1157.24 [Effective Until 9/13/2010] Rehabilitation or reorganization by order of superintendent.
In lieu of taking possession of the business and property of a domestic building and loan association or ordering such association to liquidate its business and property, the superintendent of building and loan associations may, for any of the causes specified in section 1157.01 of the Revised Code if he finds that the affairs of such association may be put in sound and safe condition by adjusting or sustaining the capital structure of the association, order such association to rehabilitate or reorganize as provided in this section and in sections 1157.25 and 1151.61 of the Revised Code. The issuance of such an order shall suspend the power of the association to receive deposits, except as provided in this section; to pay withdrawals of stock or of stock credits; to declare or pay dividends; and to make loans. The superintendent may impose such conditions and restrictions upon the powers of such association to receive stock subscriptions, to issue or sell stock, and to receive stock credits as he may prescribe in such order or by additional orders issued during the period of rehabilitation or reorganization. If the association elects to receive deposits after such order is issued, the superintendent shall appoint a trustee to receive, account for, and preserve such deposits for the benefit of such depositors in such manner as may be approved by the superintendent.
The board of directors of such association shall, within ninety days after receipt of such order, submit to the superintendent for his approval a plan for the rehabilitation of its capital and reserve, or a plan of reorganization in the manner provided for in section 1151.61 of the Revised Code. Such plan shall be so devised as reasonably to insure equality of interest between prior shareholders of each class and those who may subsequently become shareholders. The basis of such rehabilitation or reorganization may be either the findings of the superintendent’s examination, or an appraisal of any assets of the association which is made at the expense of the association by competent persons approved by the superintendent and made under rules prescribed by the superintendent, as the board may elect, unless the superintendent, in the order of rehabilitation or reorganization, or by order issued during the period of rehabilitation or reorganization, specifies which of said two bases shall be employed.
Effective Date: 10-01-1953
This section is set out twice. See also § 1157.24, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.24 [Effective 9/13/2010] Priority of claims
(A) All claims against the savings and loan association’s estate and expenses, proved to the receiver’s satisfaction or approved by the court, shall be paid in the following order:
(1) Expenses of liquidation and receivership, including money borrowed under authority of division (A)(6) of section 1157.22 or division (A)(7) of section 1157.12 of the Revised Code and interest on it, and claims for fees and assessments due the superintendent of financial institutions;
(2) Claims given priorities under other provisions of state or federal law;
(3) Wages and salaries of officers and employees earned during the one-month period preceding the date of the savings and loan association’s closing in an amount, before applicable taxes and other withholdings, that does not exceed one thousand dollars for any one person;
(4) Deposit obligations;
(5) Other general liabilities;
(6) Obligations subordinated to deposits and other general liabilities.
(B) Interest shall be given the same priority as the claim on which it is based, but no interest shall be paid on any claim until the principal of all claims within the same class has been paid or provided for in full.
(C) Any funds remaining after satisfying the requirements of divisions (A) and (B) of this section shall be paid to the shareholders.
(D) Payment on claims shall be made pro rata among claims of the kind specified in each class set forth in division (A) of this section.
(E) Subject to the approval of the court, the receiver may designate a separate class of claims consisting only of every unsecured claim that is less than, or reduced to, an amount the court approves for payment as reasonable and necessary for administrative convenience.
(F) Subject to the approval of the court, the receiver may make periodic and interim liquidating dividends or payments.
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 § 1157.24, effective until 9/13/2010.
1157.24 [Effective Until 9/13/2010] Rehabilitation or reorganization by order of superintendent.
In lieu of taking possession of the business and property of a domestic building and loan association or ordering such association to liquidate its business and property, the superintendent of building and loan associations may, for any of the causes specified in section 1157.01 of the Revised Code if he finds that the affairs of such association may be put in sound and safe condition by adjusting or sustaining the capital structure of the association, order such association to rehabilitate or reorganize as provided in this section and in sections 1157.25 and 1151.61 of the Revised Code. The issuance of such an order shall suspend the power of the association to receive deposits, except as provided in this section; to pay withdrawals of stock or of stock credits; to declare or pay dividends; and to make loans. The superintendent may impose such conditions and restrictions upon the powers of such association to receive stock subscriptions, to issue or sell stock, and to receive stock credits as he may prescribe in such order or by additional orders issued during the period of rehabilitation or reorganization. If the association elects to receive deposits after such order is issued, the superintendent shall appoint a trustee to receive, account for, and preserve such deposits for the benefit of such depositors in such manner as may be approved by the superintendent.
The board of directors of such association shall, within ninety days after receipt of such order, submit to the superintendent for his approval a plan for the rehabilitation of its capital and reserve, or a plan of reorganization in the manner provided for in section 1151.61 of the Revised Code. Such plan shall be so devised as reasonably to insure equality of interest between prior shareholders of each class and those who may subsequently become shareholders. The basis of such rehabilitation or reorganization may be either the findings of the superintendent’s examination, or an appraisal of any assets of the association which is made at the expense of the association by competent persons approved by the superintendent and made under rules prescribed by the superintendent, as the board may elect, unless the superintendent, in the order of rehabilitation or reorganization, or by order issued during the period of rehabilitation or reorganization, specifies which of said two bases shall be employed.
