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Can you summarize OHRC Chapter 1107?
Banks-Savings and Loan Associations > State Banks - Capital And Securities
Short Summary
The provided legal document governs the capital and securities requirements for state banks in Ohio. It states that no state bank shall operate without adequate capital as determined by the superintendent of financial institutions. The superintendent may consider various factors in evaluating the adequacy of a state bank’s capital, including the bank’s business nature and volume, asset quality and liquidity, liabilities, fixed costs, income history and prospects, risk management, management quality, ownership, and any other relevant factors. The document also allows state banks to issue debt securities with the approval of the superintendent. The terms of debt securities may include options to subscribe or purchase the bank’s shares at not less than par value, or the right to convert the debt securities to shares within certain limits. It specifies that holders of debt securities should not be held individually responsible for the bank’s debts, contracts, or engagements based on their status as holders. Additionally, the document requires all stock state bank shares to have par value. It further covers the offering or sale of stock options by stock state banks, pre-emptive rights of shareholders, purchase of own shares by stock state banks, and declaration of dividends and distributions on outstanding shares. The document provides guidelines and conditions for these activities, including the approval requirements of the superintendent and the allocation of funds from specific sources. It is important to note that pre-emptive rights for shares issued by stock state banks chartered on or after the effective date of this amendment are governed by section 1701.15 of the Revised Code. The document does not specify any penalties or exemptions. Overall, this legal document applies to state banks in Ohio and provides regulations and requirements related to their capital and securities.
Whom does it apply to?
State banks
What does it govern?
State Banks - Capital And Securities
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Ohio