1165.24 [Effective Until 9/13/2010] Order to savings bank to rehabilitate or reorganize.
In lieu of taking possession of the business and property of a savings bank or ordering the savings bank to liquidate its business and property, the superintendent of savings banks, for any of the causes specified in section 1165.01 of the Revised Code and if he finds that the affairs of the savings bank may be put in sound and safe condition by adjusting or sustaining the capital structure of the savings bank, may order the savings bank to rehabilitate or reorganize as provided in this section and in section 1165.25 of the Revised Code. The issuance of such an order shall suspend the power of the savings bank to receive deposits, except as provided in this section; pay withdrawals of stock; declare or pay dividends; and make loans. The superintendent may impose such conditions and restrictions upon the powers of the savings bank to receive stock subscriptions and to issue or sell stock as he may prescribe in the order or by additional orders issued during the period of rehabilitation or reorganization. If the savings bank elects to receive deposits after the order is issued, the superintendent shall appoint a trustee to receive, account for, and preserve the deposits for the benefit of the depositors in such manner as may be approved by the superintendent.
The board of directors of the savings bank, within ninety days after receipt of such order, shall submit to the superintendent for his approval a plan for the rehabilitation of its capital and reserve. The plan shall be so devised as reasonably to ensure equality of interest between prior shareholders of each class and those who may subsequently become shareholders. The basis of the rehabilitation or reorganization may be either the findings of the superintendent’s examination, or an appraisal of any assets of the savings bank that is made at the expense of the savings bank by competent persons approved by the superintendent and made under rules prescribed by the superintendent, as the board may elect, unless the superintendent, in the order of rehabilitation or reorganization, or by order issued during the period of rehabilitation or reorganization, specifies which of the two bases shall be employed.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.24, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1165.24 [Effective 9/13/2010] Priority of claims
(A) All claims against the savings bank’s estate and expenses, proved to the receiver’s satisfaction or approved by the court, shall be paid in the following order:
(1) Expenses of liquidation and receivership, including money borrowed under authority of division (A)(6) of section 1165.22 or division (A)(7) of section 1165.12 of the Revised Code and interest on it, and claims for fees and assessments due the superintendent of financial institutions;
(2) Claims given priorities under other provisions of state or federal law;
(3) Wages and salaries of officers and employees earned during the one-month period preceding the date of the savings bank’s closing in an amount, before applicable taxes and other withholdings, that does not exceed one thousand dollars for any one person;
(4) Deposit obligations;
(5) Other general liabilities;
(6) Obligations subordinated to deposits and other general liabilities.
(B) Interest shall be given the same priority as the claim on which it is based, but no interest shall be paid on any claim until the principal of all claims within the same class has been paid or provided for in full.
(C) Any funds remaining after satisfying the requirements of divisions (A) and (B) of this section shall be paid to the shareholders.
(D) Payment on claims shall be made pro rata among claims of the kind specified in each class set forth in division (A) of this section.
(E) Subject to the approval of the court, the receiver may designate a separate class of claims consisting only of every unsecured claim that is less than, or reduced to, an amount the court approves for payment as reasonable and necessary for administrative convenience.
(F) Subject to the approval of the court, the receiver may make periodic and interim liquidating dividends or payments.
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 § 1165.24, effective until 9/13/2010.
1165.24 [Effective Until 9/13/2010] Order to savings bank to rehabilitate or reorganize.
In lieu of taking possession of the business and property of a savings bank or ordering the savings bank to liquidate its business and property, the superintendent of savings banks, for any of the causes specified in section 1165.01 of the Revised Code and if he finds that the affairs of the savings bank may be put in sound and safe condition by adjusting or sustaining the capital structure of the savings bank, may order the savings bank to rehabilitate or reorganize as provided in this section and in section 1165.25 of the Revised Code. The issuance of such an order shall suspend the power of the savings bank to receive deposits, except as provided in this section; pay withdrawals of stock; declare or pay dividends; and make loans. The superintendent may impose such conditions and restrictions upon the powers of the savings bank to receive stock subscriptions and to issue or sell stock as he may prescribe in the order or by additional orders issued during the period of rehabilitation or reorganization. If the savings bank elects to receive deposits after the order is issued, the superintendent shall appoint a trustee to receive, account for, and preserve the deposits for the benefit of the depositors in such manner as may be approved by the superintendent.
