Maryland § 9-702

§ 9-702.

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

    (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)    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)    Recommend for the court’s adoption a plan of reorganization, composition, or rearrangement of business, including its liabilities and capital structure;

        (3)    Remove any director, officer, or employee of the savings and loan association;

        (4)    Borrow from, pledge assets to, and repay a Federal Reserve Bank or other lenders;

        (5)    Make wire transfers;

        (6)    To the extent authorized by law or court order, pay withdrawals of deposits;

        (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)    Receive new deposits including direct deposit of United States Treasury, Social Security, and other payments;

        (9)    Pay a Federal Reserve Bank or other bank cash to fund withdrawals;

        (10)    Pay employees and necessary day-to-day operating expenses of the institution;

        (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)    If authorized by the court, request a stay of proceedings in other courts.