1165.03 [Effective Until 9/13/2010] Application for order requiring superintendent to specify grounds and operative facts for taking possession.
The savings bank named in the title of the proceedings provided for in section 1165.02 of the Revised Code, within seven days after the filing of the notice provided for in division (A)(3) of that section, may make application to the court with which the notice was filed for an order requiring the superintendent of savings banks, within such time, not exceeding fifteen days, as is fixed by the court, to file in the court a writing specifying the grounds named in section 1165.01 of the Revised Code on which he has taken possession of its business and property and the operative facts found by him with respect to the taking of possession. If the superintendent does not comply with the order within the time so fixed, the liquidation proceedings shall be dismissed. Within fifteen days after the filing of the writing, the savings bank may file an answer in the proceedings, joining issue on the allegations set forth in the writing. If issue is so joined, the court, or a judge of it in vacation, shall set the proceedings down for immediate hearing upon the issue. If the court finds that the writing is sufficient in law or that the superintendent has exceeded or abused his power and discretion, it shall dismiss the liquidation proceedings and direct the superintendent to surrender the business and property to the savings bank, and the decree and order of the court shall operate to revest the title of all the property in the savings bank as of the time specified in the decree and order. An appeal may be taken from the final order of the court as in other cases. An appeal by the superintendent from a final order dismissing the proceedings shall operate as a supersedeas. The perfecting of such an appeal by the superintendent is governed by the Rules of Appellate Procedure and, to the extent not in conflict with those rules, Chapter 2505. of the Revised Code.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.03, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
(A) A savings bank may proceed with a voluntary liquidation and be closed only with both the consent of the superintendent of financial institutions and the prior approval of the shareholders of the savings bank by a vote as provided for in its articles of incorporation, if not less than a majority.
(B) Prior to instituting a voluntary liquidation, a savings bank shall submit to the superintendent an application for approval of its plan of voluntary liquidation and evidence satisfactory to the superintendent that the plan has been properly adopted by the savings bank and approved by its shareholders.
(C) A savings bank’s plan of voluntary liquidation shall include provisions for all of the following:
(1) The settlement of all debts and liabilities, including the claims of account holders, owed by the savings bank;
(2) The distribution of the savings bank’s assets that remain after the settlement of debts and liabilities to all persons entitled to them;
(3) The disposition or maintenance of any remaining or unclaimed funds, real or personal property, either tangible or intangible, or other assets, whether in trust or otherwise, including the contents of safe deposit boxes or vaults;
(4) The retention of the savings bank’s records in accordance with section 1163.09 of the Revised Code;
(5) The date upon which the savings bank shall cease doing any banking business and surrender its license to the superintendent.
(D) Upon receipt of a plan of voluntary liquidation, the superintendent shall make an examination of the savings bank and shall consent to or deny an application for approval of a plan based upon the superintendent’s evaluation of whether or not the interests of the savings bank’s depositors and creditors will suffer by the liquidation.
(E) The superintendent’s consent to an application for approval of a plan of voluntary liquidation may be subject to any condition the superintendent determines appropriate under the circumstances.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.03, effective until 9/13/2010.
1165.03 [Effective Until 9/13/2010] Application for order requiring superintendent to specify grounds and operative facts for taking possession.
The savings bank named in the title of the proceedings provided for in section 1165.02 of the Revised Code, within seven days after the filing of the notice provided for in division (A)(3) of that section, may make application to the court with which the notice was filed for an order requiring the superintendent of savings banks, within such time, not exceeding fifteen days, as is fixed by the court, to file in the court a writing specifying the grounds named in section 1165.01 of the Revised Code on which he has taken possession of its business and property and the operative facts found by him with respect to the taking of possession. If the superintendent does not comply with the order within the time so fixed, the liquidation proceedings shall be dismissed. Within fifteen days after the filing of the writing, the savings bank may file an answer in the proceedings, joining issue on the allegations set forth in the writing. If issue is so joined, the court, or a judge of it in vacation, shall set the proceedings down for immediate hearing upon the issue. If the court finds that the writing is sufficient in law or that the superintendent has exceeded or abused his power and discretion, it shall dismiss the liquidation proceedings and direct the superintendent to surrender the business and property to the savings bank, and the decree and order of the court shall operate to revest the title of all the property in the savings bank as of the time specified in the decree and order. An appeal may be taken from the final order of the court as in other cases. An appeal by the superintendent from a final order dismissing the proceedings shall operate as a supersedeas. The perfecting of such an appeal by the superintendent is governed by the Rules of Appellate Procedure and, to the extent not in conflict with those rules, Chapter 2505. of the Revised Code.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.03, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
(A) A savings bank may proceed with a voluntary liquidation and be closed only with both the consent of the superintendent of financial institutions and the prior approval of the shareholders of the savings bank by a vote as provided for in its articles of incorporation, if not less than a majority.
