§ 9-704. Expenses of conservatorship

Latest version.

   (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.

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

                    
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