Ohio Revised Code Chapter 1161 - Savings Banks - Organization

• Section 1161.01 - Savings Bank - Organization Definitions.
  (A) In sections of the Revised Code making reference to savings banks and to the division of savings banks or the division of financial...
• Section 1161.02 - Application Of Corporation Laws.
  A savings bank shall be organized, governed, and conducted under the general laws of this state relating to corporations, except as otherwise provided in...
• Section 1161.03 - Certification By Superintendent To Secretary Of State.
  Upon receipt from the secretary of state of a copy of the articles of incorporation of a proposed savings bank, the superintendent of savings...
• Section 1161.04 - Recording Of Articles Of Incorporation.
  Upon receipt of the certificate provided for in section 1161.03 of the Revised Code from the superintendent of savings banks, the secretary of state...
• Section 1161.05 - Approval Required For Establishment Or Relocation.
  (A) No savings bank shall establish more than one banking office, maintain branches, or relocate any branch, except with the prior written approval of...
• Section 1161.06 - Advance Written Notice Of Use Of Temporary Quarters.
  Any savings bank that conducts the business of an office or branch at temporary quarters during construction or alteration of its regular quarters shall...
• Section 1161.07 - Branches Of Foreign Savings Bank.
  (A) Except as otherwise provided in this section and section 1161.76 of the Revised Code, only a savings bank may establish and maintain a...
• Section 1161.071 - Providing Services To Another Financial Institution's Customers.
  (A) With the written approval of the superintendent of savings banks, a savings bank may contract with one or more other savings banks, banks,...
• Section 1161.08 - Commencing Business.
  A savings bank that fails to commence business within one year from the date of the issuance of its articles of incorporation pursuant to...
• Section 1161.09 - Utilization Of Words Suggesting That Person Or Entity Is Engaged In Savings Bank Business.
  (A) A savings bank, savings and loan association, or bank may use in its name, with other words not forbidden by law, any of...
• Section 1161.10 - Authorized Capital.
  (A) (1) When capital stock is mentioned in the articles of incorporation of a savings bank, it means the authorized capital. The organization of...
• Section 1161.11 - Savings Bank Organized As Mutual Savings Bank Without Stock.
  (A) A savings bank may be organized under this chapter as a mutual savings bank without stock, the capital of which is in the...
• Section 1161.111 - Converting To Stock Form.
  A savings bank without permanent stock may convert itself to the stock form, subject to the rules of the superintendent of savings banks. The...
• Section 1161.12 - Authorization To Commence Business.
  When a certificate, signed by the president, secretary, or treasurer of an incorporated savings bank, is transmitted to the superintendent of savings banks notifying...
• Section 1161.13 - Interim Savings Bank.
  Notwithstanding the definition of "savings bank" set forth in division (A)(1) of section 1161.01 of the Revised Code, the superintendent of savings banks may...
• Section 1161.14 - Maintaining Books And Records.
  Every savings bank shall keep books and records in which shall be entered the name and the last known address of each stockholder; the...
• Section 1161.15 - Notice Of Shareholder Meeting.
  Whenever shareholders of a savings bank are required or authorized to elect directors or to take any other action at a meeting, either annual...
• Section 1161.16 - Directors' Terms.
  The directors of a savings bank may be elected for any term not less than one nor longer than three years. If the term...
• Section 1161.17 - Quorum.
  A majority of all directors of a savings bank is necessary to constitute a quorum for the transaction of business by its board of...
• Section 1161.18 - Meetings Of Board Of Directors - Committees.
  (A) (1) A savings bank's board of directors shall meet monthly unless the savings bank's constitution provides for a different frequency of meetings, which...
• Section 1161.19 - Compensating Directors And Officers.
  (A) The compensation of the directors of a savings bank shall be fixed by the stockholders, or, in the case of a savings bank...
• Section 1161.20 - Receiving Unlawful Fee, Commission Or Gift.
  (A) No director, officer, employee, or attorney of a savings bank shall knowingly, directly or indirectly, stipulate for, assent to receive, or receive anything...
• Section 1161.21 - Oaths.
  Each director, officer, and member of an appraisal committee of a savings bank, when appointed or elected, shall take an oath that he, so...
• Section 1161.22 - Removal Of Director Or Officer.
  (A) (1) Every director and officer of a savings bank is subject to removal by the superintendent of savings banks on any of the...
• Section 1161.23 - Receiving Deposits.
  (A) (1) A savings bank may receive money on deposit or stock deposits from any persons, firms, corporations, and courts, or their agents, officers,...
• Section 1161.24 - Serving As Trustee.
  (A) A savings bank may serve as trustee of any trust that qualifies, at the time the savings bank becomes trustee, for tax treatment...
