The Republican., 1962-10-04

Director. Such communication shall in
cInde the designation of time and place
for a departmental hearing before the
Director. gUhich shall in no evem be less
than tsgemy (20) days from the date Of
the mailing of such 0rder II, at such
time and place, no one dPPedrs on behdt
of the association, the order shall become
final
Board. II, after departmental hearing,
the Director issues an order reidtVe TO
The subject matter of SHch hearing, such
order shall be mailed, registered mail,
return receipt requested, to the dssocid-
tion affected thereby, as Pyouided ~ sub.
section (a) hereof, aud such ovdev shall
become final unless the association dtect-
ed thereby shall file 70ith the Board an
appeal soithin t5centy (2O) days from me
date of mailing Of SHch order, IIhhm
abpedl, the Board shall hold a hearing.
Il record may be made BY the Board Of
all testimony and proceedings at such
hearing Within thirty (3Ol days after
such hearing the Board shall determine
7chefher said order shall be sustained,
rejected or modified and the Board shall
fdSS final order III the matter and shall
mail a copy thereof BY registered mail
as hereiHbefore Provided for the mailing
of orders.
The association affected or the holders of
at least ten per cent (IOTo) Of the par
taIne of the free shares of said associa-
fion shall hare the right 5githin thirty
(5Ol days Of the date Of mailing Of any
final order Of the Board to appeal from
such order BY fling a petition in the
Circuit Court of Baltimore City or IN the
circHt court for the county iH 1Chich the
Principal Maryland office of the GSSocid-
tion is located. Such petition for appeal
shall set forth the action dPPedled from
and the basis for the appeal, copies of
the petition shall be SPrved HPon the Di-
rector aud all other parties Of record.
(eJ Judicial re1iesV The court to Irhich
the appeal is taken shall hear the matter
de n0VO gVith0m a jHry, aud the parties
may call such grifHeSSeS aud introduce
such evidence IS may be PrOPer in the
Premises The court may affirm reverSe,
or modify the order APPEALED from, or
remand the case to the Board for further
Peal may be taken from the decision of
the court hearing said APPEAL to the
Court of Abbedis of Maryland by any
party to the proceedings in the same
manner as other APPEALS are taken from
DEGREES or orders of courts.
II Stay No aFPeal shall stay the
OperGtioH Of any final order of the Board
HHIfSS ordered BY the court in 7UIich the
APPEAL is PENDING and nfon SHrh terms
aud conditions as the court may prescribe.
IoII. DEPUTY DIRECTOR, EN-
PLOYEES AND EXAMINERS.
(a) Appointment. The Director, 70ith
dPPvopai Of the Board, shall APPOINT a
DEPUTY Director, examiners and such
number of additional employees of the
Department Of Building, .Sdgngs and
Loan Associations may be brovided
tor III the budget. The APPOINTMENT of
all examiners and employees, other than
the Deputy Director, shall be from the
classified Service of the State of Mary
land, and in accordance 7oith the rnleS
aud practice of the merit system. The
DEPUTY Director shall be APPOINTED and
hold Office at the 5cH Of the Director.
and the Provisions of article Oh of this
Code, title, Merit System" shall not
apply.
(6) Merit System The Director at his
discretion may GPf0iHt the Deputy Direc-
tor from among the classified employees
IN the Department, and If such GbboHtee
IS subsequently rem0ved from or ceases
to hold his position as Deputy Director,
he shall be restored to the merit system
status IN the position held by him at the
time OF his dPPointmem as Deputy
Director
(c) Disqualification. The Deputy Di-
rector and examiners shall not be officers
directors, attorneys, employees or agents
or, or IN any manner be interested IN,
any association, except that they may be
holders Of free share accounts.
(d) Deputy Director to act for Direc-
tor 9iSe bond. In the absence of the
DVector or HfOH Pr0fer delegation BY
nm, tie Deputy Director shall act in the
PLACE and stead of the Director and in so
acting shall haze the sane Po;rerS and
duties as the Director. The Deputy Di-
rector shall Qive bond TO the STATE of
Maryland in the same amount and nbOn
the same conditions as that required of
the Director.
1911 INFORMATION TO BE CON-
FTDENTIAL.
The Director and his DEPUTY, examii-
erS and employees shall keep confidential
any information obtained in an eranitd-
tioH, except 5ulIeH the public duty of such
Persons requires them to report UPON and
to take official action regarding the dfarS
of the association examined When the
Director by and 7oith the consent of the
Board deems it to the interest of the
public, he may publish the results of the
examination of an association in one or
more newspapers of general circulation
fH the city or counties IN 7chich such
association is located or doing business
TINS PrO1iSion shall not breVent the
PROPER exchange of information relating
to associations, and to their business,
scith the representatives. of associations
Of this or other states or GO.h the rebre-
SfHtdtiTeS of the Federal Home Loan
Bank Board.
Io1K. CONSEPVATORSHIP.
(d) ConServator. In the e7ent that any
association shall fail or refuse to carry
ont any final order, and should the Board
6eheae that the public interest may be
tor, it IS authorised, acting through the
attorney General, to apply to an equity
court tor tie city county 1Uhere the
association has its principal MARYLAND
oBIce TOR The dPPointnent Of a c0nSer5a-
tor. Such court is authorised 10 abboit,t
conServdt0r if it finds that such AS
SOCIATION: ~ is in an imbaiyed or
1nSo!veW condition; or (2) is in sub
StanfidI vioidtion of any aalid and abblic-
G6lf la1o or regulation; or 81 is conceal
1'i9 any of its assets, books or records.
or ~ IS conducting an nSdfe or ttnsouJtd
operation. The Director or his Deputy.
0r examiner, SHALL be dbbointed bv
the court as c0nServdtor, and certified
copy OF the order of the court Diakiuo
such dPP0iHtment shall be ezideuce fhers.
of, and such coHServator shall hare the
PolVer and authority frovided in this sub
fHie and Snch other po5Cer and authority
as may Dc expressed IN the orders of the
court SHeh eonServGtor shall endeayor
Promptly TO remedy the situations cam
planned OF IN the Petition for his dbboiut-
"ehf and may recommend plans of re-
organization, composition or Teavrau0e-
tnent of the affairs of sRch association.
Wnhm Sif (o) months of the date of
such dPPontment, or 7Vithin such tiu,e nc
the court may order, such association shall
oe returned to its board of directors and
fheredtter shall be managed and oberatcH
as II no c0nServdtor had been APPOINTED, or
'eceiVer shall be APPOINTED as hereinafter
Pr0Vided. II the Director, or his Debutv.
or examiner is APPOINTED conservator. he
HdH recelve no additional condensation.
ont " another person SIS APPOINTED. then
me condensation Of the cOServator, as
deferm"'ed by the court, shall be paid by
the association. 4 certified cobv of tLe
order of the court diSchar0in0 Snch rom
SerVator and returning such association
to ITS directors shall be sufficient ezi-
deHcP thereof
(6) Polocrs of cOnservator. By order
o ofnff.