1165.25 Plan of rehabilitation or reorganization.

Whenever a plan of rehabilitation or reorganization has been submitted to and approved by the superintendent of savings banks as provided in section 1165.24 of the Revised Code, the board of directors of the savings bank, within ten days, unless the time is extended by the superintendent, shall take any action under the plan that it may take under the constitution and bylaws of the savings bank. If the consummation of the plan requires the action of the members of the savings bank, the board shall submit the proper resolution to the members for their approval in any manner authorized by this chapter or Chapter 1701. of the Revised Code, or in the absence of any such provision, in the manner provided for in the plan of rehabilitation or reorganization; and a certificate showing the action of the members shall be executed and filed pursuant to law in the office of the secretary of state.

The action of the board and any action of the members shall be immediately certified to the superintendent. Upon receipt of the certificate showing execution of the approved plan, the superintendent shall issue to the savings bank a certificate of rehabilitation, unless the approved plan contemplates the collection of an assessment as a condition of the rehabilitation, in which event the certificate shall not be issued until the plan is executed in that regard and proof of the execution is made to the satisfaction of the superintendent. Upon the issuance of the certificate by the superintendent, the savings bank may resume business, and shall have and exercise all its corporate powers, subject to any amendment of its articles, constitution, or bylaws adopted pursuant to the plan of rehabilitation or reorganization.

If, after an order to rehabilitate or to reorganize has been issued, no plan for rehabilitation or reorganization is submitted by the board within the time specified by the order, or if, after the expiration of such time, a plan submitted within such time is disapproved by the superintendent, or if an approved plan is not executed within the time fixed in the order, then the superintendent may institute proceedings for the liquidation of the savings bank under this chapter, without further examination. This section does not prevent the superintendent from taking possession of the business and property of the savings bank at any time.

Effective Date: 10-23-1991