1157.23 [Effective Until 9/13/2010] Self-liquidation by order of superintendent.
In lieu of taking possession of the business and property of a domestic building and loan association, the superintendent of building and loan associations may, for any of the causes specified in section 1157.01 of the Revised Code, order such association to liquidate its business and property. The issuance of such an order shall have the effect of an election of all the shareholders of such association to dissolve it and shall terminate the power of such association to accept money on deposit, to issue new stock, and to pay withdrawals of shareholders or depositors. The board of directors of such association shall exercise all other powers vested by sections 1701.01 to 1701.98 of the Revised Code, in the directors of a corporation electing to dissolve, but the written consent of the superintendent or his deputy must be secured to validate the exercise of any such other power, except the collection in money of debts due such association.
When the superintendent orders such association to liquidate its business and property, he shall file with the secretary of state a certificate, under his official seal, reciting such order, and such filing shall have the effect of the filing of a certificate of dissolution under section 1701.88 of the Revised Code, except as otherwise specifically provided in sections 1157.01 to 1157.29 of the Revised Code. The board shall act as liquidator for all the purposes of sections 1157.01 to 1157.29 and of sections 1701.01 to 1701.98 of the Revised Code, and no court shall appoint a receiver for any purpose in connection with such liquidation.
In connection with a liquidation pursuant to this section in respect of a building and loan association described in section 1151.081 of the Revised Code, the preferences and priorities provided in section 1157.18 of the Revised Code with respect to such associations apply.
The court of common pleas of the county in which the principal office of such building and loan association is located, or a judge thereof in vacation, may at any time, upon the petition of the board or a majority thereof, approved by the superintendent, order and adjudge, in the manner provided in section 1701.89 of the Revised Code, in respect to such matters as are mentioned in sections 1157.01 to 1157.29 of the Revised Code, as pertaining to liquidation proceedings conducted by the superintendent.
The order provided for in this section shall contain a direction to such association to publish such order once a week for two consecutive weeks in a newspaper of general circulation in all counties in which any office of such association is located, and to post a copy of such order in a prominent and public place in each such office. The superintendent shall require of such association proof of such publication and posting, which shall be in lieu of the publication and notice required by section 1701.87 of the Revised Code.
The superintendent shall supervise any liquidation under this section. He may require such association to make reports to him during such liquidation, at such times and in such forms as he prescribes, and may examine into its affairs at any time to determine whether all rights and interest involved are being protected. If he finds that such liquidation is being improperly conducted, or that interests are not being properly protected, he may take possession of the business and property of such association and complete the liquidation himself as provided in sections 1157.01 to 1157.29 of the Revised Code.
Whenever the superintendent is satisfied that the assets of such association have been fully liquidated, that all of its liabilities have been fully paid in accordance with this section, but that share accounts, deposits, dividend[s] or other intangible property remain unclaimed in the hands of such association, he shall direct such association to report such unclaimed items as unclaimed funds pursuant to sections 169.03 and 169.05 of the Revised Code, except that division (D) of section 169.03 of the Revised Code does not apply.
All expenses incurred by the superintendent in supervising the liquidation of such an association under this section shall be paid monthly by such association, upon the presentation to it by the superintendent of a statement of such expenses. Such expenses shall include any expenses mentioned in section 1157.17 of the Revised Code incurred directly in connection with such supervision.
Effective Date: 10-30-1975
This section is set out twice. See also § 1157.23, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.23 [Effective 9/13/2010] Notice of claims procedure; filing of claims; time limitations
(A) The receiver shall promptly cause notice of the claims procedure to be published once a month for two consecutive months in a local newspaper of general circulation and to be mailed to each person whose name appears as a creditor upon the books of the savings and loan association, at the last address of record.
(B)(1) All parties having claims of any kind against the savings and loan association, including prior judgments and claims of security, preference, priority, and offset, shall present their claims substantiated by legal proof to the receiver within one hundred eighty days after the date of the first publication of notice of the claims procedure or after actual receipt of notice of the claims procedure, whichever occurs first.
(2) Within one hundred eighty days after receipt of a claim, the receiver shall notify the claimant in writing whether the claim has been allowed or disallowed. The receiver may reject any claim in whole or in part, or may reject any claim of security, preference, priority, or offset against the savings and loan association. Any claimant whose claim has been rejected by the receiver shall petition the court for a hearing on the claim within sixty days after the date the notice was mailed or be forever barred from asserting the rejected claim.
(C) Any claims filed after the claim period and subsequently accepted by the receiver or allowed by the court, shall be entitled to share in the distribution of assets only to the extent of the undistributed assets in the hands of the receiver on the date the claims are accepted or allowed.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 10-30-1975
This section is set out twice. See also § 1157.23, effective until 9/13/2010.
