Ohio Administrative Code
Title 1301:1 - Division of Financial Institutions: Banks
Chapter 1301:1-4 - Miscellaneous Provisions
Section 1301:1-4-04 - Bank's purchase of its own shares
Universal Citation: OH Admin Code 1301:1-4-04
Current through all regulations passed and filed through September 16, 2024
No stock state bank that wants to purchase shares of its own stock pursuant to authority in its articles of incorporation shall make a purchase without prior written approval from the superintendent of financial institutions. To request the superintendents' approval, stock state a bank shall submit to the superintendent both of the following:
(A) A written plan proposing the purchase that shall address all of the following:
(1) The circumstances surrounding the
transaction;
(2) How the
stock state bank proposes to finance the share
purchase;
(3) How and when the
stock state bank will dispose of the shares;
and
(4) Any other information the
superintendent requires.
(B) Both of the following supporting documents:
(1) Certified board resolution
evidencing the directors' decision to purchase the shares; and
(2) Pro forma financial statements.
Disclaimer: These regulations may not be the most recent version. Ohio may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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