1157.03 [Effective Until 9/13/2010] Proceedings in court.
1157.03 [Effective Until 9/13/2010] Proceedings in court.
The building and loan association named in the title of the proceedings provided for in section 1157.02 of the Revised Code, within seven days after the filing of the notice provided for in division (C) of such section, may make application to the court with which such notice was filed for an order requiring the superintendent of building and loan associations, within such time, not exceeding fifteen days, as is fixed by such court, to file in such court a writing specifying the grounds named in section 1157.01 of the Revised Code on which he has taken possession of its business and property and the operative facts found by him with respect to such taking of possession. If the superintendent does not comply with such order within the time so fixed, the liquidation proceedings shall be dismissed. Within fifteen days after the filing of such writing, the association may file an answer in such proceedings, joining issue on the allegations set forth in the writing. If issue is so joined, such court, or a judge of it in vacation, shall set the proceedings down for immediate hearing upon such issue. If the court finds that the writing is sufficient in law or that the superintendent has exceeded or abused his power and discretion, it shall dismiss the liquidation proceedings and direct the superintendent to surrender such business and property to the association, and the decree and order of the court shall operate to revest the title of all such property in the association as of the time specified in such decree and order. An appeal may be taken from the final order of the court as in other cases. An appeal by the superintendent from a final order dismissing such proceedings shall operate as a supersedeas. The perfecting of such an appeal by the superintendent shall be governed by the Rules of Appellate Procedure and, to the extent not in conflict with those rules, Chapter 2505. of the Revised Code.
Effective Date: 03-17-1987
This section is set out twice. See also § 1157.03, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.03 [Effective 9/13/2010] Voluntary liquidation
(A) A savings and loan association may proceed with a voluntary liquidation and be closed only with both the consent of the superintendent of financial institutions and the prior approval of the shareholders of the savings and loan association by a vote as provided for in its articles of incorporation, if not less than a majority.
(B) Prior to instituting a voluntary liquidation, a savings and loan association shall submit to the superintendent an application for approval of its plan of voluntary liquidation and evidence satisfactory to the superintendent that the plan has been properly adopted by the savings and loan association and approved by its shareholders.
(C) A savings and loan association’s plan of voluntary liquidation shall include provisions for all of the following:
(1) The settlement of all debts and liabilities, including the claims of account holders, owed by the savings and loan association;
(2) The distribution of the savings and loan association’s assets that remain after the settlement of debts and liabilities to all persons entitled to them;
(3) The disposition or maintenance of any remaining or unclaimed funds, real or personal property, either tangible or intangible, or other assets, whether in trust or otherwise, including the contents of safe deposit boxes or vaults;
(4) The retention of the savings and loan association’s records in accordance with section 1155.07 of the Revised Code;
(5) The date upon which the savings and loan association shall cease doing any banking business and surrender its license to the superintendent.
(D) Upon receipt of a plan of voluntary liquidation, the superintendent shall make an examination of the savings and loan association and shall consent to or deny an application for approval of a plan based upon the superintendent’s evaluation of whether or not the interests of the savings and loan association’s depositors and creditors will suffer by the liquidation.
(E) The superintendent’s consent to an application for approval of a plan of voluntary liquidation may be subject to any condition the superintendent determines appropriate under the circumstances.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 03-17-1987
This section is set out twice. See also § 1157.03, effective until 9/13/2010.