The board of directors of the savings bank, within ninety days after receipt of such order, shall submit to the superintendent for his approval a plan for the rehabilitation of its capital and reserve. The plan shall be so devised as reasonably to ensure equality of interest between prior shareholders of each class and those who may subsequently become shareholders. The basis of the rehabilitation or reorganization may be either the findings of the superintendent’s examination, or an appraisal of any assets of the savings bank that is made at the expense of the savings bank by competent persons approved by the superintendent and made under rules prescribed by the superintendent, as the board may elect, unless the superintendent, in the order of rehabilitation or reorganization, or by order issued during the period of rehabilitation or reorganization, specifies which of the two bases shall be employed.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.24, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1165.24 [Effective 9/13/2010] Priority of claims
(A) All claims against the savings bank’s estate and expenses, proved to the receiver’s satisfaction or approved by the court, shall be paid in the following order:
(1) Expenses of liquidation and receivership, including money borrowed under authority of division (A)(6) of section 1165.22 or division (A)(7) of section 1165.12 of the Revised Code and interest on it, and claims for fees and assessments due the superintendent of financial institutions;
(2) Claims given priorities under other provisions of state or federal law;
(3) Wages and salaries of officers and employees earned during the one-month period preceding the date of the savings bank’s closing in an amount, before applicable taxes and other withholdings, that does not exceed one thousand dollars for any one person;
(4) Deposit obligations;
(5) Other general liabilities;
(6) Obligations subordinated to deposits and other general liabilities.
(B) Interest shall be given the same priority as the claim on which it is based, but no interest shall be paid on any claim until the principal of all claims within the same class has been paid or provided for in full.
(C) Any funds remaining after satisfying the requirements of divisions (A) and (B) of this section shall be paid to the shareholders.
(D) Payment on claims shall be made pro rata among claims of the kind specified in each class set forth in division (A) of this section.
(E) Subject to the approval of the court, the receiver may designate a separate class of claims consisting only of every unsecured claim that is less than, or reduced to, an amount the court approves for payment as reasonable and necessary for administrative convenience.
(F) Subject to the approval of the court, the receiver may make periodic and interim liquidating dividends or payments.
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 § 1165.24, effective until 9/13/2010.
1165.24 [Effective Until 9/13/2010] Order to savings bank to rehabilitate or reorganize.
In lieu of taking possession of the business and property of a savings bank or ordering the savings bank to liquidate its business and property, the superintendent of savings banks, for any of the causes specified in section 1165.01 of the Revised Code and if he finds that the affairs of the savings bank may be put in sound and safe condition by adjusting or sustaining the capital structure of the savings bank, may order the savings bank to rehabilitate or reorganize as provided in this section and in section 1165.25 of the Revised Code. The issuance of such an order shall suspend the power of the savings bank to receive deposits, except as provided in this section; pay withdrawals of stock; declare or pay dividends; and make loans. The superintendent may impose such conditions and restrictions upon the powers of the savings bank to receive stock subscriptions and to issue or sell stock as he may prescribe in the order or by additional orders issued during the period of rehabilitation or reorganization. If the savings bank elects to receive deposits after the order is issued, the superintendent shall appoint a trustee to receive, account for, and preserve the deposits for the benefit of the depositors in such manner as may be approved by the superintendent.
The board of directors of the savings bank, within ninety days after receipt of such order, shall submit to the superintendent for his approval a plan for the rehabilitation of its capital and reserve. The plan shall be so devised as reasonably to ensure equality of interest between prior shareholders of each class and those who may subsequently become shareholders. The basis of the rehabilitation or reorganization may be either the findings of the superintendent’s examination, or an appraisal of any assets of the savings bank that is made at the expense of the savings bank by competent persons approved by the superintendent and made under rules prescribed by the superintendent, as the board may elect, unless the superintendent, in the order of rehabilitation or reorganization, or by order issued during the period of rehabilitation or reorganization, specifies which of the two bases shall be employed.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.24, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1165.24 [Effective 9/13/2010] Priority of claims
(A) All claims against the savings bank’s estate and expenses, proved to the receiver’s satisfaction or approved by the court, shall be paid in the following order:
(1) Expenses of liquidation and receivership, including money borrowed under authority of division (A)(6) of section 1165.22 or division (A)(7) of section 1165.12 of the Revised Code and interest on it, and claims for fees and assessments due the superintendent of financial institutions;
(2) Claims given priorities under other provisions of state or federal law;
(3) Wages and salaries of officers and employees earned during the one-month period preceding the date of the savings bank’s closing in an amount, before applicable taxes and other withholdings, that does not exceed one thousand dollars for any one person;
(4) Deposit obligations;
(5) Other general liabilities;
(6) Obligations subordinated to deposits and other general liabilities.
(B) Interest shall be given the same priority as the claim on which it is based, but no interest shall be paid on any claim until the principal of all claims within the same class has been paid or provided for in full.
(C) Any funds remaining after satisfying the requirements of divisions (A) and (B) of this section shall be paid to the shareholders.
(D) Payment on claims shall be made pro rata among claims of the kind specified in each class set forth in division (A) of this section.
(E) Subject to the approval of the court, the receiver may designate a separate class of claims consisting only of every unsecured claim that is less than, or reduced to, an amount the court approves for payment as reasonable and necessary for administrative convenience.
(F) Subject to the approval of the court, the receiver may make periodic and interim liquidating dividends or payments.
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 § 1165.24, effective until 9/13/2010.
