1157.04 [Effective Until 9/13/2010] Effect of posting notice. - Ohio Statutes

1157.04 [Effective Until 9/13/2010] Effect of posting notice.

Immediately upon the posting of notice on the doors of a building and loan association by the superintendent of building and loan associations, as provided in section 1157.02 of the Revised Code, the possession of all assets of such association shall be deemed transferred from such association to the superintendent. Such posting shall of itself, and without the execution or delivery of any instruments of conveyance, assignment, transfer, or indorsement, vest the title to all such assets in the superintendent. The time of posting stated in such notice shall be prima-facie evidence of the time of posting. Such posting shall bar any attachment, garnishment, execution, or other proceeding against such association or its assets or liabilities. As of the time of such posting, the privilege of withdrawing stock deposits or matured stock shall cease; withdrawal values shall be fixed; and interest on deposits shall cease to accrue at the rate specified in the contracts of deposit, but without prejudice to the rights of depositors to receive interest from the date of such posting, with other creditors, out of the funds produced by the liquidation of such association, before distribution of such funds made to shareholders on their shares. Such posting shall terminate the authority of such association to issue or sell its stock, to receive subscriptions therefor or payments thereon, or to receive deposits.

Effective Date: 10-01-1953

This section is set out twice. See also § 1157.04, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.

1157.04 [Effective 9/13/2010] Filing of consent; notice

(A) If the superintendent of financial institutions consents to a voluntary liquidation, the superintendent shall cause a certified copy of the consent to be filed in the office of the secretary of state, and the savings and loan association to be liquidated shall do both of the following:

(1) Publish a notice of the voluntary liquidation once a week for four consecutive weeks in a newspaper of general circulation in the county in which the savings and loan association’s principal place of business is located;

(2) Give written notice of the voluntary liquidation, either personally or by mail, to all known creditors of and all known claimants against the savings and loan association.

(B) Compliance with the notice and publication requirements of division (A) of this section satisfies any duplicate or similar notice and publication requirements of Chapter 1701. of the Revised Code.

Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.

Effective Date: 10-01-1953

This section is set out twice. See also § 1157.04, effective until 9/13/2010.