Ohio § 1125.03

§ 1125.03.

(A) A state bank may proceed with a voluntary liquidation and be closed only with both

the consent of the superintendent of financial institutions and the prior approval

of the shareholders or members of the bank by a vote as provided for in its articles

of incorporation, if not less than a majority. (B) Prior to instituting a voluntary liquidation, a state bank shall submit to the superintendent

an application for approval of its plan of voluntary liquidation and evidence satisfactory

to the superintendent that the plan has been properly adopted by the bank and approved

by its shareholders or members. (C) A state bank's plan of voluntary liquidation shall include provisions for all of

the following: (1) The settlement of all debts and liabilities, including the claims of account holders,

owed by the bank; (2) The distribution of the bank's assets that remain after the settlement of debts and

liabilities to all persons entitled to them; (3) The disposition or maintenance of any remaining or unclaimed funds, real or personal

property, either tangible or intangible, or other assets, whether in trust or otherwise,

including the contents of safe deposit boxes or vaults; (4) The retention of the bank's records in accordance with section 1109.69 of the Revised Code ; (5) The date upon which the bank shall cease doing any banking business and surrender

its banking license to the superintendent. (D) Upon receipt of a plan of voluntary liquidation, the superintendent shall make an

examination of the bank and shall consent to or deny an application for approval of

a plan based upon the superintendent's evaluation of whether or not the interests

of the bank's depositors and creditors will suffer by the liquidation. (E) The superintendent's consent to an application for approval of a plan of voluntary

liquidation may be subject to any condition the superintendent determines appropriate

under the circumstances.