Section 9-704 - Expenses of conservatorship. - Maryland Statutes

§ 9-704. Expenses of conservatorship.
 

(a)  In general.- A savings and loan association shall pay the expenses of operation during its conservatorship. 

(b)  Compensation of conservator.- 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)  Division Director and staff may not receive compensation.- 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)  Limitations to authority.- 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. 
 

[An. Code 1957, art. 23, § 161K; 1980, ch. 856; 1986, ch. 282; 1990, ch. 384.]