Effective Date: 10-01-1953
This section is set out twice. See also § 1157.24, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.24 [Effective 9/13/2010] Priority of claims
(A) All claims against the savings and loan association’s estate and expenses, proved to the receiver’s satisfaction or approved by the court, shall be paid in the following order:
(1) Expenses of liquidation and receivership, including money borrowed under authority of division (A)(6) of section 1157.22 or division (A)(7) of section 1157.12 of the Revised Code and interest on it, and claims for fees and assessments due the superintendent of financial institutions;
(2) Claims given priorities under other provisions of state or federal law;
(3) Wages and salaries of officers and employees earned during the one-month period preceding the date of the savings and loan association’s closing in an amount, before applicable taxes and other withholdings, that does not exceed one thousand dollars for any one person;
(4) Deposit obligations;
(5) Other general liabilities;
(6) Obligations subordinated to deposits and other general liabilities.
(B) Interest shall be given the same priority as the claim on which it is based, but no interest shall be paid on any claim until the principal of all claims within the same class has been paid or provided for in full.
(C) Any funds remaining after satisfying the requirements of divisions (A) and (B) of this section shall be paid to the shareholders.
(D) Payment on claims shall be made pro rata among claims of the kind specified in each class set forth in division (A) of this section.
(E) Subject to the approval of the court, the receiver may designate a separate class of claims consisting only of every unsecured claim that is less than, or reduced to, an amount the court approves for payment as reasonable and necessary for administrative convenience.
(F) Subject to the approval of the court, the receiver may make periodic and interim liquidating dividends or payments.
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 § 1157.24, effective until 9/13/2010.
1157.24 [Effective Until 9/13/2010] Rehabilitation or reorganization by order of superintendent.
In lieu of taking possession of the business and property of a domestic building and loan association or ordering such association to liquidate its business and property, the superintendent of building and loan associations may, for any of the causes specified in section 1157.01 of the Revised Code if he finds that the affairs of such association may be put in sound and safe condition by adjusting or sustaining the capital structure of the association, order such association to rehabilitate or reorganize as provided in this section and in sections 1157.25 and 1151.61 of the Revised Code. The issuance of such an order shall suspend the power of the association to receive deposits, except as provided in this section; to pay withdrawals of stock or of stock credits; to declare or pay dividends; and to make loans. The superintendent may impose such conditions and restrictions upon the powers of such association to receive stock subscriptions, to issue or sell stock, and to receive stock credits as he may prescribe in such order or by additional orders issued during the period of rehabilitation or reorganization. If the association elects to receive deposits after such order is issued, the superintendent shall appoint a trustee to receive, account for, and preserve such deposits for the benefit of such depositors in such manner as may be approved by the superintendent.
The board of directors of such association shall, within ninety days after receipt of such order, submit to the superintendent for his approval a plan for the rehabilitation of its capital and reserve, or a plan of reorganization in the manner provided for in section 1151.61 of the Revised Code. Such plan shall be so devised as reasonably to insure equality of interest between prior shareholders of each class and those who may subsequently become shareholders. The basis of such rehabilitation or reorganization may be either the findings of the superintendent’s examination, or an appraisal of any assets of the association which is made at the expense of the association by competent persons approved by the superintendent and made under rules prescribed by the superintendent, as the board may elect, unless the superintendent, in the order of rehabilitation or reorganization, or by order issued during the period of rehabilitation or reorganization, specifies which of said two bases shall be employed.
Effective Date: 10-01-1953
This section is set out twice. See also § 1157.24, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.24 [Effective 9/13/2010] Priority of claims
(A) All claims against the savings and loan association’s estate and expenses, proved to the receiver’s satisfaction or approved by the court, shall be paid in the following order:
(1) Expenses of liquidation and receivership, including money borrowed under authority of division (A)(6) of section 1157.22 or division (A)(7) of section 1157.12 of the Revised Code and interest on it, and claims for fees and assessments due the superintendent of financial institutions;
(2) Claims given priorities under other provisions of state or federal law;
(3) Wages and salaries of officers and employees earned during the one-month period preceding the date of the savings and loan association’s closing in an amount, before applicable taxes and other withholdings, that does not exceed one thousand dollars for any one person;
(4) Deposit obligations;
(5) Other general liabilities;
(6) Obligations subordinated to deposits and other general liabilities.
(B) Interest shall be given the same priority as the claim on which it is based, but no interest shall be paid on any claim until the principal of all claims within the same class has been paid or provided for in full.
(C) Any funds remaining after satisfying the requirements of divisions (A) and (B) of this section shall be paid to the shareholders.
(D) Payment on claims shall be made pro rata among claims of the kind specified in each class set forth in division (A) of this section.
(E) Subject to the approval of the court, the receiver may designate a separate class of claims consisting only of every unsecured claim that is less than, or reduced to, an amount the court approves for payment as reasonable and necessary for administrative convenience.
(F) Subject to the approval of the court, the receiver may make periodic and interim liquidating dividends or payments.
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 § 1157.24, effective until 9/13/2010.
