Ohio Code 4121.126 – Conflicts of interest by board members or bureau employees
Except as provided in this chapter, no member of the bureau of workers’ compensation board of directors or employee of the bureau of workers’ compensation shall have any direct or indirect interest in the gains or profits of any investment made by the administrator of workers’ compensation or shall receive directly or indirectly any pay or emolument for the member’s or employee’s services. No member or person connected with the bureau directly or indirectly, for self or as an agent or partner of others, shall borrow any of its funds or deposits or in any manner use the funds or deposits except to make current and necessary payments that are authorized by the administrator. No member of the board or employee of the bureau shall become an indorser or surety or become in any manner an obligor for moneys loaned by or borrowed from the bureau.
Terms Used In Ohio Code 4121.126
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
The administrator shall make no investments through or purchases from, or otherwise do any business with, any individual who is, or any partnership, association, or corporation that is owned or controlled by, a person who within the preceding three years was employed by the bureau, a board member of, or an officer of the board, or a person who within the preceding three years was employed by or was an officer holding a fiduciary, administrative, supervisory, or trust position, or any other position in which such person would be involved, on behalf of the person’s employer, in decisions or recommendations affecting the investment policy of the bureau, and in which such person would benefit by any monetary gain.