1157.17 [Effective Until 9/13/2010] Expenses of liquidation including legal services.
1157.17 [Effective Until 9/13/2010] Expenses of liquidation including legal services.
The expenses incurred by the superintendent of building and loan associations in the liquidation of any domestic building and loan association shall include the compensation and expenses of special deputies, assistants, agents, clerks, and auditors employed by him under section 1157.14 of the Revised Code, together with reasonable attorney fees for counsel employed by the attorney general to render legal services in connection with such liquidation. Such compensation and expenses shall be fixed and allocated to each liquidation proceedings as occasion may require.
All proceedings brought by the superintendent under authority of law, or to collect any forfeiture, or in any manner pertaining to the liquidation of building and loan associations, shall be brought in the name of the state upon his relation, and shall be conducted under the direction and supervision of the attorney general. The attorney general may, whenever it is necessary in the course of his duties under sections 1157.01 to 1157.29, inclusive, of the Revised Code, employ special counsel to aid him, and the compensation of such special counsel shall be fixed by him subject to the approval of the court of common pleas in which the liquidation proceedings are pending, and shall, on certificate of the superintendent, be paid out of the property of such association which is in the hands of the superintendent. Such expenses shall be a charge against such property and shall have first priority in payment.
Within fifteen days after taking possession of the business and property of such an association, the superintendent shall file, in the court of common pleas in which the liquidation proceedings are pending, a detailed estimate of the estimable expenses of liquidating the association, setting forth fixed charges for compensation and expenses of special deputies, assistants, attorneys, agents, clerks, and auditors, and for rents, supplies, and other operating costs, as estimated for the next twelve months succeeding such taking of possession. Every twelve months thereafter a similar estimate shall be so filed. Each such estimate shall be subject to the approval of such court or of a judge thereof. The expenses of such liquidation shall be paid out of the property of such association which is in the hands of the superintendent, and such expenses shall be a charge against such property and shall have first priority in payment. If any expenditure not classified in the estimated account of fixed charges is necessary, or if any expenditure to be made exceeds the amount set forth for it in the estimated account of such charges, such unclassified expenditure, or such expenditure in excess of the estimated amount, shall be submitted for the approval of such court or judge. All expenses shall be approved by such court or judge before the superintendent may pay them. Within fifteen days after the expiration of three months after taking possession of the property and business of such an association, and within fifteen days after the expiration of each succeeding three months, the superintendent shall file a report with the clerk of such court containing an account of actual expenditures made by him during the preceding three-month period.
Effective Date: 10-01-1953
This section is set out twice. See also § 1157.17, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.17 [Effective 9/13/2010] Powers under chapter exclusive
This chapter provides the full and exclusive powers and procedures for the liquidation of savings and loan associations under the laws of this state, and no receiver or other liquidating agent shall be appointed for that purpose except as expressly provided in this chapter.
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 § 1157.17, effective until 9/13/2010.