1157.23 [Effective Until 9/13/2010] Self-liquidation by order of superintendent.
In lieu of taking possession of the business and property of a domestic building and loan association, the superintendent of building and loan associations may, for any of the causes specified in section 1157.01 of the Revised Code, order such association to liquidate its business and property. The issuance of such an order shall have the effect of an election of all the shareholders of such association to dissolve it and shall terminate the power of such association to accept money on deposit, to issue new stock, and to pay withdrawals of shareholders or depositors. The board of directors of such association shall exercise all other powers vested by sections 1701.01 to 1701.98 of the Revised Code, in the directors of a corporation electing to dissolve, but the written consent of the superintendent or his deputy must be secured to validate the exercise of any such other power, except the collection in money of debts due such association.
When the superintendent orders such association to liquidate its business and property, he shall file with the secretary of state a certificate, under his official seal, reciting such order, and such filing shall have the effect of the filing of a certificate of dissolution under section 1701.88 of the Revised Code, except as otherwise specifically provided in sections 1157.01 to 1157.29 of the Revised Code. The board shall act as liquidator for all the purposes of sections 1157.01 to 1157.29 and of sections 1701.01 to 1701.98 of the Revised Code, and no court shall appoint a receiver for any purpose in connection with such liquidation.
In connection with a liquidation pursuant to this section in respect of a building and loan association described in section 1151.081 of the Revised Code, the preferences and priorities provided in section 1157.18 of the Revised Code with respect to such associations apply.
The court of common pleas of the county in which the principal office of such building and loan association is located, or a judge thereof in vacation, may at any time, upon the petition of the board or a majority thereof, approved by the superintendent, order and adjudge, in the manner provided in section 1701.89 of the Revised Code, in respect to such matters as are mentioned in sections 1157.01 to 1157.29 of the Revised Code, as pertaining to liquidation proceedings conducted by the superintendent.
The order provided for in this section shall contain a direction to such association to publish such order once a week for two consecutive weeks in a newspaper of general circulation in all counties in which any office of such association is located, and to post a copy of such order in a prominent and public place in each such office. The superintendent shall require of such association proof of such publication and posting, which shall be in lieu of the publication and notice required by section 1701.87 of the Revised Code.
The superintendent shall supervise any liquidation under this section. He may require such association to make reports to him during such liquidation, at such times and in such forms as he prescribes, and may examine into its affairs at any time to determine whether all rights and interest involved are being protected. If he finds that such liquidation is being improperly conducted, or that interests are not being properly protected, he may take possession of the business and property of such association and complete the liquidation himself as provided in sections 1157.01 to 1157.29 of the Revised Code.
Whenever the superintendent is satisfied that the assets of such association have been fully liquidated, that all of its liabilities have been fully paid in accordance with this section, but that share accounts, deposits, dividend[s] or other intangible property remain unclaimed in the hands of such association, he shall direct such association to report such unclaimed items as unclaimed funds pursuant to sections 169.03 and 169.05 of the Revised Code, except that division (D) of section 169.03 of the Revised Code does not apply.
All expenses incurred by the superintendent in supervising the liquidation of such an association under this section shall be paid monthly by such association, upon the presentation to it by the superintendent of a statement of such expenses. Such expenses shall include any expenses mentioned in section 1157.17 of the Revised Code incurred directly in connection with such supervision.
Effective Date: 10-30-1975
This section is set out twice. See also § 1157.23, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.23 [Effective 9/13/2010] Notice of claims procedure; filing of claims; time limitations
(A) The receiver shall promptly cause notice of the claims procedure to be published once a month for two consecutive months in a local newspaper of general circulation and to be mailed to each person whose name appears as a creditor upon the books of the savings and loan association, at the last address of record.
(B)(1) All parties having claims of any kind against the savings and loan association, including prior judgments and claims of security, preference, priority, and offset, shall present their claims substantiated by legal proof to the receiver within one hundred eighty days after the date of the first publication of notice of the claims procedure or after actual receipt of notice of the claims procedure, whichever occurs first.
(2) Within one hundred eighty days after receipt of a claim, the receiver shall notify the claimant in writing whether the claim has been allowed or disallowed. The receiver may reject any claim in whole or in part, or may reject any claim of security, preference, priority, or offset against the savings and loan association. Any claimant whose claim has been rejected by the receiver shall petition the court for a hearing on the claim within sixty days after the date the notice was mailed or be forever barred from asserting the rejected claim.
(C) Any claims filed after the claim period and subsequently accepted by the receiver or allowed by the court, shall be entitled to share in the distribution of assets only to the extent of the undistributed assets in the hands of the receiver on the date the claims are accepted or allowed.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 10-30-1975
This section is set out twice. See also § 1157.23, effective until 9/13/2010.
