Ohio § 1125.14

§ 1125.14.

(A) The conservator shall evaluate the business and assets of the state bank and, after

conducting whatever investigations the circumstances may require, shall recommend

to the superintendent of financial institutions that either the conservatorship of

the bank be terminated or the superintendent appoint a receiver and the bank be liquidated

as otherwise provided in this chapter.  The conservator shall consult with the board of directors of the bank before making

the recommendation. (B) The conservator of the bank may submit a plan to the superintendent for approval

to restructure the bank in a manner designed to return the bank to the control of

its shareholders or members.  As part of the plan, the conservator may take any steps the superintendent approves

regarding the management, operations, or assets of the bank, including the sale of

some or all of the bank's assets.  The conservator shall consult with the board of directors of the bank regarding

any proposed sale of all or substantially all of the bank's assets. (C) The superintendent may require the conservator to submit the plan to the shareholders

or members of the bank as provided in division (D) of this section or to submit a

new or revised plan for consideration by the superintendent. (D) If the conservator's plan is submitted to the shareholders or members pursuant to

division (C) of this section, the superintendent shall designate the contents of notice

of the vote that is to be forwarded from the conservator to the shareholders or members

and shall designate the date upon which notice is to be forwarded.  The date of the shareholder or member vote shall be determined by the superintendent,

but shall not occur earlier than seven days or later than forty-five days after the

date of the notice. If the majority of the shareholders or members do not approve the plan, the superintendent

may request submission of a new plan or proceed to appoint a receiver without regard

to the grounds for appointment of a receiver as otherwise provided in this chapter.  If the majority of the shareholders or members approve the plan, the superintendent

may terminate the conservatorship, and the shareholders or members shall elect directors

to manage the bank. (E) The superintendent, at any time, including after the date notice of a vote is provided

to shareholders or members of the bank under division (D) of this section, may revoke

a previously approved plan of the conservator and either provide for, or request submission

of, a new plan or proceed with receivership under this chapter.