1157.27 [Effective Until 9/13/2010] Resumption of business - restoration of corporate rights.
1157.27 [Effective Until 9/13/2010] Resumption of business - restoration of corporate rights.
A domestic building and loan association which is in the course of liquidation under sections 1157.01 to 1157.29, inclusive, of the Revised Code, may resume business when a resolution to such effect, at a meeting duly called, is adopted by the holders of fifty-one per cent of the stock entitled to vote thereon; the owners of at least two thirds of such association’s total deposits consent thereto in writing; the superintendent of building and loan associations recommends that control of the business and property of the association be returned to the shareholders; and the court of common pleas in which the liquidation proceedings are pending, upon application, approves the superintendent’s recommendations with a finding that such association will be in safe and sound condition when control is resumed by the shareholders. If the association has been dissolved under section 1157.23 of the Revised Code, the stockholders’ meeting shall be called, and the vote at such meeting shall be taken, as though such association had not been dissolved. If the superintendent permits resumption of business upon a restricted basis, as provided in this section, such resolution of the stockholders and such written consent of the depositors are not required.
Such association may resume business upon a restricted basis, and upon such conditions as may be prescribed by the superintendent, when, upon application by the superintendent to the court of common pleas of the county in which such association is located, such resumption is approved by such court. Such conditions may include, for example, a prohibition against taking deposits or selling shares, and reasonable restrictions upon the withdrawal of deposits and the payment of other liabilities.
Upon such approval by the court, such association shall be relieved from the control and supervision of the superintendent provided in sections 1157.01 to 1157.29, inclusive, of the Revised Code; but this section does not abridge any other supervisory powers of the superintendent over such association as otherwise provided by law, or his right to resume control under sections 1157.01 to 1157.29, inclusive, of the Revised Code.
At any time after it resumes business upon a restricted basis under this section, such association may proceed with a reorganization under section 1151.61 of the Revised Code.
In case a certificate of dissolution of such association has been filed under section 1157.23 of the Revised Code, the superintendent shall file in the office of the secretary of state a certified copy of the court order approving such resumption of business, and thereupon such association shall be deemed restored to all of its corporate rights and privileges, subject to any conditions imposed by the superintendent.
Any consent or approval required by this section shall, in connection with any building and loan association described in section 1151.081 of the Revised Code, be given by a vote of at least two thirds of the voting power of the depositors of such association.
Effective Date: 11-17-1969
This section is set out twice. See also § 1157.27, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.27 [Effective 9/13/2010] Appointment of successor
(A) The receiver may appoint a successor to all rights, obligations, assets, deposits, agreements, and trusts held by the closed savings and loan association as trustee, administrator, executor, guardian, agent, or in any other fiduciary or representative capacity. The successor’s duties and obligations commence upon appointment to the same extent they are binding upon the former savings and loan association and as though the successor had originally assumed the duties and obligations. Specifically, the successor shall succeed to and be entitled to administer all trusteeships, administrations, executorships, guardianships, agencies, and all other fiduciary or representative proceedings to which the closed savings and loan association is named or appointed in wills, whenever probated, or to which it is appointed by any other instrument, court order, or operation of law.
(B) Within sixty days after appointment, the successor shall give written notice, insofar as practicable, to all interested parties named in the books and records of the savings and loan association or in trust documents held by it, that the successor has been appointed in accordance with state law.
(C) Nothing in this section shall be construed to impair any right of the grantor or beneficiaries of trust assets to secure the appointment of a substituted trustee or manager.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 11-17-1969
This section is set out twice. See also § 1157.27, effective until 9/13/2010.