1157.23 [Effective Until 9/13/2010] Self-liquidation by order of superintendent.
In lieu of taking possession of the business and property of a domestic building and loan association, the superintendent of building and loan associations may, for any of the causes specified in section 1157.01 of the Revised Code, order such association to liquidate its business and property. The issuance of such an order shall have the effect of an election of all the shareholders of such association to dissolve it and shall terminate the power of such association to accept money on deposit, to issue new stock, and to pay withdrawals of shareholders or depositors. The board of directors of such association shall exercise all other powers vested by sections 1701.01 to 1701.98 of the Revised Code, in the directors of a corporation electing to dissolve, but the written consent of the superintendent or his deputy must be secured to validate the exercise of any such other power, except the collection in money of debts due such association.
When the superintendent orders such association to liquidate its business and property, he shall file with the secretary of state a certificate, under his official seal, reciting such order, and such filing shall have the effect of the filing of a certificate of dissolution under section 1701.88 of the Revised Code, except as otherwise specifically provided in sections 1157.01 to 1157.29 of the Revised Code. The board shall act as liquidator for all the purposes of sections 1157.01 to 1157.29 and of sections 1701.01 to 1701.98 of the Revised Code, and no court shall appoint a receiver for any purpose in connection with such liquidation.
In connection with a liquidation pursuant to this section in respect of a building and loan association described in section 1151.081 of the Revised Code, the preferences and priorities provided in section 1157.18 of the Revised Code with respect to such associations apply.
The court of common pleas of the county in which the principal office of such building and loan association is located, or a judge thereof in vacation, may at any time, upon the petition of the board or a majority thereof, approved by the superintendent, order and adjudge, in the manner provided in section 1701.89 of the Revised Code, in respect to such matters as are mentioned in sections 1157.01 to 1157.29 of the Revised Code, as pertaining to liquidation proceedings conducted by the superintendent.
The order provided for in this section shall contain a direction to such association to publish such order once a week for two consecutive weeks in a newspaper of general circulation in all counties in which any office of such association is located, and to post a copy of such order in a prominent and public place in each such office. The superintendent shall require of such association proof of such publication and posting, which shall be in lieu of the publication and notice required by section 1701.87 of the Revised Code.
The superintendent shall supervise any liquidation under this section. He may require such association to make reports to him during such liquidation, at such times and in such forms as he prescribes, and may examine into its affairs at any time to determine whether all rights and interest involved are being protected. If he finds that such liquidation is being improperly conducted, or that interests are not being properly protected, he may take possession of the business and property of such association and complete the liquidation himself as provided in sections 1157.01 to 1157.29 of the Revised Code.
Whenever the superintendent is satisfied that the assets of such association have been fully liquidated, that all of its liabilities have been fully paid in accordance with this section, but that share accounts, deposits, dividend[s] or other intangible property remain unclaimed in the hands of such association, he shall direct such association to report such unclaimed items as unclaimed funds pursuant to sections 169.03 and 169.05 of the Revised Code, except that division (D) of section 169.03 of the Revised Code does not apply.
All expenses incurred by the superintendent in supervising the liquidation of such an association under this section shall be paid monthly by such association, upon the presentation to it by the superintendent of a statement of such expenses. Such expenses shall include any expenses mentioned in section 1157.17 of the Revised Code incurred directly in connection with such supervision.
Effective Date: 10-30-1975
This section is set out twice. See also § 1157.23, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.23 [Effective 9/13/2010] Notice of claims procedure; filing of claims; time limitations
(A) The receiver shall promptly cause notice of the claims procedure to be published once a month for two consecutive months in a local newspaper of general circulation and to be mailed to each person whose name appears as a creditor upon the books of the savings and loan association, at the last address of record.
(B)(1) All parties having claims of any kind against the savings and loan association, including prior judgments and claims of security, preference, priority, and offset, shall present their claims substantiated by legal proof to the receiver within one hundred eighty days after the date of the first publication of notice of the claims procedure or after actual receipt of notice of the claims procedure, whichever occurs first.
(2) Within one hundred eighty days after receipt of a claim, the receiver shall notify the claimant in writing whether the claim has been allowed or disallowed. The receiver may reject any claim in whole or in part, or may reject any claim of security, preference, priority, or offset against the savings and loan association. Any claimant whose claim has been rejected by the receiver shall petition the court for a hearing on the claim within sixty days after the date the notice was mailed or be forever barred from asserting the rejected claim.
(C) Any claims filed after the claim period and subsequently accepted by the receiver or allowed by the court, shall be entitled to share in the distribution of assets only to the extent of the undistributed assets in the hands of the receiver on the date the claims are accepted or allowed.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 10-30-1975
This section is set out twice. See also § 1157.23, effective until 9/13/2010.
