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The Legislative Service Commission staff updates the Revised Code on an ongoing basis, as it completes its act review of enacted legislation. Updates may be slower during some times of the year, depending on the volume of enacted legislation.

Section 1107.13 | Bank may purchase its own shares.

Ohio Revised Code
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Title 11 Banks-Savings and Loan Associations
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Chapter 1107 State Banks - Capital And Securities
 
You are viewing a past version of this section that is no longer in effect View Current Version
Effective:
January 1, 1997
Legislation:
House Bill 538 - 121st General Assembly
PDF:
Download Authenticated PDF
 

(A) A bank may purchase its own shares only in the following circumstances:

(1) To avoid the issuance of, or to eliminate, fractional shares;

(2) From a shareholder who, by reason of dissent, is entitled to be paid the fair cash value of the shares;

(3) With the approval of the superintendent of financial institutions, pursuant to authority in the bank's articles of incorporation to purchase its shares.

(B) A bank that acquires shares of its stock shall retire or dispose of the shares at the time and in the manner required by the superintendent.

Available Versions of this Section