1157.09 Appraisal of assets.

For the purpose of establishing a value on assets of a domestic building and loan association in process of liquidation under sections 1157.01 to 1157.29, inclusive, of the Revised Code, which are intended to be sold or exchanged, the superintendent of building and loan associations may have such assets appraised, at the time of such sale or exchange, by three appraisers, of whom one shall be selected by him, one shall be selected by the court of common pleas in which the proceedings for such liquidation are pending or by a judge thereof, and one shall be named by the two so chosen. The value fixed by two of the appraisers shall be accepted as the value of such assets for the purpose of such sale or exchange, but if no two of the appraisers agree as to such value, the superintendent may accept the average of the separate values fixed by all of the appraisers. The superintendent may, if unable by sale or exchange to secure for any asset the value assigned to it in the original appraisal, order a reappraisal by the method provided in this section, with the consent of such court. All expenses of appraisals made under this section shall be paid out of the funds of the association whose assets are so appraised.

Effective Date: 10-01-1953