1157.25 [Effective Until 9/13/2010] Action to be taken by directors and members - failure to submit or execute plan.
Whenever a plan of rehabilitation or reorganization has been submitted to and approved by the superintendent of building and loan associations as provided in section 1157.24 of the Revised Code, the board of directors of the association shall within ten days, unless the time is extended by the superintendent, take such action under the plan as it may take under the constitution and bylaws of the association. If the consummation of the plan requires the action of the members of the association, the board shall submit the proper resolution to the members for their approval in any manner authorized by sections 1157.01 to 1157.29, inclusive, or sections 1701.01 to 1701.98, inclusive, of the Revised Code, or in the absence of any such provision, in the manner provided for in the plan of rehabilitation or reorganization; and a certificate showing the action of the members shall be executed and filed in the office of the secretary of state, pursuant to law. The action of the board and any action of the members shall be immediately certified to the superintendent. Upon receipt of such a certificate showing execution of the approved plan, the superintendent shall issue to the association a certificate of rehabilitation, unless the approved plan contemplates the collection of an assessment as a condition of the rehabilitation, in which event such certificate shall not be issued until such plan is executed in that regard and proof of such execution is made to the satisfaction of the superintendent. Upon the issuance of such certificate by the superintendent, the association may resume business, and shall have and exercise all its corporate powers, subject to any amendment of its articles, constitution, or bylaws adopted pursuant to the plan of rehabilitation or reorganization.
If, after such an order to rehabilitate or to reorganize has been issued, no plan for such rehabilitation or reorganization is submitted by the board within the time specified by such order for such submission, or if, after the expiration of such time, a plan submitted within such time is disapproved by the superintendent, or if an approved plan is not executed within the time fixed in the order of the superintendent then the superintendent may institute proceedings for the liquidation of such association under sections 1157.01 to 1157.29, inclusive, of the Revised Code, without further examination. This section shall not prevent the superintendent from taking possession of the business and property of such association at any time.
Effective Date: 10-11-1955
This section is set out twice. See also § 1157.25, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.25 [Effective 9/13/2010] Rejection, ratification or assignment of executory contracts
(A) Within one hundred days after the date of the closing of a savings and loan association, a receiver may reject any executory contract to which the savings and loan association is a party without any further liability on the part of the savings and loan association or the receiver. The receiver’s election to reject an executory contract creates no claim for compensation other than compensation accrued to the date of termination or for actual damages.
(B) A receiver may ratify and assign any executory contract to which the savings and loan association is a party notwithstanding the existence of a provision in the contract permitting the termination of the executory contract, or prohibiting, conditioning, or requiring consent to any assignment of the executory contract, upon the insolvency of the savings and loan association or the appointment of a receiver.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 10-11-1955
This section is set out twice. See also § 1157.25, effective until 9/13/2010.
1157.25 [Effective Until 9/13/2010] Action to be taken by directors and members - failure to submit or execute plan.
Whenever a plan of rehabilitation or reorganization has been submitted to and approved by the superintendent of building and loan associations as provided in section 1157.24 of the Revised Code, the board of directors of the association shall within ten days, unless the time is extended by the superintendent, take such action under the plan as it may take under the constitution and bylaws of the association. If the consummation of the plan requires the action of the members of the association, the board shall submit the proper resolution to the members for their approval in any manner authorized by sections 1157.01 to 1157.29, inclusive, or sections 1701.01 to 1701.98, inclusive, of the Revised Code, or in the absence of any such provision, in the manner provided for in the plan of rehabilitation or reorganization; and a certificate showing the action of the members shall be executed and filed in the office of the secretary of state, pursuant to law. The action of the board and any action of the members shall be immediately certified to the superintendent. Upon receipt of such a certificate showing execution of the approved plan, the superintendent shall issue to the association a certificate of rehabilitation, unless the approved plan contemplates the collection of an assessment as a condition of the rehabilitation, in which event such certificate shall not be issued until such plan is executed in that regard and proof of such execution is made to the satisfaction of the superintendent. Upon the issuance of such certificate by the superintendent, the association may resume business, and shall have and exercise all its corporate powers, subject to any amendment of its articles, constitution, or bylaws adopted pursuant to the plan of rehabilitation or reorganization.
