§ 9-702
249 words·~1 min read·
/md/financial-institutions/9-702A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§9–702.
(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.