Ohio Code 1116.10 – Governance by board of directors
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(A) A mutual holding company and any subsidiary holding company shall be governed by a board of directors and in accordance with the articles of incorporation and code of regulations adopted in connection with the reorganization, or as amended in accordance with law or rule after the reorganization.
Terms Used In Ohio Code 1116.10
- Reorganizing mutual state bank: means a mutual state bank that proposes to reorganize into a mutual holding company structure in accordance with this chapter. See Ohio Code 1116.01
- Rule: includes regulation. See Ohio Code 1.59
- state: means the state of Ohio. See Ohio Code 1.59
- Subsidiary holding company: means a stock company that is controlled by a mutual holding company and that owns the stock of a stock state bank whose depositors have membership rights in the parent mutual holding company. See Ohio Code 1116.01
(B) The board of the mutual holding company and any subsidiary holding company shall have at least five members who, initially, shall consist of the board of directors of the reorganizing mutual state bank. Such members, after the formation of the mutual holding company and any subsidiary holding company, shall continue to serve as directors for the balance of the terms to which they were elected.