1157.05 [Effective Until 9/13/2010] Notice to debtors of association. - Ohio Statutes

1157.05 [Effective Until 9/13/2010] Notice to debtors of association.

At any time after taking possession of the property and business of a building and loan association under section 1157.01 of the Revised Code, the superintendent of building and loan associations may mail a notice to any person, partnership, association, or corporation ascertained by him to be in default on any indebtedness to such association, and to any shareholder of such association, requiring such debtor in default or shareholder to furnish forthwith a statement of his financial condition, which statement shall be executed in duplicate, sworn to before a notary public or other officer qualified to administer oaths, and in such form as is prescribed by the superintendent.

Effective Date: 10-01-1953

This section is set out twice. See also § 1157.05, as amended by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.

1157.05 [Effective 9/13/2010] Supervision of superintendent; authority to take possession

(A) A voluntary liquidation of a savings and loan association shall be conducted only with the continued supervision of the superintendent of financial institutions. The superintendent may conduct any additional examinations of the savings and loan association the superintendent considers necessary or appropriate.

(B) If the superintendent has reason to conclude the liquidation of a savings and loan association is not being safely or expeditiously conducted, the superintendent may take possession of the business and property of the savings and loan association in the same manner, with the same effect, and subject to the same rights accorded the savings and loan association as if the superintendent had taken possession under the receivership provisions of this chapter. The superintendent may proceed to liquidate the affairs of the savings and loan association in the same manner as otherwise provided in this chapter.

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 § 1157.05, effective until 9/13/2010.