1165.23 [Effective Until 9/13/2010] Order to savings bank to liquidate its business and property.
(A) In lieu of taking possession of the business and property of a savings bank, the superintendent of savings banks, for any of the causes specified in section 1165.01 of the Revised Code, may order the savings bank to liquidate its business and property. The issuance of the order has the effect of an election of all the shareholders of the savings bank to dissolve it and shall terminate the power of the savings bank to accept money on deposit, to issue new stock, and to pay withdrawals of shareholders or depositors. The board of directors of the savings bank shall exercise all other powers vested by Chapter 1701. of the Revised Code in the directors of a corporation electing to dissolve, but the written consent of the superintendent or his deputy shall be secured to validate the exercise of any such power, except the collection in money of debts due the savings bank.
(B) When the superintendent orders the savings bank to liquidate its business and property, he shall file with the secretary of state a certificate, under his official seal, reciting the order. The filing has the effect of the filing of a certificate of dissolution under section 1701.88 of the Revised Code, except as otherwise specifically provided in this chapter and Chapter 1701. of the Revised Code, and no court shall appoint a receiver for any purpose in connection with the liquidation.
(C) In connection with a liquidation pursuant to this section in respect of a savings bank described in section 1161.11 of the Revised Code, the preferences and priorities provided in section 1165.18 of the Revised Code with respect to these savings banks apply.
(D) The court of common pleas of the county in which the principal office of the savings bank is located, or a judge thereof in vacation, may at any time, upon the petition of the board or a majority of the board, approved by the superintendent, order and adjudge, in the manner provided in section 1701.89 of the Revised Code, in respect to those matters mentioned in this chapter, as pertaining to liquidation proceedings conducted by the superintendent.
(E) The order provided for in this section shall contain a direction to the savings bank to publish the order once a week for two consecutive weeks in a newspaper of general circulation in all counties in which any office of the savings bank is located, and to post a copy of the order in a prominent and public place in each such office. The superintendent shall require of the savings bank proof of the publication and posting, which shall be in lieu of the publication and notice required by section 1701.87 of the Revised Code.
(F) The superintendent shall supervise any liquidation under this section. He may require the savings bank to make reports to him during the liquidation, at such times and in such forms as he prescribes, and may examine into its affairs at any time to determine whether all rights and interests involved are being protected. If he finds that the liquidation is being improperly conducted, or that interests are not being properly protected, he may take possession of the business and property of the savings bank and complete the liquidation himself as provided in this chapter.
(G) Whenever the superintendent is satisfied that the assets of the savings bank have been fully liquidated, that all of its liabilities have been fully paid in accordance with this section, but, that share accounts, deposits, dividends, or other intangible property remain unclaimed in the hands of the savings bank, he shall direct the savings bank to report the unclaimed items as unclaimed funds pursuant to sections 169.03 and 169.05 of the Revised Code, except that division (D) of section 169.03 of the Revised Code does not apply.
(H) All expenses incurred by the superintendent in supervising the liquidation of a savings bank under this section shall be paid monthly by the savings bank, upon the presentation to it by the superintendent of a statement of these expenses. These expenses shall include any expenses mentioned in section 1165.17 of the Revised Code incurred directly in connection with such supervision.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.23, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1165.23 [Effective 9/13/2010] Notice of claims procedure; filing of claims; time limitations
(A) The receiver shall promptly cause notice of the claims procedure to be published once a month for two consecutive months in a local newspaper of general circulation and to be mailed to each person whose name appears as a creditor upon the books of the savings bank, at the last address of record.
(B)(1) All parties having claims of any kind against the savings bank, including prior judgments and claims of security, preference, priority, and offset, shall present their claims substantiated by legal proof to the receiver within one hundred eighty days after the date of the first publication of notice of the claims procedure or after actual receipt of notice of the claims procedure, whichever occurs first.
(2) Within one hundred eighty days after receipt of a claim, the receiver shall notify the claimant in writing whether the claim has been allowed or disallowed. The receiver may reject any claim in whole or in part, or may reject any claim of security, preference, priority, or offset against the savings bank. Any claimant whose claim has been rejected by the receiver shall petition the court for a hearing on the claim within sixty days after the date the notice was mailed or be forever barred from asserting the rejected claim.
(C) Any claims filed after the claim period and subsequently accepted by the receiver or allowed by the court, shall be entitled to share in the distribution of assets only to the extent of the undistributed assets in the hands of the receiver on the date the claims are accepted or allowed.
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 § 1165.23, effective until 9/13/2010.
