Section 9-701 - Appointment of conservator.
§ 9-701. Appointment of conservator.
(a) Proceedings by Division Director.- With the prior written approval of the Secretary, the Division Director may institute proceedings in the circuit court in the county where the principal office of a savings and loan association is located for the appointment of a conservator if:
(1) The savings and loan association or related entity fails to comply with a final order of the Division Director; or
(2) The Division Director considers that the appointment of a conservator is in the public interest.
(b) Court appointment.- Subject to § 9-709 of this subtitle, a court may appoint the Division Director, deputy division director, or an examiner from the Division of Savings and Loan Associations as conservator if the court finds that a savings and loan association 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 or the Division Director;
(4) Conducting an unsafe or unsound operation;
(5) In violation of any final order;
(6) In need of the appointment of a conservator in order to preserve the assets of the savings and loan association for the benefit of the depositors and creditors; or
(7) Eligible for conservatorship under the provisions of Title 10 of this article.
[An. Code 1957, art. 23, § 161K; 1980, ch. 856; 1985, 1st Sp. Sess., ch. 2; 1986, ch. 282.]