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Can you summarize OHRC Chapter 1116?
Banks-Savings and Loan Associations > Mutual Holding Companies
Short Summary
These legal documents pertain to the establishment, reorganization, and operation of mutual holding companies in Ohio. They define various terms related to mutual holding companies and reorganization plans, such as ‘acquiree mutual bank’ and ‘reorganizing mutual state bank.’ The documents outline the process and requirements for mutual state banks to reorganize into mutual holding companies, including obtaining approval of a reorganization plan and filing an application with the superintendent of financial institutions. The documents also govern the membership rights of depositors and borrowers in mutual holding companies and acquired mutual banks. They specify that membership rights are conferred based on the articles of incorporation or code of regulations of the respective banks prior to reorganization or acquisition. The documents further detail the powers of mutual holding companies, including the ability to acquire banks, merge with other holding companies, and engage in activities permissible for bank holding companies. They also address the distribution of surplus by mutual holding companies and the establishment of subsidiary holding companies. The documents allow for the issuance of securities by subsidiary stock state banks or subsidiary holding companies, subject to certain conditions. Additionally, the documents provide provisions for the conversion of a mutual holding company to a stock holding company. Overall, these documents provide a comprehensive framework for the establishment, reorganization, and operation of mutual holding companies in Ohio, ensuring compliance with applicable laws and regulations.
Whom does it apply to?
Mutual holding companies, mutual state banks, acquiree mutual banks, subsidiary stock state banks, subsidiary holding companies, depositors, borrowers, board of directors, superintendent of financial institutions
What does it govern?
Mutual holding companies, reorganization plans, subsidiary holding companies, membership rights, powers of mutual holding companies, surplus distribution, establishment of subsidiary holding companies, issuance of securities, conversion to stock holding company
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