1157.09 [Effective Until 9/13/2010] Appraisal of assets.
For the purpose of establishing a value on assets of a domestic building and loan association in process of liquidation under sections 1157.01 to 1157.29, inclusive, of the Revised Code, which are intended to be sold or exchanged, the superintendent of building and loan associations may have such assets appraised, at the time of such sale or exchange, by three appraisers, of whom one shall be selected by him, one shall be selected by the court of common pleas in which the proceedings for such liquidation are pending or by a judge thereof, and one shall be named by the two so chosen. The value fixed by two of the appraisers shall be accepted as the value of such assets for the purpose of such sale or exchange, but if no two of the appraisers agree as to such value, the superintendent may accept the average of the separate values fixed by all of the appraisers. The superintendent may, if unable by sale or exchange to secure for any asset the value assigned to it in the original appraisal, order a reappraisal by the method provided in this section, with the consent of such court. All expenses of appraisals made under this section shall be paid out of the funds of the association whose assets are so appraised.
Effective Date: 10-01-1953
This section is set out twice. See also § 1157.09, as amended and renumbered by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.09 [Effective 9/13/2010] Appointment of conservator
The superintendent of financial institutions may appoint a conservator to take possession of the property and business of a savings and loan association and to retain possession until the savings and loan association resumes business or a receiver is appointed, as provided for in this chapter, if the superintendent finds any one or more of the following conditions:
(A) The savings and loan association is in an unsafe or unsound condition to continue the business of banking.
(B) The savings and loan association is insolvent, in that it has ceased to pay its debts in the ordinary course of business, it is incapable of paying its debts as they mature, or it has liabilities in excess of its assets.
(C) The savings and loan association has committed a violation of law that has caused or that threatens substantial injury to any of the public, the banking industry, or the savings and loan association’s depositors or other creditors.
(D) The savings and loan association has refused to submit its records of account, papers, or affairs to the inspection or examination of any federal agency or the superintendent.
(E) The savings and loan association has failed to pay its deposits or obligations in accordance with the terms under which the deposits were taken or the obligations were incurred.
(F) A majority of the board of directors of the savings and loan association or a majority of its shareholders has requested the superintendent to appoint a conservator to take possession of the savings and loan association.
(G) Either all positions on the board of directors of the savings and loan association are vacant or all of the directors then in office are incapacitated or otherwise unable to perform their responsibilities.
(H) The savings and loan association has violated any court order, statute, rule, or regulation, or its articles of incorporation, and the superintendent determines the continued control of its own affairs threatens injury to any of the public, the banking industry, or the savings and loan association’s depositors or other creditors.
(I) The savings and loan association’s status as an insured institution has been terminated by the federal deposit insurance corporation.
Renumbered and amended as § 1157.09 by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 07-14-1987
This section is set out twice. See also § 1157.09, eff. until9/13/2010.
1157.09 [Effective Until 9/13/2010] Appraisal of assets.
For the purpose of establishing a value on assets of a domestic building and loan association in process of liquidation under sections 1157.01 to 1157.29, inclusive, of the Revised Code, which are intended to be sold or exchanged, the superintendent of building and loan associations may have such assets appraised, at the time of such sale or exchange, by three appraisers, of whom one shall be selected by him, one shall be selected by the court of common pleas in which the proceedings for such liquidation are pending or by a judge thereof, and one shall be named by the two so chosen. The value fixed by two of the appraisers shall be accepted as the value of such assets for the purpose of such sale or exchange, but if no two of the appraisers agree as to such value, the superintendent may accept the average of the separate values fixed by all of the appraisers. The superintendent may, if unable by sale or exchange to secure for any asset the value assigned to it in the original appraisal, order a reappraisal by the method provided in this section, with the consent of such court. All expenses of appraisals made under this section shall be paid out of the funds of the association whose assets are so appraised.
Effective Date: 10-01-1953
This section is set out twice. See also § 1157.09, as amended and renumbered by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.09 [Effective 9/13/2010] Appointment of conservator
The superintendent of financial institutions may appoint a conservator to take possession of the property and business of a savings and loan association and to retain possession until the savings and loan association resumes business or a receiver is appointed, as provided for in this chapter, if the superintendent finds any one or more of the following conditions:
(A) The savings and loan association is in an unsafe or unsound condition to continue the business of banking.
