Effective: January 1, 2018
Latest Legislation: House Bill 49 - 132nd General Assembly
(A) The board of directors of a mutual holding company may from time to time, by a majority vote of the directors, do both of the following:
(1) Divide equitably any surplus that is in excess of the amount required for the operations of the mutual holding company or to maintain the safety and soundness of the mutual holding company;
(2) Distribute that surplus to the respective depositors of its subsidiary stock state banks in accordance with their membership rights.
(B) If the superintendent of financial institutions determines that the surplus held by a mutual holding company is excessive, the superintendent may order the board of directors of the mutual holding company to make the distribution described in division (A) of this section.
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.