§ 9-702

Maryland § 9-702

• Jurisdiction: Maryland
• Article gfi: Financial Institutions
• Title: 9

Text

(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.