{"data":{"id":"us-md/md.-code-financial-institutions-9-702","jurisdiction":"us-md","citation":"Md. Code, Financial Institutions § 9–702","heading":"","body":"(a) A conservator shall endeavor to correct the irregularities in the operation of a savings and loan association.\n(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:\n(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;\n(2) Recommend for the court’s adoption a plan of reorganization, composition, or rearrangement of business, including its liabilities and capital structure;\n(3) Remove any director, officer, or employee of the savings and loan association;\n(4) Borrow from, pledge assets to, and repay a Federal Reserve Bank or other lenders;\n(5) Make wire transfers;\n(6) To the extent authorized by law or court order, pay withdrawals of deposits;\n(7) Pay negotiated order of withdrawal drafts and cashiers checks either directly or repay financial institutions on which the cashiers checks may be drawn;\n(8) Receive new deposits including direct deposit of United States Treasury, Social Security, and other payments;\n(9) Pay a Federal Reserve Bank or other bank cash to fund withdrawals;\n(10) Pay employees and necessary day-to-day operating expenses of the institution;\n(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\n(12) If authorized by the court, request a stay of proceedings in other courts.","path":["Article - Financial Institutions"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gfi\u0026section=9-702","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:58:27Z","sha256":"f33a9924db72f00ffcd7ea4bb1a6036efe6500af1c1cb044f6035534c929b3d3","source_id":"us-md","stale":false,"prev":"us-md/md.-code-financial-institutions-9-701","next":"us-md/md.-code-financial-institutions-9-703"},"notice":"GroundRules: Original legal text. Not legal advice."}