If, after such an order to rehabilitate or to reorganize has been issued, no plan for such rehabilitation or reorganization is submitted by the board within the time specified by such order for such submission, or if, after the expiration of such time, a plan submitted within such time is disapproved by the superintendent, or if an approved plan is not executed within the time fixed in the order of the superintendent then the superintendent may institute proceedings for the liquidation of such association under sections 1157.01 to 1157.29, inclusive, of the Revised Code, without further examination. This section shall not prevent the superintendent from taking possession of the business and property of such association at any time.
Effective Date: 10-11-1955
This section is set out twice. See also § 1157.25, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.25 [Effective 9/13/2010] Rejection, ratification or assignment of executory contracts
(A) Within one hundred days after the date of the closing of a savings and loan association, a receiver may reject any executory contract to which the savings and loan association is a party without any further liability on the part of the savings and loan association or the receiver. The receiver’s election to reject an executory contract creates no claim for compensation other than compensation accrued to the date of termination or for actual damages.
(B) A receiver may ratify and assign any executory contract to which the savings and loan association is a party notwithstanding the existence of a provision in the contract permitting the termination of the executory contract, or prohibiting, conditioning, or requiring consent to any assignment of the executory contract, upon the insolvency of the savings and loan association or the appointment of a receiver.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 10-11-1955
This section is set out twice. See also § 1157.25, effective until 9/13/2010.
1157.25 [Effective Until 9/13/2010] Action to be taken by directors and members - failure to submit or execute plan.
Whenever a plan of rehabilitation or reorganization has been submitted to and approved by the superintendent of building and loan associations as provided in section 1157.24 of the Revised Code, the board of directors of the association shall within ten days, unless the time is extended by the superintendent, take such action under the plan as it may take under the constitution and bylaws of the association. If the consummation of the plan requires the action of the members of the association, the board shall submit the proper resolution to the members for their approval in any manner authorized by sections 1157.01 to 1157.29, inclusive, or sections 1701.01 to 1701.98, inclusive, of the Revised Code, or in the absence of any such provision, in the manner provided for in the plan of rehabilitation or reorganization; and a certificate showing the action of the members shall be executed and filed in the office of the secretary of state, pursuant to law. The action of the board and any action of the members shall be immediately certified to the superintendent. Upon receipt of such a certificate showing execution of the approved plan, the superintendent shall issue to the association a certificate of rehabilitation, unless the approved plan contemplates the collection of an assessment as a condition of the rehabilitation, in which event such certificate shall not be issued until such plan is executed in that regard and proof of such execution is made to the satisfaction of the superintendent. Upon the issuance of such certificate by the superintendent, the association may resume business, and shall have and exercise all its corporate powers, subject to any amendment of its articles, constitution, or bylaws adopted pursuant to the plan of rehabilitation or reorganization.
If, after such an order to rehabilitate or to reorganize has been issued, no plan for such rehabilitation or reorganization is submitted by the board within the time specified by such order for such submission, or if, after the expiration of such time, a plan submitted within such time is disapproved by the superintendent, or if an approved plan is not executed within the time fixed in the order of the superintendent then the superintendent may institute proceedings for the liquidation of such association under sections 1157.01 to 1157.29, inclusive, of the Revised Code, without further examination. This section shall not prevent the superintendent from taking possession of the business and property of such association at any time.
Effective Date: 10-11-1955
This section is set out twice. See also § 1157.25, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.25 [Effective 9/13/2010] Rejection, ratification or assignment of executory contracts
(A) Within one hundred days after the date of the closing of a savings and loan association, a receiver may reject any executory contract to which the savings and loan association is a party without any further liability on the part of the savings and loan association or the receiver. The receiver’s election to reject an executory contract creates no claim for compensation other than compensation accrued to the date of termination or for actual damages.
(B) A receiver may ratify and assign any executory contract to which the savings and loan association is a party notwithstanding the existence of a provision in the contract permitting the termination of the executory contract, or prohibiting, conditioning, or requiring consent to any assignment of the executory contract, upon the insolvency of the savings and loan association or the appointment of a receiver.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 10-11-1955
This section is set out twice. See also § 1157.25, effective until 9/13/2010.
