1165.12 Authorization for additional acts.

(A) Without prejudice to the generality of the power of the superintendent of savings banks and of the court of common pleas, in which the proceedings for the liquidation of a savings bank are pending, or a judge of that court, with respect to the sale, lease, exchange, or other disposition of assets of the savings bank under division (B) of section 1165.10 of the Revised Code, the superintendent, upon application to the court or judge, as provided in that section, and on such terms as the court or judge by order approves, may:

(1) Accept, as consideration for the assets, claims against the savings bank, whether acquired before or after the superintendent took possession of its business and property, or stock, bonds, or other instruments for the payment of money;

(2) After paying or providing for the payment of the expenses of liquidation as provided in section 1165.17 of the Revised Code, and after canceling the claims, distribute the considerations remaining in his hands in kind, or the proceeds thereof, as dividends among the creditors, depositors, and shareholders of the savings bank as provided in section 1165.18 of the Revised Code, depositing unclaimed dividends, in kind or otherwise, as provided in section 1165.20 of the Revised Code.

(3) Accept, as consideration for the assets, shares of the savings banks, if the debts and obligations of the savings banks have been paid, adequately secured to be paid, or otherwise provided for.

(B) Transactions authorized under this section and the issuance of securities in connection therewith, are not subject to Chapter 1707. of the Revised Code. The court or judge may by order require, in the manner provided in section 1165.09 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: 10-23-1991