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Can you summarize OHAC Rule 1301:1-4-06?
Miscellaneous Provisions > Change in bank control.
Short Summary
This legal document governs the change in bank control and applies to persons acquiring ownership, control, or the power to vote ten per cent or more of any class of voting securities of a state bank. It defines key terms such as ‘acquisition’ and ‘acting in concert’. The document establishes a presumption that a person acquiring ten per cent or more of voting securities of a state bank has the power to direct the bank’s management or policies, requiring prior notice to the superintendent. It outlines the information that must be included in a notice, such as the identity and background of each person involved, financial statements, terms of the acquisition, and any plans or proposals for the state bank. The document also addresses the process for requesting the superintendent’s consent to a proposed acquisition, the requirement for newspaper publication of the proposed acquisition, and exceptions to the notice requirement. It concludes by stating that certain means of acquiring control, such as through succession or gift, do not require prior notice but must be reported to the superintendent within ninety days. No specific penalties are mentioned in this document.
Whom does it apply to?
Persons acquiring ownership, control, or the power to vote ten per cent or more of any class of voting securities of a state bank
What does it govern?
Change in bank control
What are exemptions?
Transactions resulting in a person's control of less than twenty-five per cent of a class of voting securities of a state bank
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Ohio