Ohio Rev. Code Ann. § 1107.13 – Bank may purchase its own shares | Midpage
§ 1107.13
Ohio Rev. Code Ann. § 1107.13
Bank may purchase its own shares
Effective Jan 1, 1997House Bill 538 - 121st General Assembly
Viewing an earlier version · effective Jan 1, 1997View current
(A) A bank may purchase its own shares only in the following circumstances:
(1) To avoid the issuance of, or to eliminate, fractional shares;
(2) From a shareholder who, by reason of dissent, is entitled to be paid the fair cash value of the shares;
(3) With the approval of the superintendent of financial institutions, pursuant to authority in the bank's articles of incorporation to purchase its shares.
(B) A bank that acquires shares of its stock shall retire or dispose of the shares at the time and in the manner required by the superintendent.