(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) The savings and loan association or related entity fails to comply with a final order of the Division Director; or (2) The Division Director considers that the appointment of a conservator is in the public interest. (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) In an impaired or insolvent condition; (2) In substantial violation of any law or regulation; (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) Conducting an unsafe or unsound operation; (5) In violation of any final order; (6) In need of the appointment of a conservator in order to preserve the assets of the savings and loan association (4) Conducting an unsafe or unsound operation; (5) In violation of any final order; (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) Eligible for conservatorship under the provisions of Title 10 of this article.
Maryland Legal Code