HARRY HUGHES, Governor                                       1145

ASSETS, REORGANIZATION, OR ACQUISITION OF THE SAVINGS AND LOAN
ASSOCIATION; AND

(12) IF AUTHORIZED BY THE COURT, REQUEST A STAY OF
PROCEEDINGS IN OTHER COURTS.

9-703. Operations of savings and loan association by
conservator.

(a)  Directors, officers, and employees.

(1)  If a court appoints a conservator, each director,
officer, and employee of a savings and loan association may
remain in the respective office or position unless removed in
accordance with this subtitle.

(2)  A MEMBER, DIRECTOR, OFFICER, OR CONTROLLING
PERSON MAY NOT HAVE OR EXERCISE ANY POWER, RIGHT OR PRIVILEGE OR
ACT IN CONNECTION WITH ANY OF THE ASSOCIATION'S ASSETS OR PROPERTY
UNLESS OTHERWISE APPROVED IN WRITING BY THE CONSERVATOR.

(b)  Existing accounts.

The court may order that members of a savings and loan
association:

(1)  Shall continue to make payments in accordance
with any contract with the association; and

(2)  May withdraw money from their savings accounts in
accordance with the order of the court.

(c)  New accounts and deposits.

The conservator may accept new accounts and additions to
existing accounts. Any amounts received under this subsection:

(1)  May be segregated; and

(2)  If provided by order of the court, may not be:

(i) Subject to offset; or

(ii) Used to liquidate any indebtedness that
existed at the time the conservator was appointed or that was
incurred to liquidate indebtedness that existed at the time the
conservator was appointed,

9-704. Expenses of conservatorship.

(a) In general.

A savings and loan association shall pay the expenses of
operation during its conservatorship.