1146

LAWS OF MARYLAND

Ch. 282

(b)  Compensation of conservator.

Except as provided in subsection (c) of this section, a
savings and loan association shall pay its conservator the
compensation that the court determines.

(c)  Division Director and staff may not receive
compensation.

The Division Director, deputy DIVISION director, or an
examiner from the Division of Savings and Loan Associations may
not receive additional compensation as conservator of a savings
and loan association.

(d)  Limitations to authority.

Unless authorized by the court, the conservator of a savings
and loan association may not:

(1)  Retain special counsel;

(2)  Incur other than normal operating expenses; or

(3)  Liquidate any assets except in the normal course
of operation.

[9-705. Discharge of conservatorship.

Within 6 months after a court appoints a conservator or
within the time the court orders, the court shall:

(1)  Return the management of the savings and loan
association to its board of directors, after which return the
association shall be operated as if a conservator had not been
appointed; or

(2)  Appoint a receiver under § 9-708 or 9-709 of this

subtitle.]

9-706, 9-707. Reserved.

Part II. Receivership.

9-708. Receiver.

(a) Proceedings by [Board] DIVISION DIRECTOR.

The WITH THE PRIOR WRITTEN APPROVAL OF THE SECRETARY, THE
[Board of Commissioners] DIVISION DIRECTOR may institute
proceedings in 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: