1157.12 [Effective Until 9/13/2010] Optional powers in disposition of assets.
1157.12 [Effective Until 9/13/2010] Optional powers in disposition of assets.
Without prejudice to the generality of the power of the superintendent of building and loan associations and of the court of common pleas, in which the proceedings for the liquidation of a domestic building and loan association are pending, or a judge of such court, with respect to the sale, lease, exchange, or other disposition of assets of such association under division (B) of section 1157.10 of the Revised Code, the superintendent, upon application to such court or judge, as provided in said section, and on such terms as such court or judge by order approves, may:
(A) Accept for such assets considerations consisting of claims against such association, whether acquired before or after the superintendent took possession of its business and property, or of stock, bonds, or other instruments for the payment of money;
(B) After paying or providing for the payment of the expenses of liquidation as provided in section 1157.17 of the Revised Code, and after canceling such claims, distribute the considerations remaining in his hands in kind, or the proceeds thereof, as dividends among the creditors, depositors, and shareholders of such association as provided in section 1157.18 of the Revised Code, depositing unclaimed dividends, in kind or otherwise, as provided in section 1157.20 of the Revised Code;
(C) Accept, as consideration for such assets, shares or stock credits of the association, if the debts and obligations of the association have been paid, adequately secured to be paid, or otherwise provided for.
Transactions authorized under this section and the issuance of securities in connection therewith, are not subject to sections 1707.01 to 1707.45, inclusive, of the Revised Code. The court or judge may by order require, in the manner provided in section 1157.09 of the Revised Code, an appraisal of any such assets proposed to be sold, leased, exchanged, or otherwise disposed of as provided in this section.
Effective Date: 10-01-1953
This section is set out twice. See also § 1157.12, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.12 [Effective 9/13/2010] Powers of conservator
(A) A conservator, under the supervision of the superintendent of financial institutions and subject to any limitations imposed by the superintendent, shall have all of the following powers:
(1) To take possession of all books, records of account, and assets of the savings and loan association;
(2) To have and exercise, in the name and on behalf of the savings and loan association, all the rights, powers, and authority of the officers and directors of the savings and loan association and all voting rights of its shareholders;
(3) To collect all debts, claims, and judgments belonging to the savings and loan association and to take any other action, including the lending of money, necessary to the operation of the savings and loan association during the conservatorship;
(4) To execute in the name of the savings and loan association any instrument necessary or proper to effectuate the conservator’s powers or perform its duties as conservator;
(5) To initiate, pursue, compromise, and defend litigation involving any right, claim, interest, or liability of the savings and loan association;
(6) To exercise all fiduciary functions of the savings and loan association as of the date of appointment as conservator;
(7) To borrow money as necessary in the operation of the savings and loan association, and to secure those borrowings by the pledge or mortgage of the assets of the savings and loan association;
(8) To abandon or convey title to any holder of a deed of trust, mortgage, or similar lien against property in which the savings and loan association has an interest, whenever the conservator determines that continuing to claim that interest is burdensome and of no advantage to the savings and loan association or its account holders, creditors, or shareholders;
(9) If done within the ordinary course of business or financial affairs of the savings and loan association and according to ordinary business terms, to sell any and all assets, to compromise any debt, claim, obligation, or judgment due to the savings and loan association, to discontinue any pending action or other proceeding, and to implement a restructuring of the savings and loan association in accordance with this chapter.
(B) Title to any assets of the savings and loan association does not vest in the conservator.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 10-01-1953
This section is set out twice. See also § 1157.12, effective until 9/13/2010.