Ohio Revised Code Search

... individual or entity for deposit, make loans of any nature to any individual or entity, or otherwise conduct a general banking business; (2)¿Engage in trust business with, or advertise its services to, the public; (3)¿Use "trust" or any direct derivative of that word as any part of its name, unless it is a licensed family trust company.

...ther asset of a family affiliate; (10)¿Loan money to or borrow money from a family member or the family member's legal representative, another trust managed by the family trust company, or a family affiliate; (11) Act as proxy in voting any shares of stock that are assets of the trust; (12) Exercise any powers of control with respect to any interest in a business entity that is an asset of the trust, including, wi...

...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.

...(3) Whether the applicant satisfies the requirements of section 1112.13 of the Revised Code; (4) Whether it is reasonable to believe the applicant will comply with applicable laws and observe sound fiduciary standards in conducting trust business in this state. (D) If an application for a license does not contain all of the information required or is not accompanied by the required fee, and if that information or f...

...gs 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.

... state, the licensee shall give written notice thereof to the superintendent.

...The existence of any licensed family trust company shall date from the filing of its articles of incorporation or articles of organization, from which time it shall have and may exercise the incidental powers conferred by law upon corporations or limited liability companies, as applicable. However, until it has obtained a license issued under this chapter, a family trust company shall not transact any business as a l...

... a federal reserve bank, a federal home loan bank, a trust company as defined in section 1101.01 of the Revised Code, or a bank or savings association that has pledged securities pursuant to section 1111.04 of the Revised Code, is authorized to accept and execute trusts, and is doing business under authority granted by the comptroller of the currency. (G) The superintendent shall prescribe the form of all receipts...

...(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...

...Each licensed family trust company shall do all of the following: (A) Maintain office space in this state for the transaction of trust business and for the storage of, and access to, family trust company records; (B) Hold in this state at least two governing board meetings per year at which a quorum of the board members are physically present; (C) Employ, engage, or contract with at least one individual, on a part...

...The governing board of a licensed family trust company shall hold at least one regular meeting during each calendar quarter. At each of the quarterly meetings, the board, or an auditor selected by the board, shall thoroughly review the books, records, funds, and securities held by the family trust company. If the board selects an auditor, the auditor's findings shall be reported directly to the board. In lieu of the ...

...xemptions 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. of the Revised Code. A family trust company established under Chapter 1112. of the Revised Code is not subject to taxation under Chapter...

...ved 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 this state shall submit both of the following to the superintendent: (1) A certified copy of the resolution of the licensed family trust company's board of directors reflecting the board's decision ...

...(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...

...n (A) of this section is subject to the requirements of this section. No person, knowing the information is privileged and confidential, shall purposely divulge the information in any manner. (C) Neither the superintendent, nor any agent or employee of the superintendent, shall purposely make, or cause to be made, any false statements or reports regarding the affairs or condition of a family trust company. (D) The ...

...nse issued under this chapter if, after notice and an opportunity for hearing in accordance with Chapter 119. of the Revised Code (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....

...if the superintendent determines, after notice in accordance with section 1121.37 of the Revised Code and opportunity for hearing in accordance with section 1121.38 of the Revised 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 i...

...in this state, the receiver shall, with notice to the superintendent, petition the court for an order declaring the family trust company's trust business in this state is properly wound up in the manner provided in section 1125.30 of the Revised Code. Upon the filing of the petition, the court shall proceed as provided in section 1125.30 of the Revised Code. An order issued by the court pursuant to a petition filed ...

...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.