.

9-708.

(a) The Board of Commissioners may institute proceedings in
an equity court THE CIRCUIT COURT of the county where the
principal office of a savings and loan association is located for
the appointment of a receiver:

(1) If:

(i) The savings and loan association fails to
comply with a final order of the Division Director or Board of
Commissioners;