1. (a) A conservator shall endeavor to correct the irregularities in the operation of a savings and loan association.

2. (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. (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. (2) Recommend for the court's adoption a plan of reorganization, composition, or rearrangement of business, including its liabilities and capital structure;
   3. (3) Remove any director, officer, or employee of the savings and loan association;
   4. (4) Borrow from, pledge assets to, and repay a Federal Reserve Bank or other lenders;
   5. (5) Make wire transfers;
   6. (6) To the extent authorized by law or court order, pay withdrawals of deposits;
   7. (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. (8) Receive new deposits including direct deposit of United States Treasury, Social Security, and other payments;
   9. (9) Pay a Federal Reserve Bank or other bank cash to fund withdrawals;
   10. (10) Pay employees and necessary day-to-day operating expenses of the institution;
   11. (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. (12) If authorized by the court, request a stay of proceedings in other courts.

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.