1157.11 [Effective Until 9/13/2010] Hearing of superintendent's application to exercise powers.
The superintendent of building and loan associations shall give notice of the hearing of each application made under section 1157.10 of the Revised Code. The notice shall be such notice as is appropriate in the circumstances and such opportunity for a hearing as is appropriate in the circumstances, provided that an act for which approval is sought by the application may be authorized without an actual hearing on the application if such hearing is not timely requested by a party in interest or if there is insufficient time for a hearing to be commenced before such act must be done, and the court authorizes such act.
At the hearing on any such application, any shareholder, depositor, or creditor of such association may appear and be heard thereon with leave of court. No order of the court of common pleas or of a judge of such court which is entered under this section or section 1157.10 of the Revised Code is a final order. By leave of court an independent suit may be brought, not later than ten days after such order is entered, by any such shareholder, depositor, or creditor deeming himself aggrieved by the order, to restrain any action authorized by such order; but if any order to sell, exchange, or otherwise transfer, in bulk, all or a substantial part of the assets of the association is assented to by the holders of two thirds, in principal amount, of the aggregate of the claims of unsecured creditors, depositors, and shareholders of such association who are entitled to participate in the dividends from such sale, exchange, or transfer, such order shall be binding upon all of the creditors, depositors, and shareholders of such association; provided, that if the superintendent determines that an emergency exists requiring the expeditious liquidation of an insolvent depository institution, as such term is defined in section 1155.42 of the Revised Code, or of a depository guaranty association established under former sections 1151.80 to 1151.92 of the Revised Code in order to protect the interests of depositors of a savings and loan association, such independent suit shall be brought not later than five days after such order is entered and the plaintiff shall post such bond as the court considers appropriate in the circumstances.
Effective Date: 05-21-1985
This section is set out twice. See also § 1157.11, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.11 [Effective 9/13/2010] Filing of certificate of appointment
(A) Upon the appointment of a conservator, the superintendent of financial institutions shall file a certified copy of the certificate of appointment in the office of the secretary of state, and thereafter no person shall obtain a lien or charge upon any assets of the savings and loan association for any payment, advance, clearance, or liability thereafter made or incurred, nor shall the directors, officers, or agents of the savings and loan association thereafter have authority to act on behalf of the savings and loan association or to convey, transfer, assign, pledge, mortgage, or encumber any of the savings and loan association’s assets.
(B) The filing of the certificate of appointment in accordance with this section shall not be a condition to either the superintendent’s taking possession of the property and business of a savings and loan association or appointing a conservator for a savings and loan association.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 05-21-1985
This section is set out twice. See also § 1157.11, effective until 9/13/2010.
1157.11 [Effective Until 9/13/2010] Hearing of superintendent's application to exercise powers.
The superintendent of building and loan associations shall give notice of the hearing of each application made under section 1157.10 of the Revised Code. The notice shall be such notice as is appropriate in the circumstances and such opportunity for a hearing as is appropriate in the circumstances, provided that an act for which approval is sought by the application may be authorized without an actual hearing on the application if such hearing is not timely requested by a party in interest or if there is insufficient time for a hearing to be commenced before such act must be done, and the court authorizes such act.
At the hearing on any such application, any shareholder, depositor, or creditor of such association may appear and be heard thereon with leave of court. No order of the court of common pleas or of a judge of such court which is entered under this section or section 1157.10 of the Revised Code is a final order. By leave of court an independent suit may be brought, not later than ten days after such order is entered, by any such shareholder, depositor, or creditor deeming himself aggrieved by the order, to restrain any action authorized by such order; but if any order to sell, exchange, or otherwise transfer, in bulk, all or a substantial part of the assets of the association is assented to by the holders of two thirds, in principal amount, of the aggregate of the claims of unsecured creditors, depositors, and shareholders of such association who are entitled to participate in the dividends from such sale, exchange, or transfer, such order shall be binding upon all of the creditors, depositors, and shareholders of such association; provided, that if the superintendent determines that an emergency exists requiring the expeditious liquidation of an insolvent depository institution, as such term is defined in section 1155.42 of the Revised Code, or of a depository guaranty association established under former sections 1151.80 to 1151.92 of the Revised Code in order to protect the interests of depositors of a savings and loan association, such independent suit shall be brought not later than five days after such order is entered and the plaintiff shall post such bond as the court considers appropriate in the circumstances.
