Effective: June 18, 2002
Latest Legislation: Senate Bill 171 - 124th General Assembly
Within one month after the subscription books of a stock insurance company are filled, as provided in section 3925.02 of the Revised Code, and after the articles of incorporation of a stock insurance company are filed with the secretary of state, a majority of subscribers to the voting stock shall hold a meeting for the election of not less than five nor more than twenty-one directors. The number of directors may be increased or diminished between the same limits by amendment of the code of regulations or bylaws, if the number of directors is included in the code of regulations or bylaws of the company, or pursuant to a vote of the stockholders representing a majority of the stock voting, in person or by proxy, at a meeting, if the number of directors is included in the articles of incorporation of the company. No reduction in the number of directors shall of itself have the effect of shortening the term of any incumbent director. Each stockholder is entitled to one vote for each share of voting stock held.
The directors of a stock insurance company shall choose, by ballot, a president, and also fill vacancies that arise in the board, or in the presidency of the company.
Structure Ohio Revised Code
Chapter 3925 | Domestic Insurance Companies Other Than Life
Section 3925.01 | Approval and Recording of Articles.
Section 3925.02 | Subscription to Stock.
Section 3925.03 | Election of Directors and Officers.
Section 3925.04 | Other Officers - Bylaws and Regulations.
Section 3925.05 | Investment of Capital.
Section 3925.06 | Additional Investments.
Section 3925.07 | Deposit of Securities.
Section 3925.08 | Investment of Accumulated Funds or Surplus.
Section 3925.081 | Investing in Mortgage Related Securities.
Section 3925.09 | Limitations on Certain Investments.
Section 3925.10 | Liability of Directors.
Section 3925.101 | Regulation of Foreign Branches of Domestic Companies.
Section 3925.11 | Examination of Company - Renewal of License.
Section 3925.12 | Capitalization Requirements.
Section 3925.13 | Annual Cash Premiums Collectible in Advance.
Section 3925.14 | Mutual Associations Excepted.
Section 3925.15 | Transfers of Stock.
Section 3925.16 | Increase of Capital Stock.
Section 3925.17 | Restriction on Dividends - Liability of Directors.
Section 3925.18 | Scrip Dividends.
Section 3925.19 | Accumulation of Permanent Fund.
Section 3925.20 | Authorized Real Estate Holdings.
Section 3925.21 | Disposal of Real Estate.
Section 3925.22 | Restriction Against Debts.
Section 3925.23 | Enforcement of Assessments.
Section 3925.24 | Proof of Assessments and Notice.
Section 3925.25 | Accident Companies Authorized.
Section 3925.26 | Deposit by Accident Companies.
Section 3925.27 | Consolidation.
Section 3925.28 | Rights and Duties of Consolidated Companies.
Section 3925.29 | Distribution of New Shares of Stock - Limitation of Capital Stock.
Section 3925.30 | Election of Directors.
Section 3925.31 | Filing of Certificate of Consolidation.
Section 3925.32 | Approval of Official Bonds.
Section 3925.33 | Reinsurance of Risks.
Section 3925.34 | Authorized Fields of Insurance for Fire Insurance Companies.