(B) The savings and loan association is insolvent, in that it has ceased to pay its debts in the ordinary course of business, it is incapable of paying its debts as they mature, or it has liabilities in excess of its assets.
(C) The savings and loan association has committed a violation of law that has caused or that threatens substantial injury to any of the public, the banking industry, or the savings and loan association’s depositors or other creditors.
(D) The savings and loan association has refused to submit its records of account, papers, or affairs to the inspection or examination of any federal agency or the superintendent.
(E) The savings and loan association has failed to pay its deposits or obligations in accordance with the terms under which the deposits were taken or the obligations were incurred.
(F) A majority of the board of directors of the savings and loan association or a majority of its shareholders has requested the superintendent to appoint a conservator to take possession of the savings and loan association.
(G) Either all positions on the board of directors of the savings and loan association are vacant or all of the directors then in office are incapacitated or otherwise unable to perform their responsibilities.
(H) The savings and loan association has violated any court order, statute, rule, or regulation, or its articles of incorporation, and the superintendent determines the continued control of its own affairs threatens injury to any of the public, the banking industry, or the savings and loan association’s depositors or other creditors.
(I) The savings and loan association’s status as an insured institution has been terminated by the federal deposit insurance corporation.
Renumbered and amended as § 1157.09 by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 07-14-1987
This section is set out twice. See also § 1157.09, eff. until9/13/2010.
1157.09 [Effective Until 9/13/2010] Appraisal of assets.
For the purpose of establishing a value on assets of a domestic building and loan association in process of liquidation under sections 1157.01 to 1157.29, inclusive, of the Revised Code, which are intended to be sold or exchanged, the superintendent of building and loan associations may have such assets appraised, at the time of such sale or exchange, by three appraisers, of whom one shall be selected by him, one shall be selected by the court of common pleas in which the proceedings for such liquidation are pending or by a judge thereof, and one shall be named by the two so chosen. The value fixed by two of the appraisers shall be accepted as the value of such assets for the purpose of such sale or exchange, but if no two of the appraisers agree as to such value, the superintendent may accept the average of the separate values fixed by all of the appraisers. The superintendent may, if unable by sale or exchange to secure for any asset the value assigned to it in the original appraisal, order a reappraisal by the method provided in this section, with the consent of such court. All expenses of appraisals made under this section shall be paid out of the funds of the association whose assets are so appraised.
Effective Date: 10-01-1953
This section is set out twice. See also § 1157.09, as amended and renumbered by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.09 [Effective 9/13/2010] Appointment of conservator
The superintendent of financial institutions may appoint a conservator to take possession of the property and business of a savings and loan association and to retain possession until the savings and loan association resumes business or a receiver is appointed, as provided for in this chapter, if the superintendent finds any one or more of the following conditions:
(A) The savings and loan association is in an unsafe or unsound condition to continue the business of banking.
(B) The savings and loan association is insolvent, in that it has ceased to pay its debts in the ordinary course of business, it is incapable of paying its debts as they mature, or it has liabilities in excess of its assets.
(C) The savings and loan association has committed a violation of law that has caused or that threatens substantial injury to any of the public, the banking industry, or the savings and loan association’s depositors or other creditors.
(D) The savings and loan association has refused to submit its records of account, papers, or affairs to the inspection or examination of any federal agency or the superintendent.
(E) The savings and loan association has failed to pay its deposits or obligations in accordance with the terms under which the deposits were taken or the obligations were incurred.
(F) A majority of the board of directors of the savings and loan association or a majority of its shareholders has requested the superintendent to appoint a conservator to take possession of the savings and loan association.
(G) Either all positions on the board of directors of the savings and loan association are vacant or all of the directors then in office are incapacitated or otherwise unable to perform their responsibilities.
(H) The savings and loan association has violated any court order, statute, rule, or regulation, or its articles of incorporation, and the superintendent determines the continued control of its own affairs threatens injury to any of the public, the banking industry, or the savings and loan association’s depositors or other creditors.
(I) The savings and loan association’s status as an insured institution has been terminated by the federal deposit insurance corporation.
Renumbered and amended as § 1157.09 by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 07-14-1987
This section is set out twice. See also § 1157.09, eff. until9/13/2010.
