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Can you summarize OHRC Chapter 1115?
Banks-Savings and Loan Associations > Banks - Acquisitions And Reorganizations
Short Summary
The provided legal document content covers various aspects of the conversion, acquisition, control, reporting, consolidation, payment, transfer, incorporation, and merging of state banks and other financial institutions in Ohio. It outlines the requirements and procedures for converting state stock banks into national banks or banks in other states, as well as the approval processes for such conversions. The documents also govern the acquisitions of Ohio banks by various entities, including banks, bank holding companies, federal savings associations, and savings and loan holding companies. They provide guidelines for the acquisition of control of a state bank, including the required notice, investigation process, and grounds for disapproval. The reporting requirements for financial institutions with outstanding credit secured by shares of a stock state bank are also outlined. The documents address the consolidation or merger of state banks with other financial institutions, specifying the approval requirements and the filing of a certificate of consolidation or merger. They also govern the payment of management or consulting fees by banks, prohibiting the payment of fees that do not have a direct relationship to the value of actual services rendered. The transfer of assets and liabilities between state banks and other financial institutions is regulated, including the approval requirements, transfer agreement details, and the superintendent’s authority to approve or disapprove the application. The documents also cover the transfer of assets and liabilities in emergency situations, the incorporation and operation of interim banks, the granting of shelf charters for banks and savings and loan associations, and the merging between a state bank and its affiliates. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Stock state banks, mutual state banks, national banks, banks operating under authority granted by another state, savings banks, savings associations, bank holding companies, federal savings associations, savings and loan holding companies, financial institutions, affiliates, directors, shareholders/members, superintendent of financial institutions, borrowers, officers, employees, and directors of banks
What does it govern?
Conversion of state stock banks into national banks or banks in other states, acquisitions of Ohio banks by various entities, acquisition of control of a state bank, reporting requirements for financial institutions with outstanding credit secured by shares of a stock state bank, consolidation or merger of state banks with other financial institutions, payment of management or consulting fees by banks, transfer of assets and liabilities between state banks and other financial institutions, transfer of assets and liabilities in emergency situations, incorporation and operation of interim banks, granting of shelf charters for banks and savings and loan associations, merging between a state bank and its affiliates
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