1157.13 [Effective Until 9/13/2010] Additional powers and duties of superintendent in liquidation.
The superintendent of building and loan associations, upon taking possession of the property and business of any domestic building and loan association under sections 1157.01 to 1157.29, inclusive, of the Revised Code, shall have, exercise, and discharge the following powers, authority, and duties, without order of court but subject to such sections:
(A) To collect all money due to such association;
(B) To perform all other acts which he deems expedient to conserve the assets of such association;
(C) To exercise all the rights and powers of the association under any mortgage, chose in action, collateral note, contract, judgment, or decree;
(D) To sell for cash any asset of such association at not less than the face or par value thereof or the actual amount owing thereon;
(E) To settle, compromise, or compound any debt owing to or held by such association, or any claim enforcible by him, when such association has a common interest with ten or more other persons or corporations in any such claims, securities, or property, by becoming a party to an agreement among the parties interested; and to confer control of such claims, securities, or property upon a committee;
(F) To pay off and discharge any taxes, assessments, liens, claims, or charges against the assets of such association;
(G) To expend such sums as he deems necessary for the maintenance, conservation, and protection of any such property or of any asset on which the association has a lien by mortgage, pledge, or otherwise;
(H) To institute and maintain against the directors, officers, or employees of such association any action which the association, its shareholders, or its creditors might institute and maintain;
(I) To take title in his name to any asset, including shares and certificates for shares of stock of any corporation, and to exercise all voting and other powers of an unqualified owner of such shares or certificates, but not to make any transfer or sale of such shares or certificates, except in the manner authorized by section 1157.10 of the Revised Code, unless such shares or certificates are sold for not less than their face or par value;
(J) To enforce any individual liability of any shareholder of such association, if the superintendent ascertains that the assets of such association will be insufficient to pay its debts; and until an order to declare and pay a final dividend is entered in such proceedings, the right to enforce such liability for the benefit of all creditors belongs exclusively to the superintendent;
(K) In his name as superintendent of building and loan associations in charge of the liquidation of such association, to institute, prosecute, and defend any actions or proceedings within or without this state, and to execute, acknowledge, and deliver any necessary or proper deeds, leases, assignments, releases, contracts, and other instruments, for the purpose of executing any of the powers or performing any of the duties conferred upon him by this section.
Any deed or other instrument executed under division (K) of this section shall be as effectual for all purposes as if it had been executed by the officers of such association by the authority of its board of directors. If any real estate conveyed by such an instrument is situated outside of the county in which the proceedings for the liquidation of such association are pending, a certified copy of the order of the court authorizing or ratifying the sale or conveyance of such real estate shall be filed in the office of the county recorder of the county within which such real estate is situated.
Effective Date: 10-01-1953
This section is set out twice. See also § 1157.13, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.13 [Effective 9/13/2010] Period of conservatorship
During the period of the conservatorship, all of the following apply:
(A) The conservator may permit the savings and loan association to continue to conduct its usual business, including the acceptance of deposits.
(B) The obligations of the savings and loan association shall continue to bear interest at the rate contracted.
(C) The conservator shall make whatever reports to the superintendent of financial institutions the superintendent may from time to time require.
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 § 1157.13, effective until 9/13/2010.
1157.13 [Effective Until 9/13/2010] Additional powers and duties of superintendent in liquidation.
The superintendent of building and loan associations, upon taking possession of the property and business of any domestic building and loan association under sections 1157.01 to 1157.29, inclusive, of the Revised Code, shall have, exercise, and discharge the following powers, authority, and duties, without order of court but subject to such sections:
(A) To collect all money due to such association;
(B) To perform all other acts which he deems expedient to conserve the assets of such association;
(C) To exercise all the rights and powers of the association under any mortgage, chose in action, collateral note, contract, judgment, or decree;
(D) To sell for cash any asset of such association at not less than the face or par value thereof or the actual amount owing thereon;
(E) To settle, compromise, or compound any debt owing to or held by such association, or any claim enforcible by him, when such association has a common interest with ten or more other persons or corporations in any such claims, securities, or property, by becoming a party to an agreement among the parties interested; and to confer control of such claims, securities, or property upon a committee;
(F) To pay off and discharge any taxes, assessments, liens, claims, or charges against the assets of such association;
(G) To expend such sums as he deems necessary for the maintenance, conservation, and protection of any such property or of any asset on which the association has a lien by mortgage, pledge, or otherwise;
(H) To institute and maintain against the directors, officers, or employees of such association any action which the association, its shareholders, or its creditors might institute and maintain;
(I) To take title in his name to any asset, including shares and certificates for shares of stock of any corporation, and to exercise all voting and other powers of an unqualified owner of such shares or certificates, but not to make any transfer or sale of such shares or certificates, except in the manner authorized by section 1157.10 of the Revised Code, unless such shares or certificates are sold for not less than their face or par value;
(J) To enforce any individual liability of any shareholder of such association, if the superintendent ascertains that the assets of such association will be insufficient to pay its debts; and until an order to declare and pay a final dividend is entered in such proceedings, the right to enforce such liability for the benefit of all creditors belongs exclusively to the superintendent;
(K) In his name as superintendent of building and loan associations in charge of the liquidation of such association, to institute, prosecute, and defend any actions or proceedings within or without this state, and to execute, acknowledge, and deliver any necessary or proper deeds, leases, assignments, releases, contracts, and other instruments, for the purpose of executing any of the powers or performing any of the duties conferred upon him by this section.
