1165.12 [Effective Until 9/13/2010] Authorization for additional acts.
(A) Without prejudice to the generality of the power of the superintendent of savings banks and of the court of common pleas, in which the proceedings for the liquidation of a savings bank are pending, or a judge of that court, with respect to the sale, lease, exchange, or other disposition of assets of the savings bank under division (B) of section 1165.10 of the Revised Code, the superintendent, upon application to the court or judge, as provided in that section, and on such terms as the court or judge by order approves, may:
(1) Accept, as consideration for the assets, claims against the savings bank, whether acquired before or after the superintendent took possession of its business and property, or stock, bonds, or other instruments for the payment of money;
(2) After paying or providing for the payment of the expenses of liquidation as provided in section 1165.17 of the Revised Code, and after canceling the claims, distribute the considerations remaining in his hands in kind, or the proceeds thereof, as dividends among the creditors, depositors, and shareholders of the savings bank as provided in section 1165.18 of the Revised Code, depositing unclaimed dividends, in kind or otherwise, as provided in section 1165.20 of the Revised Code.
(3) Accept, as consideration for the assets, shares of the savings banks, if the debts and obligations of the savings banks have been paid, adequately secured to be paid, or otherwise provided for.
(B) Transactions authorized under this section and the issuance of securities in connection therewith, are not subject to Chapter 1707. of the Revised Code. The court or judge may by order require, in the manner provided in section 1165.09 of the Revised Code, an appraisal of any such assets proposed to be sold, leased, exchanged, or otherwise disposed of as provided in this section.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.12, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1165.12 [Effective 9/13/2010] Powers of conservator
(A) A conservator, under the supervision of the superintendent of financial institutions and subject to any limitations imposed by the superintendent, shall have all of the following powers:
(1) To take possession of all books, records of account, and assets of the savings bank;
(2) To have and exercise, in the name and on behalf of the savings bank, all the rights, powers, and authority of the officers and directors of the savings bank and all voting rights of its shareholders;
(3) To collect all debts, claims, and judgments belonging to the savings bank and to take any other action, including the lending of money, necessary to the operation of the savings bank during the conservatorship;
(4) To execute in the name of the savings bank any instrument necessary or proper to effectuate the conservator’s powers or perform its duties as conservator;
(5) To initiate, pursue, compromise, and defend litigation involving any right, claim, interest, or liability of the savings bank;
(6) To exercise all fiduciary functions of the savings bank as of the date of appointment as conservator;
(7) To borrow money as necessary in the operation of the savings bank, and to secure those borrowings by the pledge or mortgage of the assets of the savings bank;
(8) To abandon or convey title to any holder of a deed of trust, mortgage, or similar lien against property in which the savings bank has an interest, whenever the conservator determines that continuing to claim that interest is burdensome and of no advantage to the savings bank or its account holders, creditors, or shareholders;
(9) If done within the ordinary course of business or financial affairs of the savings bank and according to ordinary business terms, to sell any and all assets, to compromise any debt, claim, obligation, or judgment due to the savings bank, to discontinue any pending action or other proceeding, and to implement a restructuring of the savings bank in accordance with this chapter.
(B) Title to any assets of the savings bank does not vest in the conservator.
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 § 1165.12, effective until 9/13/2010.
1165.12 [Effective Until 9/13/2010] Authorization for additional acts.
(A) Without prejudice to the generality of the power of the superintendent of savings banks and of the court of common pleas, in which the proceedings for the liquidation of a savings bank are pending, or a judge of that court, with respect to the sale, lease, exchange, or other disposition of assets of the savings bank under division (B) of section 1165.10 of the Revised Code, the superintendent, upon application to the court or judge, as provided in that section, and on such terms as the court or judge by order approves, may:
(1) Accept, as consideration for the assets, claims against the savings bank, whether acquired before or after the superintendent took possession of its business and property, or stock, bonds, or other instruments for the payment of money;
(2) After paying or providing for the payment of the expenses of liquidation as provided in section 1165.17 of the Revised Code, and after canceling the claims, distribute the considerations remaining in his hands in kind, or the proceeds thereof, as dividends among the creditors, depositors, and shareholders of the savings bank as provided in section 1165.18 of the Revised Code, depositing unclaimed dividends, in kind or otherwise, as provided in section 1165.20 of the Revised Code.
(3) Accept, as consideration for the assets, shares of the savings banks, if the debts and obligations of the savings banks have been paid, adequately secured to be paid, or otherwise provided for.
