HARRY HUGHES, Governor                                      1143

Subtitle 4 of this article] TO THE CIRCUIT COURT FOR BALTIMORE
CITY APPROPRIATE CIRCUIT COURT CIRCUIT COURT FOR BALTIMORE CITY.

Subtitle 7. Involuntary Actions-—Conservator; Receivership.
Part I. Conservatorship.

9-701. Appointment of conservator.

(a) Proceedings by [Board of Commissioners] DIVISION
DIRECTOR.

The WITH THE PRIOR WRITTEN APPROVAL OF THE SECRETARY, THE
[Board of Commissioners] DIVISION DIRECTOR may institute
proceedings in the circuit court in the county where the
principal office of a savings and loan association is located for
the appointment of a conservator if:

(1)  The savings and loan association, HOLDING
COMPANY, OR SUBSIDIARY OR RELATED ENTITY fails to comply with a
final order of the Division Director or Board of Commissioners;
or

(2)  The [Board of Commissioners] DIVISION DIRECTOR
considers that the appointment of a conservator is in the public
interest.

[(b) Limitation.

Except as provided in Title 10 of this article, only the
Board of Commissioners may institute proceedings for the
appointment of a conservator.]

[(c)] (B) Court appointment.

Subject to § 9-709 of this subtitle, a court may appoint the
Division Director, deputy DIVISION director, or an examiner from
the Division of Savings and Loan Associations as conservator if
the court finds that a savings and loan association, HOLDING
COMPANY, OR SUBSIDIARY OR RELATED ENTITY 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
REFUSING TO SUBMIT ITS RECORDS OR AFFAIRS FOR INSPECTION TO AN
EXAMINER OR LAWFUL AGENT OR THE DIVISION DIRECTOR; [or]

(4)  Conducting an unsafe or unsound operation;

(5)  IN VIOLATION OF ANY FINAL ORDER;