1157.03 Proceedings in court.

The building and loan association named in the title of the proceedings provided for in section 1157.02 of the Revised Code, within seven days after the filing of the notice provided for in division (C) of such section, may make application to the court with which such notice was filed for an order requiring the superintendent of building and loan associations, within such time, not exceeding fifteen days, as is fixed by such court, to file in such court a writing specifying the grounds named in section 1157.01 of the Revised Code on which he has taken possession of its business and property and the operative facts found by him with respect to such taking of possession. If the superintendent does not comply with such order within the time so fixed, the liquidation proceedings shall be dismissed. Within fifteen days after the filing of such writing, the association may file an answer in such proceedings, joining issue on the allegations set forth in the writing. If issue is so joined, such court, or a judge of it in vacation, shall set the proceedings down for immediate hearing upon such issue. If the court finds that the writing is sufficient in law or that the superintendent has exceeded or abused his power and discretion, it shall dismiss the liquidation proceedings and direct the superintendent to surrender such business and property to the association, and the decree and order of the court shall operate to revest the title of all such property in the association as of the time specified in such decree and order. An appeal may be taken from the final order of the court as in other cases. An appeal by the superintendent from a final order dismissing such proceedings shall operate as a supersedeas. The perfecting of such an appeal by the superintendent shall be governed by the Rules of Appellate Procedure and, to the extent not in conflict with those rules, Chapter 2505. of the Revised Code.

Effective Date: 03-17-1987