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Current as of January 01, 2025 | Updated by Findlaw Staff
(a)(1) If a court appoints a conservator, each director, officer, and employee of a savings and loan association may remain in the respective office or position unless removed in accordance with this subtitle.
(2) A member, director, officer, or controlling person may not have or exercise any power, right or privilege or act in connection with any of the association's assets or property unless otherwise approved in writing by the conservator.
(b) The court may order that members of a savings and loan association:
(1) Shall continue to make payments in accordance with any contract with the association; and
(2) May withdraw money from their savings accounts in accordance with the order of the court.
(c) The conservator may accept new accounts and additions to existing accounts. Any amounts received under this subsection:
(1) May be segregated; and
(2) If provided by order of the court, may not be:
(i) Subject to offset; or
(ii) Used to liquidate any indebtedness that existed at the time the conservator was appointed or that was incurred to liquidate indebtedness that existed at the time the conservator was appointed.
Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 9-703 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-9-703/
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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