§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.