1165.23 [Effective Until 9/13/2010] Order to savings bank to liquidate its business and property.
(A) In lieu of taking possession of the business and property of a savings bank, the superintendent of savings banks, for any of the causes specified in section 1165.01 of the Revised Code, may order the savings bank to liquidate its business and property. The issuance of the order has the effect of an election of all the shareholders of the savings bank to dissolve it and shall terminate the power of the savings bank to accept money on deposit, to issue new stock, and to pay withdrawals of shareholders or depositors. The board of directors of the savings bank shall exercise all other powers vested by Chapter 1701. of the Revised Code in the directors of a corporation electing to dissolve, but the written consent of the superintendent or his deputy shall be secured to validate the exercise of any such power, except the collection in money of debts due the savings bank.
(B) When the superintendent orders the savings bank to liquidate its business and property, he shall file with the secretary of state a certificate, under his official seal, reciting the order. The filing has the effect of the filing of a certificate of dissolution under section 1701.88 of the Revised Code, except as otherwise specifically provided in this chapter and Chapter 1701. of the Revised Code, and no court shall appoint a receiver for any purpose in connection with the liquidation.
(C) In connection with a liquidation pursuant to this section in respect of a savings bank described in section 1161.11 of the Revised Code, the preferences and priorities provided in section 1165.18 of the Revised Code with respect to these savings banks apply.
(D) The court of common pleas of the county in which the principal office of the savings bank is located, or a judge thereof in vacation, may at any time, upon the petition of the board or a majority of the board, approved by the superintendent, order and adjudge, in the manner provided in section 1701.89 of the Revised Code, in respect to those matters mentioned in this chapter, as pertaining to liquidation proceedings conducted by the superintendent.
(E) The order provided for in this section shall contain a direction to the savings bank to publish the order once a week for two consecutive weeks in a newspaper of general circulation in all counties in which any office of the savings bank is located, and to post a copy of the order in a prominent and public place in each such office. The superintendent shall require of the savings bank proof of the publication and posting, which shall be in lieu of the publication and notice required by section 1701.87 of the Revised Code.
(F) The superintendent shall supervise any liquidation under this section. He may require the savings bank to make reports to him during the liquidation, at such times and in such forms as he prescribes, and may examine into its affairs at any time to determine whether all rights and interests involved are being protected. If he finds that the liquidation is being improperly conducted, or that interests are not being properly protected, he may take possession of the business and property of the savings bank and complete the liquidation himself as provided in this chapter.
(G) Whenever the superintendent is satisfied that the assets of the savings bank have been fully liquidated, that all of its liabilities have been fully paid in accordance with this section, but, that share accounts, deposits, dividends, or other intangible property remain unclaimed in the hands of the savings bank, he shall direct the savings bank to report the unclaimed items as unclaimed funds pursuant to sections 169.03 and 169.05 of the Revised Code, except that division (D) of section 169.03 of the Revised Code does not apply.
(H) All expenses incurred by the superintendent in supervising the liquidation of a savings bank under this section shall be paid monthly by the savings bank, upon the presentation to it by the superintendent of a statement of these expenses. These expenses shall include any expenses mentioned in section 1165.17 of the Revised Code incurred directly in connection with such supervision.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.23, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1165.23 [Effective 9/13/2010] Notice of claims procedure; filing of claims; time limitations
(A) The receiver shall promptly cause notice of the claims procedure to be published once a month for two consecutive months in a local newspaper of general circulation and to be mailed to each person whose name appears as a creditor upon the books of the savings bank, at the last address of record.
(B)(1) All parties having claims of any kind against the savings bank, including prior judgments and claims of security, preference, priority, and offset, shall present their claims substantiated by legal proof to the receiver within one hundred eighty days after the date of the first publication of notice of the claims procedure or after actual receipt of notice of the claims procedure, whichever occurs first.
(2) Within one hundred eighty days after receipt of a claim, the receiver shall notify the claimant in writing whether the claim has been allowed or disallowed. The receiver may reject any claim in whole or in part, or may reject any claim of security, preference, priority, or offset against the savings bank. Any claimant whose claim has been rejected by the receiver shall petition the court for a hearing on the claim within sixty days after the date the notice was mailed or be forever barred from asserting the rejected claim.
(C) Any claims filed after the claim period and subsequently accepted by the receiver or allowed by the court, shall be entitled to share in the distribution of assets only to the extent of the undistributed assets in the hands of the receiver on the date the claims are accepted or allowed.
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 § 1165.23, effective until 9/13/2010.
