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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 1109.25 | Bank's own stock as security or payment.

Ohio Revised Code
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Title 11 Banks-Savings and Loan Associations
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Chapter 1109 State Banks - Powers
 
You are viewing a past version of this section that is no longer in effect View Current Version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) No bank shall lend money on the security of shares of its own stock or accept shares of its own stock in satisfaction of a debt, unless necessary to prevent loss on a debt previously contracted in good faith.

(B) A bank that accepts shares of its own stock as allowed by division (A) of this section shall retire or dispose of the shares at the time and in the manner required by the superintendent of financial institutions.

(C) For purposes of this section, the superintendent may determine that stock of a person that controls a bank, if the stock is not readily marketable, is the functional equivalent of stock of the bank and, therefore, subject to divisions (A) and (B) of this section.

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