1165.27 [Effective Until 9/13/2010] Resuming business during course of liquidation.
A domestic savings bank that is in the course of liquidation under this chapter may resume business when a resolution to that effect is adopted at a meeting called by the holders of fifty-one per cent of the stock entitled to vote thereon; the owners of at least two-thirds of the savings bank’s total deposits consent thereto in writing; the superintendent of savings banks recommends that control of the business and property of the savings bank be returned to the shareholders; and the court of common pleas in which the liquidation proceedings are pending, upon application, approves the superintendent’s recommendations with a finding that the savings bank will be in safe and sound condition when control is resumed by the shareholders. If the savings bank has been dissolved under section 1165.23 of the Revised Code, the stockholders’ meeting shall be called, and the vote at the meeting shall be taken, as though the savings bank had not been dissolved. If the superintendent permits resumption of business upon a restricted basis, as provided in this section, the resolution of the stockholders and the written consent of the depositors are not required.
The savings bank may resume business upon a restricted basis, and upon the conditions as may be prescribed by the superintendent, when, upon application by the superintendent to the court of common pleas of the county in which the savings bank is located, the resumption is approved by the court. The conditions may include a prohibition against taking deposits or selling shares, and reasonable retrictions upon the withdrawal of deposits and the payment of other liabilities.
Upon the approval by the court, the savings bank shall be relieved from the control and supervision of the superintendent provided in this chapter, but this section does not abridge any other supervisory powers of the superintendent over the savings bank as otherwise provided by law or his right to resume control under this chapter.
In case a certificate of dissolution of the savings bank has been filed under section 1165.23 of the Revised Code, the superintendent shall file in the office of the secretary of state a certified copy of the court order approving the resumption of business, and thereupon the savings bank shall be deemed restored to all of its corporate rights and privileges, subject to any conditions imposed by the superintendent.
Any consent or approval required by this section, in connection with any savings bank described in section 1161.11 of the Revised Code, shall be given by a vote of at least two thirds of the voting power of the depositors of the savings bank.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.27, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1165.27 [Effective 9/13/2010] Appointment of successor
(A) The receiver may appoint a successor to all rights, obligations, assets, deposits, agreements, and trusts held by the closed savings bank as trustee, administrator, executor, guardian, agent, or in any other fiduciary or representative capacity. The successor’s duties and obligations commence upon appointment to the same extent they are binding upon the former savings bank and as though the successor had originally assumed the duties and obligations. Specifically, the successor shall succeed to and be entitled to administer all trusteeships, administrations, executorships, guardianships, agencies, and all other fiduciary or representative proceedings to which the closed savings bank is named or appointed in wills, whenever probated, or to which it is appointed by any other instrument, court order, or operation of law.
(B) Within sixty days after appointment, the successor shall give written notice, insofar as practicable, to all interested parties named in the books and records of the savings bank or in trust documents held by it, that the successor has been appointed in accordance with state law.
(C) Nothing in this section shall be construed to impair any right of the grantor or beneficiaries of trust assets to secure the appointment of a substituted trustee or manager.
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 § 1165.27, effective until 9/13/2010.
1165.27 [Effective Until 9/13/2010] Resuming business during course of liquidation.
A domestic savings bank that is in the course of liquidation under this chapter may resume business when a resolution to that effect is adopted at a meeting called by the holders of fifty-one per cent of the stock entitled to vote thereon; the owners of at least two-thirds of the savings bank’s total deposits consent thereto in writing; the superintendent of savings banks recommends that control of the business and property of the savings bank be returned to the shareholders; and the court of common pleas in which the liquidation proceedings are pending, upon application, approves the superintendent’s recommendations with a finding that the savings bank will be in safe and sound condition when control is resumed by the shareholders. If the savings bank has been dissolved under section 1165.23 of the Revised Code, the stockholders’ meeting shall be called, and the vote at the meeting shall be taken, as though the savings bank had not been dissolved. If the superintendent permits resumption of business upon a restricted basis, as provided in this section, the resolution of the stockholders and the written consent of the depositors are not required.
The savings bank may resume business upon a restricted basis, and upon the conditions as may be prescribed by the superintendent, when, upon application by the superintendent to the court of common pleas of the county in which the savings bank is located, the resumption is approved by the court. The conditions may include a prohibition against taking deposits or selling shares, and reasonable retrictions upon the withdrawal of deposits and the payment of other liabilities.
Upon the approval by the court, the savings bank shall be relieved from the control and supervision of the superintendent provided in this chapter, but this section does not abridge any other supervisory powers of the superintendent over the savings bank as otherwise provided by law or his right to resume control under this chapter.
