Effective: January 1, 2018
Latest Legislation: House Bill 49 - 132nd General Assembly
The superintendent of financial institutions may appoint a conservator to take possession of the property and business of a state bank and to retain possession until the bank resumes business or a receiver is appointed, as provided for in this chapter, if the superintendent finds any one or more of the following conditions:
(A) The bank is in an unsafe or unsound condition to continue the business of banking.
(B) The bank is insolvent, in that it has ceased to pay its debts in the ordinary course of business, it is incapable of paying its debts as they mature, or it has liabilities in excess of its assets.
(C) The bank has committed a violation of law that has caused or that threatens substantial injury to any of the public, the banking industry, or the bank's depositors or other creditors.
(D) The bank has refused to submit its records of account, papers, or affairs to the inspection or examination of any federal agency or the superintendent.
(E) The bank has failed to pay its deposits or obligations in accordance with the terms under which the deposits were taken or the obligations were incurred.
(F) A majority of the board of directors of the bank or a majority of its shareholders or members has requested the superintendent to appoint a conservator to take possession of the bank.
(G) Either all positions on the board of directors of the bank are vacant or all of the directors then in office are incapacitated or otherwise unable to perform their responsibilities.
(H) The bank has violated any court order, statute, rule, or regulation, or its articles of incorporation, and the superintendent determines the continued control of its own affairs threatens injury to any of the public, the banking industry, or the bank's depositors or other creditors.
(I) The bank's status as an insured institution has been terminated by the federal deposit insurance corporation.
Structure Ohio Revised Code
Title 11 | Banks-Savings and Loan Associations
Chapter 1125 | Banks - Liquidations and Conservatorships
Section 1125.01 | Jurisdiction of Court.
Section 1125.03 | Voluntary Liquidation.
Section 1125.04 | Superintendent's Consent to Voluntary Liquidation.
Section 1125.05 | Continued Supervision of Voluntary Dissolution.
Section 1125.06 | Submission of Documents After Completion of Voluntary Liquidation.
Section 1125.09 | Conditions Necessary for Appointment of Conservator.
Section 1125.10 | Appointment of Conservator.
Section 1125.11 | Filing Certified Copy of Certificate of Appointment.
Section 1125.12 | Powers of Conservator.
Section 1125.13 | Conduct of Business During Conservatorship.
Section 1125.14 | Recommendation of Conservator.
Section 1125.17 | Full and Exclusive Powers and Procedures for Liquidation of Banks.
Section 1125.18 | Conditions Necessary for Taking Possession of State Bank Property and Business.
Section 1125.19 | Filing Certified Copy of Certificate of Appointment.
Section 1125.20 | Appointment as Receiver to Federal Deposit Insurance Corporation.
Section 1125.21 | Title Vested in Receiver.
Section 1125.22 | Powers of Receiver.
Section 1125.23 | Presenting and Disposing of Claims.
Section 1125.24 | Paying Claims.
Section 1125.25 | Election to Reject or Ratify and Assign Executory Contract.
Section 1125.26 | Subrogation Rights of Federal Deposit Insurance Corporation.
Section 1125.27 | Receiver May Appoint Successor.
Section 1125.28 | Filing Operates as Automatic Stay.
Section 1125.29 | Order Declaring Bank Properly Wound Up and Dissolved.