Effective Date: 05-21-1985
This section is set out twice. See also § 1157.11, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.11 [Effective 9/13/2010] Filing of certificate of appointment
(A) Upon the appointment of a conservator, the superintendent of financial institutions shall file a certified copy of the certificate of appointment in the office of the secretary of state, and thereafter no person shall obtain a lien or charge upon any assets of the savings and loan association for any payment, advance, clearance, or liability thereafter made or incurred, nor shall the directors, officers, or agents of the savings and loan association thereafter have authority to act on behalf of the savings and loan association or to convey, transfer, assign, pledge, mortgage, or encumber any of the savings and loan association’s assets.
(B) The filing of the certificate of appointment in accordance with this section shall not be a condition to either the superintendent’s taking possession of the property and business of a savings and loan association or appointing a conservator for a savings and loan association.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 05-21-1985
This section is set out twice. See also § 1157.11, effective until 9/13/2010.
1157.11 [Effective Until 9/13/2010] Hearing of superintendent's application to exercise powers.
The superintendent of building and loan associations shall give notice of the hearing of each application made under section 1157.10 of the Revised Code. The notice shall be such notice as is appropriate in the circumstances and such opportunity for a hearing as is appropriate in the circumstances, provided that an act for which approval is sought by the application may be authorized without an actual hearing on the application if such hearing is not timely requested by a party in interest or if there is insufficient time for a hearing to be commenced before such act must be done, and the court authorizes such act.
At the hearing on any such application, any shareholder, depositor, or creditor of such association may appear and be heard thereon with leave of court. No order of the court of common pleas or of a judge of such court which is entered under this section or section 1157.10 of the Revised Code is a final order. By leave of court an independent suit may be brought, not later than ten days after such order is entered, by any such shareholder, depositor, or creditor deeming himself aggrieved by the order, to restrain any action authorized by such order; but if any order to sell, exchange, or otherwise transfer, in bulk, all or a substantial part of the assets of the association is assented to by the holders of two thirds, in principal amount, of the aggregate of the claims of unsecured creditors, depositors, and shareholders of such association who are entitled to participate in the dividends from such sale, exchange, or transfer, such order shall be binding upon all of the creditors, depositors, and shareholders of such association; provided, that if the superintendent determines that an emergency exists requiring the expeditious liquidation of an insolvent depository institution, as such term is defined in section 1155.42 of the Revised Code, or of a depository guaranty association established under former sections 1151.80 to 1151.92 of the Revised Code in order to protect the interests of depositors of a savings and loan association, such independent suit shall be brought not later than five days after such order is entered and the plaintiff shall post such bond as the court considers appropriate in the circumstances.
Effective Date: 05-21-1985
This section is set out twice. See also § 1157.11, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.11 [Effective 9/13/2010] Filing of certificate of appointment
(A) Upon the appointment of a conservator, the superintendent of financial institutions shall file a certified copy of the certificate of appointment in the office of the secretary of state, and thereafter no person shall obtain a lien or charge upon any assets of the savings and loan association for any payment, advance, clearance, or liability thereafter made or incurred, nor shall the directors, officers, or agents of the savings and loan association thereafter have authority to act on behalf of the savings and loan association or to convey, transfer, assign, pledge, mortgage, or encumber any of the savings and loan association’s assets.
(B) The filing of the certificate of appointment in accordance with this section shall not be a condition to either the superintendent’s taking possession of the property and business of a savings and loan association or appointing a conservator for a savings and loan association.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 05-21-1985
This section is set out twice. See also § 1157.11, effective until 9/13/2010.
