HARRY HUGHES, Governor

9

(ii) The irregularities giving rise to a
conservatorship are not corrected; or

(iii) An emergency exists; and

(2) The Board of Commissioners considers the
appointment of a receiver to be in the public interest.

(b)   [Only] EXCEPT AS PROVIDED IN TITLE 10 OF THIS ARTICLE,
ONLY the Board of Commissioners may institute proceedings for the
appointment of a receiver.

(c)  Subject to the provisions of § 9-709 of this subtitle,
a court may appoint a receiver if it finds that a savings and
loan association is:

(1)  In an impaired or insolvent condition;

(2)  In substantial violation of any law or
regulation;

(3)  Concealing any of its assets or records; [or]

(4)  Conducting an unsafe and unsound operation; OR

(5)  ELIGIBLE FOR RECEIVERSHIP UNDER THE PROVISIONS OF
TITLE 10 OF THIS ARTICLE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
be regarded as supplemental and additional to the powers and
authority conferred by other laws upon the Board of Savings and
Loan Commissioners and may not be regarded as in derogation of
any powers now existing in the Board of Savings and Loan
Commissioners.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act is
hereby declared to be an emergency measure and necessary for the
immediate preservation of the public health and safety and having
been passed by a yea and nay vote supported by three-fifths of
all the members elected to each of the two Houses of the General
Assembly, the same shall take effect from the date of its
passage.

Approved May 18, 1985.

CHAPTER 3
(Senate Bill 3)
AN ACT concerning