(B) Prior to instituting a voluntary liquidation, a savings bank shall submit to the superintendent an application for approval of its plan of voluntary liquidation and evidence satisfactory to the superintendent that the plan has been properly adopted by the savings bank and approved by its shareholders.
(C) A savings bank’s plan of voluntary liquidation shall include provisions for all of the following:
(1) The settlement of all debts and liabilities, including the claims of account holders, owed by the savings bank;
(2) The distribution of the savings bank’s assets that remain after the settlement of debts and liabilities to all persons entitled to them;
(3) The disposition or maintenance of any remaining or unclaimed funds, real or personal property, either tangible or intangible, or other assets, whether in trust or otherwise, including the contents of safe deposit boxes or vaults;
(4) The retention of the savings bank’s records in accordance with section 1163.09 of the Revised Code;
(5) The date upon which the savings bank shall cease doing any banking business and surrender its license to the superintendent.
(D) Upon receipt of a plan of voluntary liquidation, the superintendent shall make an examination of the savings bank and shall consent to or deny an application for approval of a plan based upon the superintendent’s evaluation of whether or not the interests of the savings bank’s depositors and creditors will suffer by the liquidation.
(E) The superintendent’s consent to an application for approval of a plan of voluntary liquidation may be subject to any condition the superintendent determines appropriate under the circumstances.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.03, effective until 9/13/2010.
1165.03 [Effective Until 9/13/2010] Application for order requiring superintendent to specify grounds and operative facts for taking possession.
The savings bank named in the title of the proceedings provided for in section 1165.02 of the Revised Code, within seven days after the filing of the notice provided for in division (A)(3) of that section, may make application to the court with which the notice was filed for an order requiring the superintendent of savings banks, within such time, not exceeding fifteen days, as is fixed by the court, to file in the court a writing specifying the grounds named in section 1165.01 of the Revised Code on which he has taken possession of its business and property and the operative facts found by him with respect to the taking of possession. If the superintendent does not comply with the order within the time so fixed, the liquidation proceedings shall be dismissed. Within fifteen days after the filing of the writing, the savings bank may file an answer in the proceedings, joining issue on the allegations set forth in the writing. If issue is so joined, the court, or a judge of it in vacation, shall set the proceedings down for immediate hearing upon the issue. If the court finds that the writing is sufficient in law or that the superintendent has exceeded or abused his power and discretion, it shall dismiss the liquidation proceedings and direct the superintendent to surrender the business and property to the savings bank, and the decree and order of the court shall operate to revest the title of all the property in the savings bank as of the time specified in the decree and order. An appeal may be taken from the final order of the court as in other cases. An appeal by the superintendent from a final order dismissing the proceedings shall operate as a supersedeas. The perfecting of such an appeal by the superintendent is governed by the Rules of Appellate Procedure and, to the extent not in conflict with those rules, Chapter 2505. of the Revised Code.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.03, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
(A) A savings bank may proceed with a voluntary liquidation and be closed only with both the consent of the superintendent of financial institutions and the prior approval of the shareholders of the savings bank by a vote as provided for in its articles of incorporation, if not less than a majority.
(B) Prior to instituting a voluntary liquidation, a savings bank shall submit to the superintendent an application for approval of its plan of voluntary liquidation and evidence satisfactory to the superintendent that the plan has been properly adopted by the savings bank and approved by its shareholders.
(C) A savings bank’s plan of voluntary liquidation shall include provisions for all of the following:
(1) The settlement of all debts and liabilities, including the claims of account holders, owed by the savings bank;
(2) The distribution of the savings bank’s assets that remain after the settlement of debts and liabilities to all persons entitled to them;
(3) The disposition or maintenance of any remaining or unclaimed funds, real or personal property, either tangible or intangible, or other assets, whether in trust or otherwise, including the contents of safe deposit boxes or vaults;
(4) The retention of the savings bank’s records in accordance with section 1163.09 of the Revised Code;
(5) The date upon which the savings bank shall cease doing any banking business and surrender its license to the superintendent.
(D) Upon receipt of a plan of voluntary liquidation, the superintendent shall make an examination of the savings bank and shall consent to or deny an application for approval of a plan based upon the superintendent’s evaluation of whether or not the interests of the savings bank’s depositors and creditors will suffer by the liquidation.
(E) The superintendent’s consent to an application for approval of a plan of voluntary liquidation may be subject to any condition the superintendent determines appropriate under the circumstances.
Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.03, effective until 9/13/2010.
