1157.29 [Effective Until 9/13/2010] Review by court of action by superintendent.
Any building and loan association aggrieved by an order of the superintendent of building and loan associations issued under section 1157.23 or 1157.24 of the Revised Code, within thirty days after receiving such order, may apply to the court of common pleas of the county in which the principal office of such association is located to set aside such order and to enjoin the further enforcement of it.
Any building and loan association aggrieved by an action of the superintendent under section 1157.23 of the Revised Code divesting its board of directors of the control of its business and property and taking possession of such business and property for complete liquidation within fifteen days after such action has been taken, may apply to such court to enjoin the action of the superintendent and to restore to the association the rights and powers previously enjoyed by it under such section.
Any building and loan association aggrieved by the action of the superintendent in disapproving any plan of rehabilitation or plan of reorganization submitted under section 1157.24 of the Revised Code, within fifteen days after such disapproval, may apply to such court to approve the plan.
After any application is made to it under this section, such court shall cite the superintendent to show cause why such application should not be granted. After hearing the allegations and proofs of the parties and determining the facts, the court may dismiss the application. If, after such hearing, the court finds that the superintendent has exceeded or abused his power and discretion in the issuance of such an order, in the taking of such an action, or in refusing to approve such a plan as set forth in section 1157.24 of the Revised Code, it may make such order as it considers necessary and proper; for example, it may enjoin the superintendent from further proceedings. An appeal by the superintendent from such order shall operate as a supersedeas and shall be perfected in accordance with the Rules of Appellate Procedure and, to the extent not in conflict with those rules, Chapter 2505. of the Revised Code.
Effective Date: 03-17-1987
This section is set out twice. See also § 1157.29, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.29 [Effective 9/13/2010] Order declaring savings and loan association properly wound up and resolved
(A) When a receiver has completed the liquidation of a savings and loan association, the receiver shall, with notice to the superintendent of financial institutions, petition the court for an order declaring the savings and loan association properly wound up and dissolved.
(B) After whatever notice and hearing, if any, the court may direct, the court may make an order declaring the savings and loan association properly wound up and dissolved. The order shall do both of the following, to the extent applicable:
(1) Declare all of the following:
(a) The savings and loan association has been properly wound up.
(b) All known assets of the savings and loan association have been distributed according to the distribution priorities set forth in this chapter.
(c) The savings and loan association is dissolved.
(2) If there are known debts or liabilities, describe the provision made for their payment, setting forth whatever information may be necessary to enable the creditor or other person to whom payment is to be made to appear and claim payment of the debt or liability.
(C) The order shall confirm a plan by the receiver for the disposition or maintenance of any remaining real or personal property or other assets, whether held in trust or otherwise and including the contents of safe deposit boxes or vaults, held by the savings and loan association for its account holders, creditors, lessees, or shareholders. The plan shall include written notice to all known owners or beneficiaries of the assets, to be sent by first class mail to each individual’s address as shown on the records of the savings and loan association.
(D) The court may make whatever additional orders and grant whatever further relief it determines proper upon the evidence submitted.
(E) Once the order is made declaring the savings and loan association dissolved, the corporate existence of the savings and loan association shall cease, except for purposes of any necessary additional winding up.
(F) Once the order is made declaring the savings and loan association dissolved, the receiver shall promptly file a copy of the order, certified by the clerk of the court, with both the secretary of state and the superintendent.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 03-17-1987
This section is set out twice. See also § 1157.29, effective until 9/13/2010.
1157.29 [Effective Until 9/13/2010] Review by court of action by superintendent.
Any building and loan association aggrieved by an order of the superintendent of building and loan associations issued under section 1157.23 or 1157.24 of the Revised Code, within thirty days after receiving such order, may apply to the court of common pleas of the county in which the principal office of such association is located to set aside such order and to enjoin the further enforcement of it.
Any building and loan association aggrieved by an action of the superintendent under section 1157.23 of the Revised Code divesting its board of directors of the control of its business and property and taking possession of such business and property for complete liquidation within fifteen days after such action has been taken, may apply to such court to enjoin the action of the superintendent and to restore to the association the rights and powers previously enjoyed by it under such section.
Any building and loan association aggrieved by the action of the superintendent in disapproving any plan of rehabilitation or plan of reorganization submitted under section 1157.24 of the Revised Code, within fifteen days after such disapproval, may apply to such court to approve the plan.
After any application is made to it under this section, such court shall cite the superintendent to show cause why such application should not be granted. After hearing the allegations and proofs of the parties and determining the facts, the court may dismiss the application. If, after such hearing, the court finds that the superintendent has exceeded or abused his power and discretion in the issuance of such an order, in the taking of such an action, or in refusing to approve such a plan as set forth in section 1157.24 of the Revised Code, it may make such order as it considers necessary and proper; for example, it may enjoin the superintendent from further proceedings. An appeal by the superintendent from such order shall operate as a supersedeas and shall be perfected in accordance with the Rules of Appellate Procedure and, to the extent not in conflict with those rules, Chapter 2505. of the Revised Code.
