1165.13 [Effective Until 9/13/2010] Authority of superintendent without court order.
1165.13 [Effective Until 9/13/2010] Authority of superintendent without court order.
The superintendent of savings banks, upon taking possession of the property and business of any savings bank under this chapter, shall, without order of court, do all of the following subject to this chapter:
(A) Collect all money due to the savings bank;
(B) Perform all acts that he considers expedient to conserve the assets of the savings bank;
(C) Exercise all the rights and powers of the savings bank under any mortgage, chose in action, collateral note, contract, judgment, or decree;
(D) Sell for cash any asset of the savings bank at not less than the face or par value thereof or the actual amount owing thereon;
(E) Settle, compromise, or compound any debt owing to or held by the savings bank, or any claim enforceable by him, when the savings bank has a common interest with ten or more other persons or corporations in any claims, securities, or property, by becoming a party to an agreement among the parties interested, and confer control of these claims, securities, or property upon a committee;
(F) Pay off and discharge any taxes, assessments, liens, claims, or charges against the assets of the savings bank;
(G) Expend such sums as he considers necessary for the maintenance, conservation, and protection of any property or of any asset on which the savings bank has a lien by mortgage, pledge, or otherwise;
(H) Institute and maintain against the directors, officers, or employees of the savings bank any action that the savings bank, its shareholders, or its creditors might institute and maintain;
(I) Take title in his name to any asset, including shares and certificates for shares of stock of any corporation, and exercise all voting and other powers of an unqualified owner of the shares or certificates. The superintendent shall not make any transfer or sale of the shares or certificates, except in the manner authorized by section 1165.10 of the Revised Code, unless the shares or certificates are sold for not less than their face or par value.
(J) Enforce any individual liability of any shareholder of the savings bank, if the superintendent ascertains that the assets of the savings bank will be insufficient to pay its debts. Until an order to declare and pay a final dividend is entered in the proceedings, the right to enforce the liability for the benefit of all creditors belongs exclusively to the superintendent.
(K)(1) In his name as superintendent in charge of the liquidation of the savings bank, institute, prosecute, and defend any actions or proceedings within or without this state, and execute, acknowledge, and deliver any necessary or proper deeds, leases, assignments, releases, contracts, and other instruments, for the purpose of executing any of the powers or performing any of the duties conferred upon him by this section.
(2) Any deed or other instrument executed under division (K)(1) of this section is as effectual for all purposes as if it had been executed by the officers of the savings bank by the authority of its board of directors. If any real estate conveyed by the deed or other instrument is situated outside of the county in which the proceedings for the liquidation of the savings bank are pending, a certified copy of the order of the court authorizing or ratifying the sale or conveyance of the real estate shall be filed in the office of the county recorder of the county in which the real estate is situated.
Effective Date: 10-23-1991
This section is set out twice. See also § 1165.13, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.
1165.13 [Effective 9/13/2010] Period of conservatorship
During the period of the conservatorship, all of the following apply:
(A) The conservator may permit the savings bank to continue to conduct its usual business, including the acceptance of deposits.
(B) The obligations of the savings bank shall continue to bear interest at the rate contracted.
(C) The conservator shall make whatever reports to the superintendent of financial institutions the superintendent may from time to time require.
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 § 1165.13, effective until 9/13/2010.