Funny behaviour of associative arrays

[n952162]

Is this correct?

   declare -A l1

   l1=([a]=b [c]=d)
   echo ${!l1[@]}

   l1=($(echo [a]=b [c]=d))
   echo ${!l1[@]}

$ bash  t4
c a
[a]=b [c]=d

If so, why?  And how can I assign a list of members to an associative array?