Effective Date: 03-17-1987
This section is set out twice. See also § 1157.29, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.29 [Effective 9/13/2010] Order declaring savings and loan association properly wound up and resolved
(A) When a receiver has completed the liquidation of a savings and loan association, the receiver shall, with notice to the superintendent of financial institutions, petition the court for an order declaring the savings and loan association properly wound up and dissolved.
(B) After whatever notice and hearing, if any, the court may direct, the court may make an order declaring the savings and loan association properly wound up and dissolved. The order shall do both of the following, to the extent applicable:
(1) Declare all of the following:
(a) The savings and loan association has been properly wound up.
(b) All known assets of the savings and loan association have been distributed according to the distribution priorities set forth in this chapter.
(c) The savings and loan association is dissolved.
(2) If there are known debts or liabilities, describe the provision made for their payment, setting forth whatever information may be necessary to enable the creditor or other person to whom payment is to be made to appear and claim payment of the debt or liability.
(C) The order shall confirm a plan by the receiver for the disposition or maintenance of any remaining real or personal property or other assets, whether held in trust or otherwise and including the contents of safe deposit boxes or vaults, held by the savings and loan association for its account holders, creditors, lessees, or shareholders. The plan shall include written notice to all known owners or beneficiaries of the assets, to be sent by first class mail to each individual’s address as shown on the records of the savings and loan association.
(D) The court may make whatever additional orders and grant whatever further relief it determines proper upon the evidence submitted.
(E) Once the order is made declaring the savings and loan association dissolved, the corporate existence of the savings and loan association shall cease, except for purposes of any necessary additional winding up.
(F) Once the order is made declaring the savings and loan association dissolved, the receiver shall promptly file a copy of the order, certified by the clerk of the court, with both the secretary of state and the superintendent.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 03-17-1987
This section is set out twice. See also § 1157.29, effective until 9/13/2010.
1157.29 [Effective Until 9/13/2010] Review by court of action by superintendent.
Any building and loan association aggrieved by an order of the superintendent of building and loan associations issued under section 1157.23 or 1157.24 of the Revised Code, within thirty days after receiving such order, may apply to the court of common pleas of the county in which the principal office of such association is located to set aside such order and to enjoin the further enforcement of it.
Any building and loan association aggrieved by an action of the superintendent under section 1157.23 of the Revised Code divesting its board of directors of the control of its business and property and taking possession of such business and property for complete liquidation within fifteen days after such action has been taken, may apply to such court to enjoin the action of the superintendent and to restore to the association the rights and powers previously enjoyed by it under such section.
Any building and loan association aggrieved by the action of the superintendent in disapproving any plan of rehabilitation or plan of reorganization submitted under section 1157.24 of the Revised Code, within fifteen days after such disapproval, may apply to such court to approve the plan.
After any application is made to it under this section, such court shall cite the superintendent to show cause why such application should not be granted. After hearing the allegations and proofs of the parties and determining the facts, the court may dismiss the application. If, after such hearing, the court finds that the superintendent has exceeded or abused his power and discretion in the issuance of such an order, in the taking of such an action, or in refusing to approve such a plan as set forth in section 1157.24 of the Revised Code, it may make such order as it considers necessary and proper; for example, it may enjoin the superintendent from further proceedings. An appeal by the superintendent from such order shall operate as a supersedeas and shall be perfected in accordance with the Rules of Appellate Procedure and, to the extent not in conflict with those rules, Chapter 2505. of the Revised Code.
Effective Date: 03-17-1987
This section is set out twice. See also § 1157.29, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1157.29 [Effective 9/13/2010] Order declaring savings and loan association properly wound up and resolved
(A) When a receiver has completed the liquidation of a savings and loan association, the receiver shall, with notice to the superintendent of financial institutions, petition the court for an order declaring the savings and loan association properly wound up and dissolved.
(B) After whatever notice and hearing, if any, the court may direct, the court may make an order declaring the savings and loan association properly wound up and dissolved. The order shall do both of the following, to the extent applicable:
(1) Declare all of the following:
(a) The savings and loan association has been properly wound up.
(b) All known assets of the savings and loan association have been distributed according to the distribution priorities set forth in this chapter.
(c) The savings and loan association is dissolved.
(2) If there are known debts or liabilities, describe the provision made for their payment, setting forth whatever information may be necessary to enable the creditor or other person to whom payment is to be made to appear and claim payment of the debt or liability.
(C) The order shall confirm a plan by the receiver for the disposition or maintenance of any remaining real or personal property or other assets, whether held in trust or otherwise and including the contents of safe deposit boxes or vaults, held by the savings and loan association for its account holders, creditors, lessees, or shareholders. The plan shall include written notice to all known owners or beneficiaries of the assets, to be sent by first class mail to each individual’s address as shown on the records of the savings and loan association.
(D) The court may make whatever additional orders and grant whatever further relief it determines proper upon the evidence submitted.
(E) Once the order is made declaring the savings and loan association dissolved, the corporate existence of the savings and loan association shall cease, except for purposes of any necessary additional winding up.
(F) Once the order is made declaring the savings and loan association dissolved, the receiver shall promptly file a copy of the order, certified by the clerk of the court, with both the secretary of state and the superintendent.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 03-17-1987
This section is set out twice. See also § 1157.29, effective until 9/13/2010.
