1165.18 Dividends.

As soon as practicable after the expiration of the date fixed for the presentation of claims by creditors of a savings bank of whose business and property he has taken possession, the superintendent of savings banks shall declare dividends out of the funds or property remaining in his hands after the payment of expenses. Each dividend shall be paid to those persons, in such manner and amount, and upon such notice as may be directed by the court of common pleas in which the proceedings for the liquidation of the savings bank are pending. Dividends due to shareholders, on claims as depositors or otherwise, shall be withheld by the superintendent to the extent of any liability of such shareholders until it is ascertained that it will not be necessary to enforce the liability by counterclaim or setoff. The court shall make proper provision for unproved and unclaimed deposits and for rejected claims upon which action has been instituted within the period provided for by section 1165.07 of the Revised Code. No final dividend shall be paid until after the final disposition of all claims filed. The power conferred by this section to pay dividends is in addition to the power conferred by section 1165.12 of the Revised Code to distribute dividends in cash or otherwise.

Effective Date: 10-23-1991