1165.11 Hearing on application.

The superintendent of savings banks shall give notice of the hearing of each application made under section 1165.10 of the Revised Code. The notice and the opportunity for a hearing shall be appropriate in the circumstances, provided that an act for which approval is sought by the application may be authorized without an actual hearing on the application if the hearing is not timely requested by a party in interest or if there is insufficient time for a hearing to be commenced before the act must be done, and the court authorizes the act.

At the hearing on any application, any shareholder, depositor, or creditor of the savings bank may appear and be heard thereon with leave of court. No order of the court of common pleas or of a judge of that court that is entered under this section or section 1165.10 of the Revised Code is a final order. By leave of court, an independent suit may be brought, not later than ten days after the order is entered, by any shareholder, depositor, or creditor considering himself aggrieved by the order, to restrain any action authorized by the order. If any order to sell, exchange, or otherwise transfer, in bulk, all or a substantial part of the assets of the savings bank is assented to by the holders of two-thirds, in principal amount, of the aggregate of the claims of unsecured creditors, depositors, and shareholders of the savings bank who are entitled to participate in the dividends from the sale, exchange, or transfer, the order shall be binding upon all of the creditors, depositors, and shareholders of the savings bank.

Effective Date: 10-23-1991