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Can you summarize - Organization > Change in control.?
- Organization > Change in control.
Short Summary
This rule governs the acquisition of control of a state savings bank in Ohio. It applies to any person, acting directly or indirectly or through or in concert with one or more persons, who intends to acquire control of a state savings bank. The rule defines various terms such as ‘acquisition,’ ‘acting in concert,’ and ‘control.’ It establishes that any person acquiring ownership, control of, or the power to vote ten per cent or more of any class of voting securities of a state savings bank constitutes the power to direct that state savings bank’s management or policies, requiring prior notice to the division of financial institutions. The rule also outlines the process for requesting the written consent of the superintendent to a proposed acquisition of control and the information that must be provided. It further specifies the notice period, the superintendent’s authority to disapprove a proposed acquisition, and the requirements for reporting changes in control. Transactions resulting in a person’s control of less than twenty-five per cent of a class of voting securities of a state savings bank are exempt from the prior notice requirement.
Whom does it apply to?
Any person, acting directly or indirectly or through or in concert with one or more persons, who intends to acquire control of a state savings bank
What does it govern?
Acquisition of control of a state savings bank
What are exemptions?
Transactions resulting in a person's control of less than twenty-five per cent of a class of voting securities of a state savings bank
What are the Penalties?
Not specified
Jurisdiction
Ohio