Md. Code Ann., Fin. Inst. § 9-704
Expenses of operation and compensation of conservator
Effective Jun 1, 1986Added by Acts 1980, c. 856, § 2, eff. July 1, 1980. Amended by Acts 1986, c. 282, § 1, eff. June 1, 1986; Acts 1990, c. 384.State of Maryland
- (a) A savings and loan association shall pay the expenses of operation during its conservatorship.
- (b) Except as provided in subsection (c) of this section, a savings and loan association shall pay its conservator the compensation that the court determines.
- (c) The Division Director or an examiner from the Division of Savings and Loan Associations may not receive additional compensation as conservator of a savings and loan association.
(d) Unless authorized by the court, the conservator of a savings and loan association may not:
- (1) Retain special counsel;
- (2) Incur other than normal operating expenses; or
- (3) Liquidate any assets except in the normal course of operation.
Added by Acts 1980, c. 856, § 2, eff. July 1, 1980. Amended by Acts 1986, c. 282, § 1, eff. June 1, 1986; Acts 1990, c. 384.
Formerly Art. 23, § 161K.