Ohio Revised Code Search

... (6)¿Make an equity investment in a nonpublicly traded entity that may or may not be marketable and that is owned or controlled, either directly or indirectly, by one or more beneficiaries, family members, or family affiliates; (7)¿Deposit trust money in a financial institution that is owned or operated by a family affiliate; (8)¿Delegate the authority to conduct any transaction or action under this section to an ...

...Each member of the governing board of a family trust company shall take and subscribe an oath that the member will administer the affairs of the family trust company diligently and honestly and that the member will not knowingly or willfully permit noncompliance with or violation of any of the laws relating to family trust companies.

...tutions shall investigate the relevant facts concerning the applicant. If the application involves investigation outside this state, the division may require the applicant to advance sufficient funds to pay any of the actual expenses of that investigation. (C) In determining whether to approve or disapprove an application for a family trust company license, the superintendent shall consider all of the following: (1...

...lated hearings shall not be open to the public. The notice shall be in writing, either served personally or sent by certified mail.

...A family trust company's license to engage in trust business in this state is not transferable or assignable.

...Not more than one place of business shall be maintained under the same license issued under this chapter, but the superintendent of financial institutions may issue additional licenses to the same licensee. For every additional place of business in this state, the licensee shall submit an application in the form prescribed by the superintendent and pay a one-time nonrefundable fee of five hundred dollars. For every a...

..., a family trust company shall not transact any business as a licensed family trust company, other than the election of officers, the taking and approving of their official bonds, the receipts of payment upon stock subscriptions, and other business incidental to its organization.

...(A) Prior to transacting any business as a licensed family trust company, a family trust company shall pledge to the superintendent of financial institutions interest-bearing securities authorized in division (B) of this section, having a par value, not including unaccrued interest, of one hundred thousand dollars, and approved by the superintendent. The family trust company may pledge the securities either by delive...

...e amount of one million dollars, on any active officer, manager, family member acting in a managerial capacity, or employee, whether or not such persons receive a salary or other compensation from the family trust company, to indemnify it against loss because of any dishonest, fraudulent, or criminal act or omission by any of the persons bonded, acting alone or in combination with any other person. The bonds may be i...

...sh, securities, including stock of a nonpublicly traded business entity, or other reasonably liquid assets exclusive of all organization expenses. (3) All applicable state and local business licenses and permits; (4) A bank account with a state chartered or national bank having a principal or branch office in this state.

...n annual audit conducted by a certified public accountant or an independent auditor selected by the board.

...Except as otherwise provided in section 1112.04 of the Revised Code, a licensed family trust company has all the rights, privileges, and exemptions from licensing and regulation requirements that are granted by any law of this state to trust companies licensed under Chapter 1111. of the Revised Code, including, without limitation, the requirements for registration, licensing, and supervision set forth in Chapter 1707...

...(A) A family trust company licensed under this chapter may cease doing trust business and voluntarily surrender its license to engage in trust business in this state, and as a consequence be relieved of the necessity to comply with the requirements of this chapter, only with the consent of the superintendent of financial institutions. (B) A licensed family trust company proposing to cease doing trust business in thi...

... family trust company taking any of the actions authorized by division (E)(1) of this section.

...le medium for retaining and reproducing records. (B) The superintendent of financial institutions shall identify and publish a list of processes that satisfy the conditions of division (A) of this section. (C) Each family trust company that uses a process authorized by this section to preserve any of its records shall also provide for safekeeping and for examining, viewing, or projecting the records preserved, ...

...(A) Any licensed family trust company is subject to all powers of, and remedies and sanctions available to, the superintendent of financial institutions and the division of financial institutions under Chapters 1101. to 1127. of the Revised Code, in addition to the specific powers, remedies, and sanctions provided for in this chapter. (B)(1) With regard to a licensed family trust company, "regulated person," as us...

...Each family trust company licensed under this chapter shall file with the superintendent of financial institutions any report the superintendent may require, in the form and manner and containing the information prescribed by the superintendent.

...t purpose, shall thoroughly examine the records and affairs of the licensed family trust company. For purposes of the examination, the superintendent may require the attendance of, and examine under oath, any governing board member, officer, manager, employee, or agent of a licensed family trust company. A licensed family trust company shall produce and make available all records or other documents requested by the s...

...for the superintendent to take official action regarding the affairs of a family trust company; (2) To assist another state or a federal agency investigating activities regulated under this chapter; (3) When obtained by a law enforcement officer pursuant to a subpoena, court order, search warrant, or other lawful means. (E) The discovery of information pursuant to division (D) of this section shall be limited to i...

...he superintendent to inspect all books, records, papers, and effects related to the family trust company's business. (B) In addition to any other remedy provided under this chapter, the superintendent may impose a fine of not more than ten thousand dollars upon either of the following: (1) A person who fails to comply with any provision of this chapter or any rule adopted thereunder; (2) A family trust company tha...

...evised Code, that any of the following factors is true: (1) The existence of the family trust company, or its authority to transact business, has been terminated or suspended under the laws of the state or country in which the trust company is incorporated. (2) The family trust company's authority to transact trust business has been terminated or suspended under the laws of the state or country in which the trus...

...(A) If the superintendent of financial institutions revokes a family trust company's license to do trust business in this state pursuant to division (A) of section 1111.32 of the Revised Code, the superintendent may take possession of the family trust company's trust business in this state and may appoint a receiver for the liquidation of the trust business in this state. If the family trust company has its principal...

...The superintendent of financial institutions shall not have an ownership interest in a licensed family trust company.

...The superintendent of financial institutions may, in accordance with Chapter 119. of the Revised Code, adopt any rule necessary to carry out the purposes of this chapter.

...Whoever violates division (B) of section 1112.23 of the Revised Code is guilty of a felony of the fourth degree.