In case a certificate of dissolution of the savings bank has been filed under section 1165.23 of the Revised Code, the superintendent shall file in the office of the secretary of state a certified copy of the court order approving the resumption of business, and thereupon the savings bank shall be deemed restored to all of its corporate rights and privileges, subject to any conditions imposed by the superintendent.
Any consent or approval required by this section, in connection with any savings bank described in section 1161.11 of the Revised Code, shall be given by a vote of at least two thirds of the voting power of the depositors of the savings bank.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.27, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1165.27 [Effective 9/13/2010] Appointment of successor
(A) The receiver may appoint a successor to all rights, obligations, assets, deposits, agreements, and trusts held by the closed savings bank as trustee, administrator, executor, guardian, agent, or in any other fiduciary or representative capacity. The successor’s duties and obligations commence upon appointment to the same extent they are binding upon the former savings bank and as though the successor had originally assumed the duties and obligations. Specifically, the successor shall succeed to and be entitled to administer all trusteeships, administrations, executorships, guardianships, agencies, and all other fiduciary or representative proceedings to which the closed savings bank is named or appointed in wills, whenever probated, or to which it is appointed by any other instrument, court order, or operation of law.
(B) Within sixty days after appointment, the successor shall give written notice, insofar as practicable, to all interested parties named in the books and records of the savings bank or in trust documents held by it, that the successor has been appointed in accordance with state law.
(C) Nothing in this section shall be construed to impair any right of the grantor or beneficiaries of trust assets to secure the appointment of a substituted trustee or manager.
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 § 1165.27, effective until 9/13/2010.
1165.27 [Effective Until 9/13/2010] Resuming business during course of liquidation.
A domestic savings bank that is in the course of liquidation under this chapter may resume business when a resolution to that effect is adopted at a meeting called by the holders of fifty-one per cent of the stock entitled to vote thereon; the owners of at least two-thirds of the savings bank’s total deposits consent thereto in writing; the superintendent of savings banks recommends that control of the business and property of the savings bank be returned to the shareholders; and the court of common pleas in which the liquidation proceedings are pending, upon application, approves the superintendent’s recommendations with a finding that the savings bank will be in safe and sound condition when control is resumed by the shareholders. If the savings bank has been dissolved under section 1165.23 of the Revised Code, the stockholders’ meeting shall be called, and the vote at the meeting shall be taken, as though the savings bank had not been dissolved. If the superintendent permits resumption of business upon a restricted basis, as provided in this section, the resolution of the stockholders and the written consent of the depositors are not required.
The savings bank may resume business upon a restricted basis, and upon the conditions as may be prescribed by the superintendent, when, upon application by the superintendent to the court of common pleas of the county in which the savings bank is located, the resumption is approved by the court. The conditions may include a prohibition against taking deposits or selling shares, and reasonable retrictions upon the withdrawal of deposits and the payment of other liabilities.
Upon the approval by the court, the savings bank shall be relieved from the control and supervision of the superintendent provided in this chapter, but this section does not abridge any other supervisory powers of the superintendent over the savings bank as otherwise provided by law or his right to resume control under this chapter.
In case a certificate of dissolution of the savings bank has been filed under section 1165.23 of the Revised Code, the superintendent shall file in the office of the secretary of state a certified copy of the court order approving the resumption of business, and thereupon the savings bank shall be deemed restored to all of its corporate rights and privileges, subject to any conditions imposed by the superintendent.
Any consent or approval required by this section, in connection with any savings bank described in section 1161.11 of the Revised Code, shall be given by a vote of at least two thirds of the voting power of the depositors of the savings bank.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.27, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1165.27 [Effective 9/13/2010] Appointment of successor
(A) The receiver may appoint a successor to all rights, obligations, assets, deposits, agreements, and trusts held by the closed savings bank as trustee, administrator, executor, guardian, agent, or in any other fiduciary or representative capacity. The successor’s duties and obligations commence upon appointment to the same extent they are binding upon the former savings bank and as though the successor had originally assumed the duties and obligations. Specifically, the successor shall succeed to and be entitled to administer all trusteeships, administrations, executorships, guardianships, agencies, and all other fiduciary or representative proceedings to which the closed savings bank is named or appointed in wills, whenever probated, or to which it is appointed by any other instrument, court order, or operation of law.
(B) Within sixty days after appointment, the successor shall give written notice, insofar as practicable, to all interested parties named in the books and records of the savings bank or in trust documents held by it, that the successor has been appointed in accordance with state law.
(C) Nothing in this section shall be construed to impair any right of the grantor or beneficiaries of trust assets to secure the appointment of a substituted trustee or manager.
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 § 1165.27, effective until 9/13/2010.
