Ohio Code 1112.11 – Limitation of powers before licensure
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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 licensed family trust company, other than the election of officers, the taking and approving of their official bonds, the receipts of payment upon stock subscriptions, and other business incidental to its organization.
Terms Used In Ohio Code 1112.11
- Family trust company: means a corporation or limited liability company organized under the laws of this state that meets all of the following requirements:
(1) It is organized to serve only family clients. See Ohio Code 1112.01
- Licensed family trust company: means a family trust company licensed under this chapter. See Ohio Code 1112.01