As soon as practicable after the expiration of the date fixed for the presentation of claims by creditors of a savings bank of whose business and property he has taken possession, the superintendent of savings banks shall declare dividends out of the funds or property remaining in his hands after the payment of expenses. Each dividend shall be paid to those persons, in such manner and amount, and upon such notice as may be directed by the court of common pleas in which the proceedings for the liquidation of the savings bank are pending. Dividends due to shareholders, on claims as depositors or otherwise, shall be withheld by the superintendent to the extent of any liability of such shareholders until it is ascertained that it will not be necessary to enforce the liability by counterclaim or setoff. The court shall make proper provision for unproved and unclaimed deposits and for rejected claims upon which action has been instituted within the period provided for by section 1165.07 of the Revised Code. No final dividend shall be paid until after the final disposition of all claims filed. The power conferred by this section to pay dividends is in addition to the power conferred by section 1165.12 of the Revised Code to distribute dividends in cash or otherwise.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.18, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1165.18 [Effective 9/13/2010] When superintendent may take possession
The superintendent of financial institutions may take possession of the property and business of a savings bank 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 refused to submit its records or affairs to the inspection or examination of any federal bank regulatory agency or the superintendent.
(D) 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.
(E) A majority of the board of directors of the savings bank has requested the superintendent to appoint a receiver to take possession of the savings bank for the benefit of account holders, creditors, or shareholders.
(F) The savings bank has violated any order of a court or of the superintendent, any 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.
(G) The savings bank’s status as an insured institution has been terminated by the federal deposit insurance corporation.
(H) The savings bank has an impairment of paid-in capital.
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 § 1165.18, effective until 9/13/2010.
As soon as practicable after the expiration of the date fixed for the presentation of claims by creditors of a savings bank of whose business and property he has taken possession, the superintendent of savings banks shall declare dividends out of the funds or property remaining in his hands after the payment of expenses. Each dividend shall be paid to those persons, in such manner and amount, and upon such notice as may be directed by the court of common pleas in which the proceedings for the liquidation of the savings bank are pending. Dividends due to shareholders, on claims as depositors or otherwise, shall be withheld by the superintendent to the extent of any liability of such shareholders until it is ascertained that it will not be necessary to enforce the liability by counterclaim or setoff. The court shall make proper provision for unproved and unclaimed deposits and for rejected claims upon which action has been instituted within the period provided for by section 1165.07 of the Revised Code. No final dividend shall be paid until after the final disposition of all claims filed. The power conferred by this section to pay dividends is in addition to the power conferred by section 1165.12 of the Revised Code to distribute dividends in cash or otherwise.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.18, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1165.18 [Effective 9/13/2010] When superintendent may take possession
The superintendent of financial institutions may take possession of the property and business of a savings bank 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 refused to submit its records or affairs to the inspection or examination of any federal bank regulatory agency or the superintendent.
(D) 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.
(E) A majority of the board of directors of the savings bank has requested the superintendent to appoint a receiver to take possession of the savings bank for the benefit of account holders, creditors, or shareholders.
(F) The savings bank has violated any order of a court or of the superintendent, any 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.
(G) The savings bank’s status as an insured institution has been terminated by the federal deposit insurance corporation.
(H) The savings bank has an impairment of paid-in capital.
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 § 1165.18, effective until 9/13/2010.
As soon as practicable after the expiration of the date fixed for the presentation of claims by creditors of a savings bank of whose business and property he has taken possession, the superintendent of savings banks shall declare dividends out of the funds or property remaining in his hands after the payment of expenses. Each dividend shall be paid to those persons, in such manner and amount, and upon such notice as may be directed by the court of common pleas in which the proceedings for the liquidation of the savings bank are pending. Dividends due to shareholders, on claims as depositors or otherwise, shall be withheld by the superintendent to the extent of any liability of such shareholders until it is ascertained that it will not be necessary to enforce the liability by counterclaim or setoff. The court shall make proper provision for unproved and unclaimed deposits and for rejected claims upon which action has been instituted within the period provided for by section 1165.07 of the Revised Code. No final dividend shall be paid until after the final disposition of all claims filed. The power conferred by this section to pay dividends is in addition to the power conferred by section 1165.12 of the Revised Code to distribute dividends in cash or otherwise.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.18, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1165.18 [Effective 9/13/2010] When superintendent may take possession
The superintendent of financial institutions may take possession of the property and business of a savings bank 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 refused to submit its records or affairs to the inspection or examination of any federal bank regulatory agency or the superintendent.
(D) 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.
(E) A majority of the board of directors of the savings bank has requested the superintendent to appoint a receiver to take possession of the savings bank for the benefit of account holders, creditors, or shareholders.
(F) The savings bank has violated any order of a court or of the superintendent, any 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.
(G) The savings bank’s status as an insured institution has been terminated by the federal deposit insurance corporation.
(H) The savings bank has an impairment of paid-in capital.
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 § 1165.18, effective until 9/13/2010.
