Ohio Rev. Code § 1114.01
Governance.
A mutual state bank and the rights and liabilities of its members shall be governed by its articles of incorporation, code of regulations, and bylaws and by this chapter.
Chapter 1114 | Mutual State Banks
Ohio · statute · Ohio Rev. Code ch. 1114 · 13 active provisions
Ohio Rev. Code § 1114.02
Formation; application for incorporation.
(A) Five or more natural persons, at least one of whom is a resident of this state, may, with the approval of the superintendent of financial institutions, incorporate a mutual state bank.(B) The persons proposing to incorporate a mutual state bank shall apply for approval to incorporate the bank by submitting the appl…
Ohio Rev. Code § 1114.03
Notice of proposed incorporation.
(A) Within ten days after receipt from the superintendent of financial institutions of notice of acceptance of an application for approval to incorporate a mutual state bank, the incorporators shall publish notice of the proposed incorporation in a newspaper of general circulation in the county where the bank's initial…
Ohio Rev. Code § 1114.04
Articles of incorporation.
(A) A mutual state bank's articles of incorporation shall contain all of the following:(1) The name of the bank;(2) The place in this state where the bank's principal place of business is to be located;(3) The purpose or purposes for which the bank is formed.(B) The articles of incorporation may also set forth any lawf…
Ohio Rev. Code § 1114.05
Authorized capital.
(A) As used in the section, "authorized capital" means the initial funding required to organize a mutual state bank.(B) The authorized capital of a mutual state bank shall be of such amount as the superintendent of financial institutions may determine based upon the amount and character of the anticipated business of t…
Ohio Rev. Code § 1114.06
Certificate of authority to commence business.
(A) A mutual state bank organized under this chapter shall not accept deposits, incur indebtedness, or transact any business other than business that is incidental to its organization until the bank receives a certificate of authority to commence business issued by the superintendent of financial institutions under sec…
Ohio Rev. Code § 1114.07
Conditions for issuance of certificate.
(A) The superintendent of financial institutions shall issue a certificate of authority to commence business if both of the following conditions are met:(1) The superintendent is satisfied, based upon the examination conducted pursuant to section 1114.06 of the Revised Code and any other facts within the knowledge of t…
Ohio Rev. Code § 1114.08
Members; proxies.
(A) A depositor of a mutual state bank shall be a voting member and shall have such ownership interest in the bank as may be provided in the terms and conditions set forth in the articles of incorporation, code of regulations, and bylaws of the bank.(B) The code of regulations of a mutual state bank may provide that al…
Ohio Rev. Code § 1114.09
Amendments to articles of incorporation.
(A) Before any member deposits have been received, the incorporators may, by unanimous written action and subject to the requirements of this section, adopt amendments to the mutual state bank's articles of incorporation or amended articles of incorporation to change any provision of, or add any provision that may prop…
Ohio Rev. Code § 1114.10
Code of regulations.
Each mutual state bank shall have a code of regulations for its governance as a corporation, the conduct of its affairs, and the management of its property. The code of regulations shall be consistent with the law of this state and the bank's articles of incorporation.
Ohio Rev. Code § 1114.11
Member or director adoption of amendment to articles of incorporation.
(A)(1) The code of regulations of a mutual state bank may provide for the amendment of its articles of incorporation or code of regulations, or the adoption of amended articles of incorporation or code of regulations, at any meeting of the members for which notice has been properly given in accordance with section 1114…
Ohio Rev. Code § 1114.12
Notice of meetings.
(A) Whenever members of a mutual state bank are required or authorized to elect directors or to take any other action at a meeting, either annual or special, notice of the meeting shall be given in either of the following ways:(1) By publication, once each week on the same day of the week for three consecutive weeks im…
Ohio Rev. Code § 1114.16
Liquidation or dissolution.
In the event of a liquidation or dissolution of a mutual state bank, the priority of claims shall be established by section 1125.24 of the Revised Code.