1165.09 [Effective Until 9/13/2010] Appraising assets.
For the purpose of establishing a value on assets of a savings bank in process of liquidation under this chapter, which are intended to be sold or exchanged, the superintendent of savings banks may have the assets appraised, at the time of the sale or exchange, by three appraisers, of whom one shall be selected by him, one shall be selected by the court of common pleas in which the proceedings for the liquidation are pending or by a judge thereof, and one shall be named by the two so chosen. The value fixed by two of the appraisers shall be accepted as the value of the assets for the purpose of the sale or exchange, but if no two of the appraisers agree as to the value, the superintendent may accept the average of the separate values fixed by all of the appraisers. The superintendent, if unable by sale or exchange to secure for any asset the value assigned to it in the original appraisal, may order a reappraisal by the method provided in this section, with the consent of the court. All expenses of appraisals made under this section shall be paid out of the funds of the savings bank whose assets are so appraised.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.01, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1165.09 [Effective 9/13/2010] Appointment of conservator
The superintendent of financial institutions may appoint a conservator to take possession of the property and business of a savings bank and to retain possession until the savings bank resumes business or a receiver is appointed, as provided for in this chapter, if the superintendent finds any one or more of the following conditions:
(A) The savings bank is in an unsafe or unsound condition to continue the business of banking.
(B) The savings bank is insolvent, in that it has ceased to pay its debts in the ordinary course of business, it is incapable of paying its debts as they mature, or it has liabilities in excess of its assets.
(C) The savings bank has committed a violation of law that has caused or that threatens substantial injury to any of the public, the banking industry, or the savings bank’s depositors or other creditors.
(D) The savings bank has refused to submit its records of account, papers, or affairs to the inspection or examination of any federal agency or the superintendent.
(E) The savings bank has failed to pay its deposits or obligations in accordance with the terms under which the deposits were taken or the obligations were incurred.
(F) A majority of the board of directors of the savings bank or a majority of its shareholders has requested the superintendent to appoint a conservator to take possession of the savings bank.
(G) Either all positions on the board of directors of the savings bank are vacant or all of the directors then in office are incapacitated or otherwise unable to perform their responsibilities.
(H) The savings bank has violated any court order, statute, rule, or regulation, or its articles of incorporation, and the superintendent determines the continued control of its own affairs threatens injury to any of the public, the banking industry, or the savings bank’s depositors or other creditors.
(I) The savings bank’s status as an insured depository institution has been terminated by the federal deposit insurance corporation.
Renumbered and amended as § 1165.09 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 § 1165.01, eff. until 9/13/2010.
1165.09 [Effective Until 9/13/2010] Appraising assets.
For the purpose of establishing a value on assets of a savings bank in process of liquidation under this chapter, which are intended to be sold or exchanged, the superintendent of savings banks may have the assets appraised, at the time of the sale or exchange, by three appraisers, of whom one shall be selected by him, one shall be selected by the court of common pleas in which the proceedings for the liquidation are pending or by a judge thereof, and one shall be named by the two so chosen. The value fixed by two of the appraisers shall be accepted as the value of the assets for the purpose of the sale or exchange, but if no two of the appraisers agree as to the value, the superintendent may accept the average of the separate values fixed by all of the appraisers. The superintendent, if unable by sale or exchange to secure for any asset the value assigned to it in the original appraisal, may order a reappraisal by the method provided in this section, with the consent of the court. All expenses of appraisals made under this section shall be paid out of the funds of the savings bank whose assets are so appraised.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.01, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1165.09 [Effective 9/13/2010] Appointment of conservator
The superintendent of financial institutions may appoint a conservator to take possession of the property and business of a savings bank and to retain possession until the savings bank resumes business or a receiver is appointed, as provided for in this chapter, if the superintendent finds any one or more of the following conditions:
(A) The savings bank is in an unsafe or unsound condition to continue the business of banking.
(B) The savings bank is insolvent, in that it has ceased to pay its debts in the ordinary course of business, it is incapable of paying its debts as they mature, or it has liabilities in excess of its assets.
(C) The savings bank has committed a violation of law that has caused or that threatens substantial injury to any of the public, the banking industry, or the savings bank’s depositors or other creditors.
(D) The savings bank has refused to submit its records of account, papers, or affairs to the inspection or examination of any federal agency or the superintendent.
(E) The savings bank has failed to pay its deposits or obligations in accordance with the terms under which the deposits were taken or the obligations were incurred.
(F) A majority of the board of directors of the savings bank or a majority of its shareholders has requested the superintendent to appoint a conservator to take possession of the savings bank.
(G) Either all positions on the board of directors of the savings bank are vacant or all of the directors then in office are incapacitated or otherwise unable to perform their responsibilities.
(H) The savings bank has violated any court order, statute, rule, or regulation, or its articles of incorporation, and the superintendent determines the continued control of its own affairs threatens injury to any of the public, the banking industry, or the savings bank’s depositors or other creditors.
(I) The savings bank’s status as an insured depository institution has been terminated by the federal deposit insurance corporation.
Renumbered and amended as § 1165.09 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 § 1165.01, eff. until 9/13/2010.
1165.09 [Effective Until 9/13/2010] Appraising assets.
For the purpose of establishing a value on assets of a savings bank in process of liquidation under this chapter, which are intended to be sold or exchanged, the superintendent of savings banks may have the assets appraised, at the time of the sale or exchange, by three appraisers, of whom one shall be selected by him, one shall be selected by the court of common pleas in which the proceedings for the liquidation are pending or by a judge thereof, and one shall be named by the two so chosen. The value fixed by two of the appraisers shall be accepted as the value of the assets for the purpose of the sale or exchange, but if no two of the appraisers agree as to the value, the superintendent may accept the average of the separate values fixed by all of the appraisers. The superintendent, if unable by sale or exchange to secure for any asset the value assigned to it in the original appraisal, may order a reappraisal by the method provided in this section, with the consent of the court. All expenses of appraisals made under this section shall be paid out of the funds of the savings bank whose assets are so appraised.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.01, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1165.09 [Effective 9/13/2010] Appointment of conservator
The superintendent of financial institutions may appoint a conservator to take possession of the property and business of a savings bank and to retain possession until the savings bank resumes business or a receiver is appointed, as provided for in this chapter, if the superintendent finds any one or more of the following conditions:
(A) The savings bank is in an unsafe or unsound condition to continue the business of banking.
(B) The savings bank is insolvent, in that it has ceased to pay its debts in the ordinary course of business, it is incapable of paying its debts as they mature, or it has liabilities in excess of its assets.
(C) The savings bank has committed a violation of law that has caused or that threatens substantial injury to any of the public, the banking industry, or the savings bank’s depositors or other creditors.
(D) The savings bank has refused to submit its records of account, papers, or affairs to the inspection or examination of any federal agency or the superintendent.
(E) The savings bank has failed to pay its deposits or obligations in accordance with the terms under which the deposits were taken or the obligations were incurred.
(F) A majority of the board of directors of the savings bank or a majority of its shareholders has requested the superintendent to appoint a conservator to take possession of the savings bank.
(G) Either all positions on the board of directors of the savings bank are vacant or all of the directors then in office are incapacitated or otherwise unable to perform their responsibilities.
(H) The savings bank has violated any court order, statute, rule, or regulation, or its articles of incorporation, and the superintendent determines the continued control of its own affairs threatens injury to any of the public, the banking industry, or the savings bank’s depositors or other creditors.
(I) The savings bank’s status as an insured depository institution has been terminated by the federal deposit insurance corporation.
Renumbered and amended as § 1165.09 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 § 1165.01, eff. until 9/13/2010.