1165.23 [Effective Until 9/13/2010] Order to savings bank to liquidate its business and property.
(A) In lieu of taking possession of the business and property of a savings bank, the superintendent of savings banks, for any of the causes specified in section 1165.01 of the Revised Code, may order the savings bank to liquidate its business and property. The issuance of the order has the effect of an election of all the shareholders of the savings bank to dissolve it and shall terminate the power of the savings bank to accept money on deposit, to issue new stock, and to pay withdrawals of shareholders or depositors. The board of directors of the savings bank shall exercise all other powers vested by Chapter 1701. of the Revised Code in the directors of a corporation electing to dissolve, but the written consent of the superintendent or his deputy shall be secured to validate the exercise of any such power, except the collection in money of debts due the savings bank.
(B) When the superintendent orders the savings bank to liquidate its business and property, he shall file with the secretary of state a certificate, under his official seal, reciting the order. The filing has the effect of the filing of a certificate of dissolution under section 1701.88 of the Revised Code, except as otherwise specifically provided in this chapter and Chapter 1701. of the Revised Code, and no court shall appoint a receiver for any purpose in connection with the liquidation.
(C) In connection with a liquidation pursuant to this section in respect of a savings bank described in section 1161.11 of the Revised Code, the preferences and priorities provided in section 1165.18 of the Revised Code with respect to these savings banks apply.
(D) The court of common pleas of the county in which the principal office of the savings bank is located, or a judge thereof in vacation, may at any time, upon the petition of the board or a majority of the board, approved by the superintendent, order and adjudge, in the manner provided in section 1701.89 of the Revised Code, in respect to those matters mentioned in this chapter, as pertaining to liquidation proceedings conducted by the superintendent.
(E) The order provided for in this section shall contain a direction to the savings bank to publish the order once a week for two consecutive weeks in a newspaper of general circulation in all counties in which any office of the savings bank is located, and to post a copy of the order in a prominent and public place in each such office. The superintendent shall require of the savings bank proof of the publication and posting, which shall be in lieu of the publication and notice required by section 1701.87 of the Revised Code.
(F) The superintendent shall supervise any liquidation under this section. He may require the savings bank to make reports to him during the liquidation, at such times and in such forms as he prescribes, and may examine into its affairs at any time to determine whether all rights and interests involved are being protected. If he finds that the liquidation is being improperly conducted, or that interests are not being properly protected, he may take possession of the business and property of the savings bank and complete the liquidation himself as provided in this chapter.
(G) Whenever the superintendent is satisfied that the assets of the savings bank have been fully liquidated, that all of its liabilities have been fully paid in accordance with this section, but, that share accounts, deposits, dividends, or other intangible property remain unclaimed in the hands of the savings bank, he shall direct the savings bank to report the unclaimed items as unclaimed funds pursuant to sections 169.03 and 169.05 of the Revised Code, except that division (D) of section 169.03 of the Revised Code does not apply.
(H) All expenses incurred by the superintendent in supervising the liquidation of a savings bank under this section shall be paid monthly by the savings bank, upon the presentation to it by the superintendent of a statement of these expenses. These expenses shall include any expenses mentioned in section 1165.17 of the Revised Code incurred directly in connection with such supervision.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.23, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1165.23 [Effective 9/13/2010] Notice of claims procedure; filing of claims; time limitations
(A) The receiver shall promptly cause notice of the claims procedure to be published once a month for two consecutive months in a local newspaper of general circulation and to be mailed to each person whose name appears as a creditor upon the books of the savings bank, at the last address of record.
(B)(1) All parties having claims of any kind against the savings bank, including prior judgments and claims of security, preference, priority, and offset, shall present their claims substantiated by legal proof to the receiver within one hundred eighty days after the date of the first publication of notice of the claims procedure or after actual receipt of notice of the claims procedure, whichever occurs first.
(2) Within one hundred eighty days after receipt of a claim, the receiver shall notify the claimant in writing whether the claim has been allowed or disallowed. The receiver may reject any claim in whole or in part, or may reject any claim of security, preference, priority, or offset against the savings bank. Any claimant whose claim has been rejected by the receiver shall petition the court for a hearing on the claim within sixty days after the date the notice was mailed or be forever barred from asserting the rejected claim.
(C) Any claims filed after the claim period and subsequently accepted by the receiver or allowed by the court, shall be entitled to share in the distribution of assets only to the extent of the undistributed assets in the hands of the receiver on the date the claims are accepted or allowed.
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 § 1165.23, effective until 9/13/2010.
