1157.29 Review by court of action by superintendent.

Any building and loan association aggrieved by an order of the superintendent of building and loan associations issued under section 1157.23 or 1157.24 of the Revised Code, within thirty days after receiving such order, may apply to the court of common pleas of the county in which the principal office of such association is located to set aside such order and to enjoin the further enforcement of it.

Any building and loan association aggrieved by an action of the superintendent under section 1157.23 of the Revised Code divesting its board of directors of the control of its business and property and taking possession of such business and property for complete liquidation within fifteen days after such action has been taken, may apply to such court to enjoin the action of the superintendent and to restore to the association the rights and powers previously enjoyed by it under such section.

Any building and loan association aggrieved by the action of the superintendent in disapproving any plan of rehabilitation or plan of reorganization submitted under section 1157.24 of the Revised Code, within fifteen days after such disapproval, may apply to such court to approve the plan.

After any application is made to it under this section, such court shall cite the superintendent to show cause why such application should not be granted. After hearing the allegations and proofs of the parties and determining the facts, the court may dismiss the application. If, after such hearing, the court finds that the superintendent has exceeded or abused his power and discretion in the issuance of such an order, in the taking of such an action, or in refusing to approve such a plan as set forth in section 1157.24 of the Revised Code, it may make such order as it considers necessary and proper; for example, it may enjoin the superintendent from further proceedings. An appeal by the superintendent from such order shall operate as a supersedeas and shall be perfected in accordance with 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