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Current as of January 01, 2025 | Updated by Findlaw Staff
(a) A conservator shall endeavor to correct the irregularities in the operation of a savings and loan association.
(b) In addition to the powers set forth in this subtitle and the powers granted by order of the court, a conservator may exercise any or all of the following powers:
(1) If authorized by the court, exercise the powers, rights, and privileges of the officers, directors, members, and stockholders of the savings and loan association;
(2) Recommend for the court's adoption a plan of reorganization, composition, or rearrangement of business, including its liabilities and capital structure;
(3) Remove any director, officer, or employee of the savings and loan association;
(4) Borrow from, pledge assets to, and repay a Federal Reserve Bank or other lenders;
(5) Make wire transfers;
(6) To the extent authorized by law or court order, pay withdrawals of deposits;
(7) Pay negotiated order of withdrawal drafts and cashiers checks either directly or repay financial institutions on which the cashiers checks may be drawn;
(8) Receive new deposits including direct deposit of United States Treasury, Social Security, and other payments;
(9) Pay a Federal Reserve Bank or other bank cash to fund withdrawals;
(10) Pay employees and necessary day-to-day operating expenses of the institution;
(11) If authorized by the court, approve, in place of shareholders or members, a merger, conversion, transfer of 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.
Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 9-702 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-9-702/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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