HARRY HUGHES, Governor                                       1147

(i) 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];

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

(iii) An emergency exists; [and] OR

(IV) THE SAVINGS AND LOAN ASSOCIATION, HOLDING
COMPANY, OR SUBSIDIARY OR RELATED ENTITY IS CONDUCTING AN UNSAFE
AND UNSOUND OPERATION; AND

(2) The [Board of Commissioners] DIVISION DIRECTOR
considers the appointment of a receiver to be 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 receiver.]

[(c)] (B) Appointment of receiver.

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, 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;

(4)  Conducting an unsafe and unsound operation; [or]

(5)  IN VIOLATION OF ANY FINAL ORDER; OR

[(5)] (6) Eligible for receivership under the
provisions of Title 10 of this article.

(C) POWERS OF RECEIVER.

A RECEIVER HAS:

(1)  ALL THE POWERS AND AUTHORITY OF THE CONSERVATOR;

(2)  THE POWER TO LIQUIDATE; AND

(3)  ANY OTHER POWERS AND AUTHORITY AS MAY BE
EXPRESSED IN THE ORDER OF ANY COURT OF COMPETENT JURISDICTION.