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Can you summarize OHRC Chapter 1113?
Banks-Savings and Loan Associations > Stock State Banks - Formation
Short Summary
The legal documents reviewed pertain to the formation, governance, and operation of stock state banks in Ohio. They outline the requirements and procedures for incorporating a stock state bank, including the submission of an application containing proposed articles of incorporation, code of regulations, and other relevant information. The documents also specify the role of the superintendent of financial institutions in reviewing and approving the incorporation. Amendments to the articles of incorporation can be made by the incorporators, subject to approval by the superintendent. The documents also cover the process of share subscriptions, election of directors, and the issuance of certificates of authority to commence business. They provide guidelines for the adoption of amendments to the articles of incorporation, including the review and approval process by the superintendent. The documents also address the annual meetings and notice requirements for shareholders, as well as the availability of basic financial information. Voting rights and the maintenance of accurate and complete books and records of account are also covered. Overall, these legal documents establish the procedures and requirements for incorporating, amending, and operating stock state banks in Ohio, ensuring regulatory oversight and protection of the interests of depositors, creditors, and the public.
Whom does it apply to?
The documents apply to individuals or groups seeking to establish a stock state bank in Ohio, incorporators of the bank, shareholders, directors, and the superintendent of financial institutions.
What does it govern?
The legal documents govern the process of incorporating, amending, and operating stock state banks in Ohio. They cover the formation, governance, share subscriptions, election of directors, issuance of certificates of authority, adoption of amendments, annual meetings, availability of financial information, voting rights, and maintenance of records.
What are exemptions?
The documents provide exemptions for corporations registered as bank holding companies, stock state banks functioning solely in a trust or fiduciary capacity, or engaging only in credit card operations meeting specific criteria.
What are the Penalties?
No penalties are mentioned in these documents.
Jurisdiction
Ohio