Ohio Admin. Code 1301:1-4-04

Current through all regulations passed and filed through October 28, 2024

Section 1301:1-4-04 - Bank's purchase of its own shares

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.

Ohio Admin. Code 1301:1-4-04

Effective: 11/22/2019
Five Year Review (FYR) Dates: 9/6/2019 and 11/22/2024
Promulgated Under: 119.03
Statutory Authority: 1121.03
Rule Amplifies: 1113.12, 1107.13
Prior Effective Dates: 10/15/1984, 02/18/2002