Ohio Code 5726.43 – Quo warranto action
If any financial institution fails to make and file any return or report required under this chapter, or to pay the penalties provided by law for failure to make and file such reports or returns, for a period of ninety days after the time prescribed by law, the attorney general, on the request of the tax commissioner, shall commence an action in quo warranto in the court of appeals of the county in which the reporting person for the financial institution has its principal place of business in this state to forfeit and annul the privileges and franchises of each person included in the annual report of the financial institution. If the court is satisfied that any such financial institution is in default, it shall render judgment ousting each person included in the annual report of the financial institution from the exercise of its privileges and franchises within this state, and shall otherwise proceed as provided in sections 2733.01 to 2733.39 of the Revised Code.
Terms Used In Ohio Code 5726.43
- Financial institution: means a bank organization, a holding company of a bank organization, or a nonbank financial organization, except when one of the following applies:
(1) If two or more such entities are consolidated for the purposes of filing an FR Y-9, "financial institution" means a group consisting of all entities that are consolidated in the FR Y-9. See Ohio Code 5726.01
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
- Reporting person: means one of the following:
(1) In the case of a financial institution described in division (H)(1) of this section, the top-tier holding company required to file an FR Y-9. See Ohio Code 5726.01
- state: means the state of Ohio. See Ohio Code 1.59