2013 Ohio Revised Code
Title [11] XI FINANCIAL INSTITUTIONS
Chapter 1107 - BANKS - CAPITAL AND SECURITIES.
Section 1107.13 - Bank may purchase its own shares.
(A) A bank may purchase its own shares only in the following circumstances:
(1) To avoid the issuance of, or to eliminate, fractional shares;
(2) From a shareholder who, by reason of dissent, is entitled to be paid the fair cash value of the shares;
(3) With the approval of the superintendent of financial institutions, pursuant to authority in the bank's articles of incorporation to purchase its shares.
(B) A bank that acquires shares of its stock shall retire or dispose of the shares at the time and in the manner required by the superintendent.
Effective Date: 01-01-1997
Disclaimer: These codes 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.
