Maryland Financial Institutions Section 9-701

      (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 for the benefit of the depositors and creditors; or

            (7)      Eligible for conservatorship under the provisions of Title 10 of this article.