1. (a) 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. (1) The savings and loan association or related entity fails to comply with a final order of the Division Director; or
   2. (2) The Division Director considers that the appointment of a conservator is in the public interest.

2. (b) 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. (1) In an impaired or insolvent condition;
   2. (2) In substantial violation of any law or regulation;
   3. (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. (4) Conducting an unsafe or unsound operation;
   5. (5) In violation of any final order;
   6. (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. (7) Eligible for conservatorship under the provisions of Title 10 of this article.

Added by Acts 1980, c. 856, § 2, eff. July 1, 1980. Amended by Acts 1985, 1st Sp. Sess., c. 2; Acts 1986, c. 282, § 1, eff. June 1, 1986.

Formerly Art. 23, § 161K.