Md. Code, Financial Institutions § 9-703
This is the official text of Md. Code, Financial Institutions § 9-703, part of Maryland’s Code, Financial Institutions — regulates banks and lenders.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
§9–703.
Official statutory text
(a) (1) If a court appoints a conservator, each director, officer, and employee of a savings and loan association may remain in the respective office or position unless removed in accordance with this subtitle.
(2) A member, director, officer, or controlling person may not have or exercise any power, right or privilege or act in connection with any of the association’s assets or property unless otherwise approved in writing by the conservator.
(b) The court may order that members of a savings and loan association:
(1) Shall continue to make payments in accordance with any contract with the association; and
(2) May withdraw money from their savings accounts in accordance with the order of the court.
(c) The conservator may accept new accounts and additions to existing accounts. Any amounts received under this subsection:
(1) May be segregated; and
(2) If provided by order of the court, may not be:
(i) Subject to offset; or
(ii) Used to liquidate any indebtedness that existed at the time the conservator was appointed or that was incurred to liquidate indebtedness that existed at the time the conservator was appointed.
(2) A member, director, officer, or controlling person may not have or exercise any power, right or privilege or act in connection with any of the association’s assets or property unless otherwise approved in writing by the conservator.
(b) The court may order that members of a savings and loan association:
(1) Shall continue to make payments in accordance with any contract with the association; and
(2) May withdraw money from their savings accounts in accordance with the order of the court.
(c) The conservator may accept new accounts and additions to existing accounts. Any amounts received under this subsection:
(1) May be segregated; and
(2) If provided by order of the court, may not be:
(i) Subject to offset; or
(ii) Used to liquidate any indebtedness that existed at the time the conservator was appointed or that was incurred to liquidate indebtedness that existed at the time the conservator was appointed.
Status: in_force · Read it on the official government site
Need a lawyer in Maryland?
Find a Maryland lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.