Effective: January 1, 2018
Latest Legislation: House Bill 49 - 132nd General Assembly
(A) A mutual holding company and any subsidiary holding company shall be governed by a board of directors and in accordance with the articles of incorporation and code of regulations adopted in connection with the reorganization, or as amended in accordance with law or rule after the reorganization.
(B) The board of the mutual holding company and any subsidiary holding company shall have at least five members who, initially, shall consist of the board of directors of the reorganizing mutual state bank. Such members, after the formation of the mutual holding company and any subsidiary holding company, shall continue to serve as directors for the balance of the terms to which they were elected.
Structure Ohio Revised Code
Title 11 | Banks-Savings and Loan Associations
Chapter 1116 | Mutual Holding Companies
Section 1116.01 | Definitions.
Section 1116.02 | Creation, Organization, and Governance.
Section 1116.05 | Mutual State Bank Reorganization as Mutual Holding Company.
Section 1116.06 | Application for Reorganization.
Section 1116.07 | Reorganization Plans.
Section 1116.08 | Approval; Filing With Secretary of State.
Section 1116.09 | Membership Rights.
Section 1116.10 | Governance by Board of Directors.
Section 1116.11 | Transfer of Assets and Liabilities.
Section 1116.12 | Deposit Accounts.
Section 1116.13 | Reorganization Plans; Amendment or Termination.
Section 1116.16 | Conversion of Mutual Holding Companies.
Section 1116.19 | Surplus Distribution.
Section 1116.20 | Subsidiary Holding Company; Issuance of Securities.