164

LAWS OF MARYLAND

Ch. 11

SHALL CONSTITUTE SAVINGS DEPOSIT ACCOUNTS FOR PURPOSES OF
SUBSECTION (A) OF THIS SECTION.

9-627.

(b) (3) NOTWITHSTANDING ANY OTHER PROVISION OF THIS SECTION
OR ANY OTHER LAW, THE APPROVAL BY THE SHAREHOLDERS OR MEMBERS OF
A SAVINGS AND LOAN ASSOCIATION FOR WHICH A RECEIVER HAS BEEN
APPOINTED UNDER § 9-708 OF THIS TITLE OF A PLAN OF CONSOLIDATION,
MERGER, OR TRANSFER OF ASSETS OF THAT SAVINGS AND LOAN
ASSOCIATION IS NOT REQUIRED IF, AFTER NOTICE AND A HEARING THE
CIRCUIT COURT ADMINISTERING THE RECEIVERSHIP DETERMINES THAT:

(I)  THE SAVINGS AND LOAN ASSOCIATION IS
INSOLVENT; OR

(II)  CONSUMMATION OF THE TRANSACTIONS
CONTEMPLATED BY THE PLAN OF CONSOLIDATION, MERGER, OR TRANSFER OF
ASSETS WILL NOT RESULT IN THE SHAREHOLDERS OR MEMBERS, OF THE
ASSOCIATION RECEIVING PROPERTY OF A LESSER VALUE IN THEIR
CAPACITY AS SHAREHOLDERS OR MEMBERS THAN THEY OTHERWISE WOULD
UPON A COMPLETE LIQUIDATION OF THE SAVINGS AND LOAN ASSOCIATION
IN RECEIVERSHIP.

9-708.

(D)  IN ADDITION TO THE SPECIFIC POWERS SET FORTH IN THIS
TITLE AND ANY POWERS GRANTED BY ORDER OF THE COURT, A RECEIVER
APPOINTED UNDER THIS SECTION HAS AND MAY EXERCISE ALL POWERS
NECESSARY OR APPROPRIATE TO LIQUIDATE THE BUSINESS AND AFFAIRS OF
THE SAVINGS AND LOAN ASSOCIATION, INCLUDING ALL OF THE POWERS
GRANTED BY LAW TO THE CONSERVATOR OF A SAVINGS AND LOAN
ASSOCIATION AND ALL OF THE POWERS GRANTED BY LAW TO THE RECEIVER
OF A MARYLAND CORPORATION THAT IS IN THE PROCESS OF VOLUNTARY OR
INVOLUNTARY DISSOLUTION.

(E)  (1) EXCEPT TO THE EXTENT OTHERWISE PROVIDED BY LAW OR
ORDER OF COURT, IN THIS SUBSECTION, SUBTITLE BP OF THE MARYLAND
RULES OF PROCEDURE APPLIES TO THE ESTATE OF A RECEIVER SAVINGS
AND LOAN ASSOCIATION FOR WHICH A RECEIVER IS APPOINTED UNDER THIS
SECTION.

(2) ON MOTION OF THE RECEIVER ANY OTHER INTERESTED
PARTY, or on the court's own initiative, the court may:

(I) WAIVE COMPLIANCE WITH OR MODIFY ONE OR MORE
OF THE REQUIREMENTS OF SUBTITLE BP; AND

(II) AUTHORIZE OR REQUIRE THE RECEIVER TO

COMPLY WITH ANY ALTERNATIVE OR MODIFIED PROCEDURES THAT THE COURT
FINDS NECESSARY OR APPROPRIATE TO THE CIRCUMSTANCE., AFTER
NOTICE AND A HEARING, WAIVE COMPLIANCE WITH OR MODIFY ONE OR MORE
OF THE REQUIREMENTS OF SUBTITLE BP RELATING TO THE TIMING OF,
METHOD OF, OR PROCEDURES FOR PROVIDING NOTICES, PROVIDING CLAIMS,
OR ADMINISTERING DISTRIBUTIONS FROM THE RECEIVERSHIP ESTATE, IF