Any deed or other instrument executed under division (K) of this section shall be as effectual for all purposes as if it had been executed by the officers of such association by the authority of its board of directors. If any real estate conveyed by such an instrument is situated outside of the county in which the proceedings for the liquidation of such association are pending, a certified copy of the order of the court authorizing or ratifying the sale or conveyance of such real estate shall be filed in the office of the county recorder of the county within which such real estate is situated.
Effective Date: 10-01-1953
This section is set out twice. See also § 1157.13, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.13 [Effective 9/13/2010] Period of conservatorship
During the period of the conservatorship, all of the following apply:
(A) The conservator may permit the savings and loan association to continue to conduct its usual business, including the acceptance of deposits.
(B) The obligations of the savings and loan association shall continue to bear interest at the rate contracted.
(C) The conservator shall make whatever reports to the superintendent of financial institutions the superintendent may from time to time require.
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 § 1157.13, effective until 9/13/2010.
1157.13 [Effective Until 9/13/2010] Additional powers and duties of superintendent in liquidation.
The superintendent of building and loan associations, upon taking possession of the property and business of any domestic building and loan association under sections 1157.01 to 1157.29, inclusive, of the Revised Code, shall have, exercise, and discharge the following powers, authority, and duties, without order of court but subject to such sections:
(A) To collect all money due to such association;
(B) To perform all other acts which he deems expedient to conserve the assets of such association;
(C) To exercise all the rights and powers of the association under any mortgage, chose in action, collateral note, contract, judgment, or decree;
(D) To sell for cash any asset of such association at not less than the face or par value thereof or the actual amount owing thereon;
(E) To settle, compromise, or compound any debt owing to or held by such association, or any claim enforcible by him, when such association has a common interest with ten or more other persons or corporations in any such claims, securities, or property, by becoming a party to an agreement among the parties interested; and to confer control of such claims, securities, or property upon a committee;
(F) To pay off and discharge any taxes, assessments, liens, claims, or charges against the assets of such association;
(G) To expend such sums as he deems necessary for the maintenance, conservation, and protection of any such property or of any asset on which the association has a lien by mortgage, pledge, or otherwise;
(H) To institute and maintain against the directors, officers, or employees of such association any action which the association, its shareholders, or its creditors might institute and maintain;
(I) To take title in his name to any asset, including shares and certificates for shares of stock of any corporation, and to exercise all voting and other powers of an unqualified owner of such shares or certificates, but not to make any transfer or sale of such shares or certificates, except in the manner authorized by section 1157.10 of the Revised Code, unless such shares or certificates are sold for not less than their face or par value;
(J) To enforce any individual liability of any shareholder of such association, if the superintendent ascertains that the assets of such association will be insufficient to pay its debts; and until an order to declare and pay a final dividend is entered in such proceedings, the right to enforce such liability for the benefit of all creditors belongs exclusively to the superintendent;
(K) In his name as superintendent of building and loan associations in charge of the liquidation of such association, to institute, prosecute, and defend any actions or proceedings within or without this state, and to execute, acknowledge, and deliver any necessary or proper deeds, leases, assignments, releases, contracts, and other instruments, for the purpose of executing any of the powers or performing any of the duties conferred upon him by this section.
Any deed or other instrument executed under division (K) of this section shall be as effectual for all purposes as if it had been executed by the officers of such association by the authority of its board of directors. If any real estate conveyed by such an instrument is situated outside of the county in which the proceedings for the liquidation of such association are pending, a certified copy of the order of the court authorizing or ratifying the sale or conveyance of such real estate shall be filed in the office of the county recorder of the county within which such real estate is situated.
Effective Date: 10-01-1953
This section is set out twice. See also § 1157.13, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.13 [Effective 9/13/2010] Period of conservatorship
During the period of the conservatorship, all of the following apply:
(A) The conservator may permit the savings and loan association to continue to conduct its usual business, including the acceptance of deposits.
(B) The obligations of the savings and loan association shall continue to bear interest at the rate contracted.
(C) The conservator shall make whatever reports to the superintendent of financial institutions the superintendent may from time to time require.
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 § 1157.13, effective until 9/13/2010.
