1157.12 Optional powers in disposition of assets.

Without prejudice to the generality of the power of the superintendent of building and loan associations and of the court of common pleas, in which the proceedings for the liquidation of a domestic building and loan association are pending, or a judge of such court, with respect to the sale, lease, exchange, or other disposition of assets of such association under division (B) of section 1157.10 of the Revised Code, the superintendent, upon application to such court or judge, as provided in said section, and on such terms as such court or judge by order approves, may:

(A) Accept for such assets considerations consisting of claims against such association, whether acquired before or after the superintendent took possession of its business and property, or of stock, bonds, or other instruments for the payment of money;

(B) After paying or providing for the payment of the expenses of liquidation as provided in section 1157.17 of the Revised Code, and after canceling such claims, distribute the considerations remaining in his hands in kind, or the proceeds thereof, as dividends among the creditors, depositors, and shareholders of such association as provided in section 1157.18 of the Revised Code, depositing unclaimed dividends, in kind or otherwise, as provided in section 1157.20 of the Revised Code;

(C) Accept, as consideration for such assets, shares or stock credits of the association, if the debts and obligations of the association have been paid, adequately secured to be paid, or otherwise provided for.

Transactions authorized under this section and the issuance of securities in connection therewith, are not subject to sections 1707.01 to 1707.45, inclusive, of the Revised Code. The court or judge may by order require, in the manner provided in section 1157.09 of the Revised Code, an appraisal of any such assets proposed to be sold, leased, exchanged, or otherwise disposed of as provided in this section.

Effective Date: 10-01-1953