Effective: January 1, 2018
Latest Legislation: House Bill 49 - 132nd General Assembly
(A) A director, officer, employee, or other institution-affiliated party of a bank shall not be personally and individually liable for direct or indirect damages the bank, its shareholders or members, or any other person sustains in consequence of a violation of or failure to comply with any provision of Chapters 1101. to 1127. of the Revised Code or the rules adopted under those chapters, including any civil money penalties, unless it can be shown that the director, officer, employee, or other institution-affiliated party knowingly violated or failed to comply with that provision of law or, with respect to a director's liability, that the director knowingly permitted any of the officers, employees, or other institution-affiliated parties to violate or fail to comply with any such provision.
(B) Nothing in this section shall be construed to deprive a director of the defenses set forth in section 1701.59 of the Revised Code.
Structure Ohio Revised Code
Title 11 | Banks-Savings and Loan Associations
Chapter 1105 | Banks - Board of Directors
Section 1105.01 | Authority, Number, Terms and Classes of Directors.
Section 1105.02 | Qualifications of Board Members.
Section 1105.03 | Director Oath.
Section 1105.04 | Individual, Schedule, or Blanket Fidelity Bonds.
Section 1105.08 | Board and Committee Meetings.