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Can you summarize OHRC Chapter 1114?
Banks-Savings and Loan Associations > Mutual State Banks
Short Summary
These legal documents govern various aspects of mutual state banks in Ohio. They cover the incorporation process, requirements for articles of incorporation and code of regulations, and the approval process by the superintendent of financial institutions. The documents also address the authorized capital, including the determination of the amount and the transfer of the expense fund. Additionally, the documents outline the requirements for obtaining a certificate of authority to commence business and the examination process conducted by the superintendent. The membership and proxy rights of depositors are defined, along with the appointment and expiration of proxies. The documents also provide procedures for amending the articles of incorporation and code of regulations, including the review and approval process by the superintendent. Lastly, the documents establish the notice requirements for meetings, the priority of claims in case of liquidation or dissolution, and the content of the code of regulations. Overall, these documents apply to the incorporators, depositors, members, officers, directors, and the superintendent of financial institutions involved in mutual state banks in Ohio.
Whom does it apply to?
Incorporators of mutual state banks, depositors, members, officers, directors, and the superintendent of financial institutions
What does it govern?
Incorporation and operation of mutual state banks, membership and proxy rights, authorized capital, amending articles of incorporation and code of regulations, and liquidation or dissolution of mutual state banks
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Ohio