HARRY HUGHES, Governor

119

Legislative Reference.

9-708.

(a) The Board of Commissioners 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 IF:

(1)   [If:]

(i) The savings and loan association 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

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

DRAFTER'S NOTE: This corrects a stylistic error in §
9-708(a) of the Financial Institutions Article, for
purposes of clarity.

The stylistic error occurred in Ch. 2 of the Acts of
the First Special Session of the General Assembly of
1985.

The stylistic error was noted by the professional
staff of the Legislative Division of the Department of
Legislative Reference.

9-709.

The Federal Savings and Loan Insurance Corporation or the
STATE OF Maryland Deposit Insurance Fund Corporation has an
absolute right to be appointed conservator or receiver of a
savings and loan association insured by it.

10-101.

(i) "Member association" means an association that is a
member of the STATE OF Maryland Deposit Insurance Fund
Corporation.

DRAFTER'S NOTE: This corrects misnomers of the State of
Maryland Deposit Insurance Fund Corporation in §§
9-709 and 10-101(i) of the Financial Institutions
Article.

The misnomers occurred in Ch. 6 of the Acts of the
First Special Session of the General Assembly of 1985.