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(A) A foreign bank may voluntarily liquidate and surrender its license to operate a representative office, agency, or branch licensed under this chapter only with the consent of the superintendent of financial institutions.
(B) Prior to beginning any liquidation process, the foreign bank must file an application to voluntarily liquidate and surrender its license with the superintendent. The application shall include a plan of liquidation that includes all of the provisions required of a plan for voluntary liquidation of a state bank under division (C) of section 1125.03 of the Revised Code, except that the plan of liquidation shall be limited in scope to the particular representative office, agency, or branch to be liquidated.
(C) After conducting an examination, the superintendent may approve or deny a foreign bank's application to voluntarily liquidate and surrender its license based on the superintendent's evaluation of whether or not the interests of the representative office's, agency's, or branch's creditors or, where applicable, depositors, will suffer by the surrender. The superintendent's approval is subject to any condition the superintendent may determine appropriate under the circumstances.
(D) If the superintendent approves the application to voluntarily liquidate and surrender a license, the foreign bank shall comply with the requirements of divisions (A)(1) and (2) of section 1125.04 of the Revised Code.
(E) During the implementation of the plan of liquidation pursuant to this section, the superintendent retains the authority to supervise the representative office, agency, or branch and may conduct any examination relating to either the representative office, agency, or branch or the plan of liquidation the superintendent considers necessary or appropriate.
(F) If the superintendent has reason to conclude the implementation of the plan of liquidation is not being safely or expeditiously conducted, the superintendent may do either of the following:
(1) Begin revocation proceedings under section 1119.22 of the Revised Code;
(2) Take possession of the business and property of the representative office, agency, or branch in the same manner, with the same effect, and subject to the same rights accorded the foreign bank under section 1119.23 of the Revised Code.
(G) The superintendent shall cancel the foreign bank's license to operate a representative office, agency, or branch under this chapter if the superintendent has approved the voluntary liquidation and surrender of the license and both of the following conditions have been met:
(1) The plan of liquidation has been completed.
(2) The notifications required by division (D) of this section were properly given.
As used in this chapter, unless context otherwise requires:
1. “Administrator” means the administrator of the division or a designee.
2. “Committee” means the state soil conservation and water quality committee established in section 161A.4.
3. “Division” means the division of soil conservation and water quality created within the department of agriculture and land stewardship pursuant to section 159.5.
4. “Fund” means the abandoned mine reclamation fund established pursuant to this chapter.
5. “Imminent danger to the health and safety of the public” means the existence of a condition or practice, or a violation of a permit or other requirement of this chapter in a coal mining and reclamation operation, which could reasonably be expected to cause substantial physical harm to persons outside the permit area before it can be abated. A reasonable expectation of death or serious injury before abatement exists if a rational person, subjected to the same conditions or practices giving rise to the peril, would not expose the person's self to the danger during the time necessary for abatement.
6. “Mine” means an underground mine operation or surface mine operation developed and operated for the purpose of extracting coal.
7. “Operator” means a person engaged in coal mining who removes or intends to remove more than fifty tons of coal from the earth by coal mining within twelve consecutive calendar months in one location.
8. “Permit” means a permit to conduct surface coal mining and reclamation operations issued by the division.
9. “Permit area” means the area of land indicated on the approved map submitted with the operator's application.
10. “Prime farmland” means the same as prescribed by the United States department of agriculture pursuant to 7 C.F.R. § 657.5(a).
11. “Secretary” means the United States secretary of the interior or a designee.
12. “State program” means the procedures for regulating coal mining and reclamation operations established by this chapter.
13. “Surface coal mining and reclamation operations” means surface coal mining operations and all activities necessary and incident to the reclamation of such operations after the effective date of this chapter.
14. “Surface coal mining operations” means both:
a. Activities conducted on the surface of lands in connection with a surface coal mine or surface operations and surface impacts incident to an underground coal mine subject to the requirements of this chapter. However, these activities do not include the extraction of coal incidental to the extraction of other minerals if coal does not exceed sixteen and two-thirds percent of the tonnage of minerals removed for purposes of commercial use or sale or include coal explorations subject to this chapter.
b. The areas upon which such activities occur or where such activities disturb the natural land surface.
15. “Unwarranted failure to comply” means the failure of an operator to prevent the occurrence of or abate a violation of a permit or a requirement of this chapter due to indifference, lack of diligence, or lack of reasonable care.
Cite this article: FindLaw.com - Ohio Revised Code Title XI. Banks Savings and Loan Associations § 1119.26 - last updated January 01, 2020 | https://codes.findlaw.com/oh/title-xi-banks-savings-and-loan-associations/oh-rev-code-sect-1119-26.html
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