Ohio § 1761.17

§ 1761.17.

(A) The superintendent of credit unions or the superintendent of insurance may forthwith

take possession of the property and business of the credit union share guaranty corporation

and retain possession until the corporation satisfies the superintendent that it will

operate in conformity with this chapter whenever it appears to the superintendent

that the corporation has done any of the following: (1) Failed to pay the annual fee required by division (B) of section 1761.04 of the Revised Code ; (2) Not paid deficiencies up to the maximum guaranteed amount within the time frame set

forth in section 1761.11 of the Revised Code ; (3) Invested its funds in violation of section 1761.13 of the Revised Code ; (4) Not collected required capital contributions, special assessments, or special premium

assessments in accordance with section 1761.10 of the Revised Code ; (5) Knowingly violated any cease-and-desist order; (6) Neglected or refused to submit any item specifically required by the superintendent

under this chapter to the inspection of any examiner or other agent of the superintendent. (B) During the time the superintendent of credit unions retains possession of the property

and business of the corporation pursuant to division (A) of this section, the superintendent

shall perform the duties and carry out the obligations of the corporation. (C) Whenever the superintendent has taken possession of the property and business of

the corporation, if it considers itself aggrieved thereby, the corporation may, within

ten days after such taking, apply to the common pleas court of Franklin county to

enjoin further proceedings.  The court, after citing the superintendent to show cause why further proceedings

should not be enjoined, and after a hearing and a determination of the facts upon

the merits, may dismiss such application or enjoin the superintendent from further

proceedings and direct the superintendent to surrender the property and business to

the corporation, or make such further order as may be just. (D) An appeal may be taken from the judgment of the court by the superintendent or by

the corporation in the manner provided by law for appeals from the judgment of a court

of common pleas.  An appeal from the judgment of the court shall not operate as a stay of the judgment

unless the court, on good cause, so orders. (E) Any action by the superintendent of insurance to take possession of the property

and business of a credit union share guaranty corporation shall be under Chapter 3903.

of the Revised Code.