(B) Transactions authorized under this section and the issuance of securities in connection therewith, are not subject to Chapter 1707. of the Revised Code. The court or judge may by order require, in the manner provided in section 1165.09 of the Revised Code, an appraisal of any such assets proposed to be sold, leased, exchanged, or otherwise disposed of as provided in this section.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.12, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1165.12 [Effective 9/13/2010] Powers of conservator
(A) A conservator, under the supervision of the superintendent of financial institutions and subject to any limitations imposed by the superintendent, shall have all of the following powers:
(1) To take possession of all books, records of account, and assets of the savings bank;
(2) To have and exercise, in the name and on behalf of the savings bank, all the rights, powers, and authority of the officers and directors of the savings bank and all voting rights of its shareholders;
(3) To collect all debts, claims, and judgments belonging to the savings bank and to take any other action, including the lending of money, necessary to the operation of the savings bank during the conservatorship;
(4) To execute in the name of the savings bank any instrument necessary or proper to effectuate the conservator’s powers or perform its duties as conservator;
(5) To initiate, pursue, compromise, and defend litigation involving any right, claim, interest, or liability of the savings bank;
(6) To exercise all fiduciary functions of the savings bank as of the date of appointment as conservator;
(7) To borrow money as necessary in the operation of the savings bank, and to secure those borrowings by the pledge or mortgage of the assets of the savings bank;
(8) To abandon or convey title to any holder of a deed of trust, mortgage, or similar lien against property in which the savings bank has an interest, whenever the conservator determines that continuing to claim that interest is burdensome and of no advantage to the savings bank or its account holders, creditors, or shareholders;
(9) If done within the ordinary course of business or financial affairs of the savings bank and according to ordinary business terms, to sell any and all assets, to compromise any debt, claim, obligation, or judgment due to the savings bank, to discontinue any pending action or other proceeding, and to implement a restructuring of the savings bank in accordance with this chapter.
(B) Title to any assets of the savings bank does not vest in the conservator.
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 § 1165.12, effective until 9/13/2010.
1165.12 [Effective Until 9/13/2010] Authorization for additional acts.
(A) Without prejudice to the generality of the power of the superintendent of savings banks and of the court of common pleas, in which the proceedings for the liquidation of a savings bank are pending, or a judge of that court, with respect to the sale, lease, exchange, or other disposition of assets of the savings bank under division (B) of section 1165.10 of the Revised Code, the superintendent, upon application to the court or judge, as provided in that section, and on such terms as the court or judge by order approves, may:
(1) Accept, as consideration for the assets, claims against the savings bank, whether acquired before or after the superintendent took possession of its business and property, or stock, bonds, or other instruments for the payment of money;
(2) After paying or providing for the payment of the expenses of liquidation as provided in section 1165.17 of the Revised Code, and after canceling the claims, distribute the considerations remaining in his hands in kind, or the proceeds thereof, as dividends among the creditors, depositors, and shareholders of the savings bank as provided in section 1165.18 of the Revised Code, depositing unclaimed dividends, in kind or otherwise, as provided in section 1165.20 of the Revised Code.
(3) Accept, as consideration for the assets, shares of the savings banks, if the debts and obligations of the savings banks have been paid, adequately secured to be paid, or otherwise provided for.
(B) Transactions authorized under this section and the issuance of securities in connection therewith, are not subject to Chapter 1707. of the Revised Code. The court or judge may by order require, in the manner provided in section 1165.09 of the Revised Code, an appraisal of any such assets proposed to be sold, leased, exchanged, or otherwise disposed of as provided in this section.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.12, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1165.12 [Effective 9/13/2010] Powers of conservator
(A) A conservator, under the supervision of the superintendent of financial institutions and subject to any limitations imposed by the superintendent, shall have all of the following powers:
(1) To take possession of all books, records of account, and assets of the savings bank;
(2) To have and exercise, in the name and on behalf of the savings bank, all the rights, powers, and authority of the officers and directors of the savings bank and all voting rights of its shareholders;
(3) To collect all debts, claims, and judgments belonging to the savings bank and to take any other action, including the lending of money, necessary to the operation of the savings bank during the conservatorship;
(4) To execute in the name of the savings bank any instrument necessary or proper to effectuate the conservator’s powers or perform its duties as conservator;
(5) To initiate, pursue, compromise, and defend litigation involving any right, claim, interest, or liability of the savings bank;
(6) To exercise all fiduciary functions of the savings bank as of the date of appointment as conservator;
(7) To borrow money as necessary in the operation of the savings bank, and to secure those borrowings by the pledge or mortgage of the assets of the savings bank;
(8) To abandon or convey title to any holder of a deed of trust, mortgage, or similar lien against property in which the savings bank has an interest, whenever the conservator determines that continuing to claim that interest is burdensome and of no advantage to the savings bank or its account holders, creditors, or shareholders;
(9) If done within the ordinary course of business or financial affairs of the savings bank and according to ordinary business terms, to sell any and all assets, to compromise any debt, claim, obligation, or judgment due to the savings bank, to discontinue any pending action or other proceeding, and to implement a restructuring of the savings bank in accordance with this chapter.
(B) Title to any assets of the savings bank does not vest in the conservator.
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 § 1165.12, effective until 9/13/2010.
