# Financial Institutions (GFI)

## Title 9. Savings and Loan Associations

### Subtitle 7. Involuntary Actions -- Conservator; Receivership

#### Section 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.

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Md. Code Ann., Fin. Inst. (as displayed at mgaleg.maryland.gov, October 16, 2026)