Ohio Revised Code Search

...iption agent, transfer agent except for public business entities, warrant agent, or in any similar capacity generally performed by corporate trustees and, in so acting, possess, purchase, sell, invest, reinvest, safe keep, or otherwise manage or administer the real or personal property of other persons; (3)¿Exercise the powers of a corporation or limited liability company organized under the laws of this state and ...

... (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.

...s imposed by the superintendent in approving the applicant's application for a family trust company license and has pledged securities as required by section 1112.12 of the Revised Code, the superintendent shall issue the applicant a trust company license. A license issued pursuant to this section shall remain in force and effect until surrendered by the licensee pursuant to section 1112.17 of the Revised Code or sus...

...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...

...ection of officers, the taking and approving of their official bonds, the receipts of payment upon stock subscriptions, and other business incidental to its organization.

...ized 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 delivery to the superintendent or by placing the securities with a qualified trustee for safekeeping to the account of the superintendent of financial institutions. (B) Securities pledged by a fa...

...(A)¿Each licensed family trust company shall obtain and maintain all of the following: (1) Fidelity bonds in such amounts as it considers advisable, but not less than an aggregate 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 ag...

...th 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...

...s imposed by the superintendent in approving the plan. (2) The licensed family trust company has been relieved in accordance with the law of all duties as trustee, executor, administrator, registrar of stocks and bonds, or any other fiduciary under court, private, or other appointment the trust company had accepted. (3) The licensed family trust company has, in accordance with the law, wound up its trust business i...

...(A) A family trust company shall keep separate and complete records for each fiduciary account or relationship, including a record of any securities constituting assets of each particular estate, trust, or account. (B) A family trust company may place securities it holds in any fiduciary capacity with a qualified custodian of securities. A qualified custodian of securities that has custody of securities held by a ...

...(A) A family trust company may, for any business purpose, retain a document, paper, or other instrument. A family trust company may record by use of a process to record, copy, photograph, or store a representation of the original document, paper, or other instrument or record if all of the following apply: (1) The process correctly and accurately copies or reproduces, or provides a means for correctly and accuratel...

...(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.

...(A) Not later than eighteen months after a licensed family trust company receives its initial license under this chapter, and as often thereafter as the superintendent of financial institutions considers necessary, but at least once each thirty-six-month cycle, the superintendent, or any deputy or examiner appointed by the superintendent for that purpose, shall thoroughly examine the records and affairs of the licens...

...mily trust company that qualifies as nonpublic personal information under 15 U.S.C. 6809 and the regulations adopted thereunder; (5)¿Information or agreements relating to any merger, consolidation, or transfer; (6) Any other private information relating to a family trust company. (B) Any person who receives privileged and confidential information as described in division (A) of this section is subject to the requi...

...(which hearing shall not be open to the public), the superintendent finds either of the following: (1) An officer or director of, or any manager or family member acting in a managerial capacity for, the licensed family trust company has failed to comply with any provision of this chapter. (2) The licensed family trust company, or any person authorized to act on its behalf, refuses to allow the superintendent or any...

...dent in writing in connection with approving an application or notice or granting any other request of the family trust company; (c) A written agreement the family trust company entered into with the superintendent; (d) A cease and desist order issued by the superintendent under section 1121.32 of the Revised Code. (5) The family trust company is engaging or has engaged, or the superintendent has reasonable ...

...(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.