1165.25 [Effective Until 9/13/2010] Plan of rehabilitation or reorganization.
Whenever a plan of rehabilitation or reorganization has been submitted to and approved by the superintendent of savings banks as provided in section 1165.24 of the Revised Code, the board of directors of the savings bank, within ten days, unless the time is extended by the superintendent, shall take any action under the plan that it may take under the constitution and bylaws of the savings bank. If the consummation of the plan requires the action of the members of the savings bank, the board shall submit the proper resolution to the members for their approval in any manner authorized by this chapter or Chapter 1701. of the Revised Code, or in the absence of any such provision, in the manner provided for in the plan of rehabilitation or reorganization; and a certificate showing the action of the members shall be executed and filed pursuant to law in the office of the secretary of state.
The action of the board and any action of the members shall be immediately certified to the superintendent. Upon receipt of the certificate showing execution of the approved plan, the superintendent shall issue to the savings bank a certificate of rehabilitation, unless the approved plan contemplates the collection of an assessment as a condition of the rehabilitation, in which event the certificate shall not be issued until the plan is executed in that regard and proof of the execution is made to the satisfaction of the superintendent. Upon the issuance of the certificate by the superintendent, the savings bank may resume business, and shall have and exercise all its corporate powers, subject to any amendment of its articles, constitution, or bylaws adopted pursuant to the plan of rehabilitation or reorganization.
If, after an order to rehabilitate or to reorganize has been issued, no plan for rehabilitation or reorganization is submitted by the board within the time specified by the order, or if, after the expiration of such time, a plan submitted within such time is disapproved by the superintendent, or if an approved plan is not executed within the time fixed in the order, then the superintendent may institute proceedings for the liquidation of the savings bank under this chapter, without further examination. This section does not prevent the superintendent from taking possession of the business and property of the savings bank at any time.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.25, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1165.25 [Effective 9/13/2010] Rejection, ratification or assignment of executory contracts
(A) Within one hundred days after the date of the closing of a savings bank, a receiver may reject any executory contract to which the savings bank is a party without any further liability on the part of the savings bank or the receiver. The receiver’s election to reject an executory contract creates no claim for compensation other than compensation accrued to the date of termination or for actual damages.
(B) A receiver may ratify and assign any executory contract to which the savings bank is a party notwithstanding the existence of a provision in the contract permitting the termination of the executory contract, or prohibiting, conditioning, or requiring consent to any assignment of the executory contract, upon the insolvency of the savings bank or the appointment of a receiver.
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 § 1165.25, effective until 9/13/2010.
1165.25 [Effective Until 9/13/2010] Plan of rehabilitation or reorganization.
Whenever a plan of rehabilitation or reorganization has been submitted to and approved by the superintendent of savings banks as provided in section 1165.24 of the Revised Code, the board of directors of the savings bank, within ten days, unless the time is extended by the superintendent, shall take any action under the plan that it may take under the constitution and bylaws of the savings bank. If the consummation of the plan requires the action of the members of the savings bank, the board shall submit the proper resolution to the members for their approval in any manner authorized by this chapter or Chapter 1701. of the Revised Code, or in the absence of any such provision, in the manner provided for in the plan of rehabilitation or reorganization; and a certificate showing the action of the members shall be executed and filed pursuant to law in the office of the secretary of state.
The action of the board and any action of the members shall be immediately certified to the superintendent. Upon receipt of the certificate showing execution of the approved plan, the superintendent shall issue to the savings bank a certificate of rehabilitation, unless the approved plan contemplates the collection of an assessment as a condition of the rehabilitation, in which event the certificate shall not be issued until the plan is executed in that regard and proof of the execution is made to the satisfaction of the superintendent. Upon the issuance of the certificate by the superintendent, the savings bank may resume business, and shall have and exercise all its corporate powers, subject to any amendment of its articles, constitution, or bylaws adopted pursuant to the plan of rehabilitation or reorganization.
If, after an order to rehabilitate or to reorganize has been issued, no plan for rehabilitation or reorganization is submitted by the board within the time specified by the order, or if, after the expiration of such time, a plan submitted within such time is disapproved by the superintendent, or if an approved plan is not executed within the time fixed in the order, then the superintendent may institute proceedings for the liquidation of the savings bank under this chapter, without further examination. This section does not prevent the superintendent from taking possession of the business and property of the savings bank at any time.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.25, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1165.25 [Effective 9/13/2010] Rejection, ratification or assignment of executory contracts
(A) Within one hundred days after the date of the closing of a savings bank, a receiver may reject any executory contract to which the savings bank is a party without any further liability on the part of the savings bank or the receiver. The receiver’s election to reject an executory contract creates no claim for compensation other than compensation accrued to the date of termination or for actual damages.
(B) A receiver may ratify and assign any executory contract to which the savings bank is a party notwithstanding the existence of a provision in the contract permitting the termination of the executory contract, or prohibiting, conditioning, or requiring consent to any assignment of the executory contract, upon the insolvency of the savings bank or the appointment of a receiver.
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 § 1165.25, effective until 9/13/2010.
1165.25 [Effective Until 9/13/2010] Plan of rehabilitation or reorganization.
Whenever a plan of rehabilitation or reorganization has been submitted to and approved by the superintendent of savings banks as provided in section 1165.24 of the Revised Code, the board of directors of the savings bank, within ten days, unless the time is extended by the superintendent, shall take any action under the plan that it may take under the constitution and bylaws of the savings bank. If the consummation of the plan requires the action of the members of the savings bank, the board shall submit the proper resolution to the members for their approval in any manner authorized by this chapter or Chapter 1701. of the Revised Code, or in the absence of any such provision, in the manner provided for in the plan of rehabilitation or reorganization; and a certificate showing the action of the members shall be executed and filed pursuant to law in the office of the secretary of state.
The action of the board and any action of the members shall be immediately certified to the superintendent. Upon receipt of the certificate showing execution of the approved plan, the superintendent shall issue to the savings bank a certificate of rehabilitation, unless the approved plan contemplates the collection of an assessment as a condition of the rehabilitation, in which event the certificate shall not be issued until the plan is executed in that regard and proof of the execution is made to the satisfaction of the superintendent. Upon the issuance of the certificate by the superintendent, the savings bank may resume business, and shall have and exercise all its corporate powers, subject to any amendment of its articles, constitution, or bylaws adopted pursuant to the plan of rehabilitation or reorganization.
If, after an order to rehabilitate or to reorganize has been issued, no plan for rehabilitation or reorganization is submitted by the board within the time specified by the order, or if, after the expiration of such time, a plan submitted within such time is disapproved by the superintendent, or if an approved plan is not executed within the time fixed in the order, then the superintendent may institute proceedings for the liquidation of the savings bank under this chapter, without further examination. This section does not prevent the superintendent from taking possession of the business and property of the savings bank at any time.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.25, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1165.25 [Effective 9/13/2010] Rejection, ratification or assignment of executory contracts
(A) Within one hundred days after the date of the closing of a savings bank, a receiver may reject any executory contract to which the savings bank is a party without any further liability on the part of the savings bank or the receiver. The receiver’s election to reject an executory contract creates no claim for compensation other than compensation accrued to the date of termination or for actual damages.
(B) A receiver may ratify and assign any executory contract to which the savings bank is a party notwithstanding the existence of a provision in the contract permitting the termination of the executory contract, or prohibiting, conditioning, or requiring consent to any assignment of the executory contract, upon the insolvency of the savings bank or the appointment of a receiver.
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 § 1165.25, effective until 9/13/2010.
