1165.29 Applying to set aside order to liquidate, rehabilitate or reorganize.

Any savings bank aggrieved by an order of the superintendent of savings banks issued under section 1165.23 or 1165.24 of the Revised Code, within thirty days after receiving the order, may apply to the court of common pleas of the county in which the principal office of the savings bank is located to set aside the order and to enjoin the further enforcement of it.

Any savings bank aggrieved by an action of the superintendent under section 1165.23 of the Revised Code divesting its board of directors of the control of its business and property and taking possession of the business and property for complete liquidation may apply, within fifteen days after the action has been taken, to the court to enjoin the action of the superintendent and to restore to the savings bank the rights and powers previously enjoyed by it under that section.

Any savings bank aggrieved by the action of the superintendent in disapproving any plan of rehabilitation or plan of reorganization submitted under section 1165.24 of the Revised Code may apply, within fifteen days after the disapproval, to the court to approve the plan.

After any application is made to it under this section, the court shall cite the superintendent to show cause why the 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 the hearing, the court finds that the superintendent has exceeded or abused his power and discretion in issuing the order, taking the action, or refusing to approve the plan as set forth in section 1165.24 of the Revised Code, it may issue an order as it considers necessary and proper, including the enjoining of the superintendent from further proceedings. An appeal by the superintendent from the 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: 10-23-1991