• Section 1161.25 - Recognizing Claim To Account Or Property.
  (A) A savings bank shall not be required, in the absence of a court order or indemnity required by this section, to recognize any...
• Section 1161.26 - Issuing Stock.
  A savings bank may issue stock to members, upon certificates or upon written subscription, on such terms consistent with sections 1161.02 to 1161.75 of...
• Section 1161.27 - Purchasing Own Shares Of Permanent Stock.
  A savings bank may purchase its own shares of permanent stock, if the purchase is not inconsistent with its articles, constitution, or bylaws. Effective...
• Section 1161.28 - Assessments.
  A savings bank may assess and collect from members and others such dues, fines, interest and premium on loans made, or other assessments as...
• Section 1161.29 - Withdrawals.
  (A) A savings bank may permit withdrawal of deposits upon such terms as it provides. (B) A savings bank may extend secured or unsecured...
• Section 1161.30 - Withdrawals Through Other Savings Banks.
  Without prejudice to the generality of the powers conferred by section 1161.29 of the Revised Code, a savings bank may permit withdrawal of deposits...
• Section 1161.31 - Tendering Credit To Deposit Account.
  A borrower from a savings bank may tender, in discharge of any of his obligations to the savings bank, credit to a deposit account...
• Section 1161.32 - Cancelling Shares.
  A savings bank may cancel shares and parts of shares of stock upon which the credits have been repurchased by it, or upon which...
• Section 1161.33 - Transactions With Minors.
  A savings bank may do all of the following: (A) Issue stock to minors and receive deposits thereon; (B) Permit these stock and deposits...
• Section 1161.34 - Real Estate Investments.
  (A) Without prejudice to the generality of the powers conferred by section 1161.68 of the Revised Code, a savings bank may invest in real...
• Section 1161.35 - Borrowing.
  (A) A savings bank may borrow money and may pledge and otherwise encumber any of its assets to secure its debts. All borrowings under...
• Section 1161.36 - Real Estate Loans.
  (A) A savings bank may make, invest in, sell, purchase, participate, or otherwise deal in loans to members and others on such terms as...
• Section 1161.37 - Other Loans.
  (A) Subject to the procedures of this section and section 1161.38 of the Revised Code, a savings bank may make, invest in, sell, purchase,...
• Section 1161.38 - Procedures For Real Estate Loans.
  A savings bank shall observe the following procedures in making real estate loans: (A) The savings bank may make loans upon obligations secured by...
• Section 1161.39 - Loans Secured By Real Estate For Acquisition And Development Of Undeveloped Or Partially Developed Land For Primarily Residential Use.
  A savings bank may make, invest in, sell, purchase, participate, or otherwise deal in loans to members and others upon obligations secured by real...
• Section 1161.40 - Investment In Mobile Home Chattel Paper.
  (A) As used in this section: (1) "Mobile home" means a movable dwelling for occupancy on land made of one or more units, and...
• Section 1161.41 - Home Improvement Loans.
  A savings bank may make, invest in, sell, purchase, participate, or otherwise deal in loans, on such terms as are provided by the savings...
• Section 1161.42 - Student Loans.
  (A) A savings bank may lend, or purchase loans that have been made, on such terms as are provided by the savings bank upon...
• Section 1161.43 - Consumer Loans, Commercial Paper, And Corporate Debt Securities.
  A savings bank may invest in consumer loans, commercial paper, and corporate debt securities subject to the following limitations, except that the total investment...
• Section 1161.44 - Credit Card Operations.
  A savings bank may issue credit cards, extend credit in connection therewith, and otherwise engage in or participate in credit card operations. Effective Date:
• Section 1161.441 - Charges Under Revolving Credit Agreement.
  (A) As used in this section: (1) "Revolving credit agreement" means an agreement pursuant to which a savings bank contemplates repeated transactions and the...
• Section 1161.45 - Issuing Commercial And Standby Letters Of Credit.
  (A) A savings bank may issue commercial and standby letters of credit and may pledge collateral to secure its obligations thereunder, subject to Chapter...
• Section 1161.46 - Loans For Commercial, Corporate, Business, Or Agricultural Purposes.
  A savings bank may make, invest in, sell, purchase, and participate, or otherwise deal in secured or unsecured loans for commercial, corporate, business, or...
• Section 1161.47 - Loans Federally Approved, Insured Or Guaranteed.
  Notwithstanding sections 1161.36 to 1161.41 and 1161.64 of the Revised Code and the constitution and bylaws of the savings bank, the savings bank may...
• Section 1161.48 - Participating In Loans With Supervised Lenders.
  (A) As used in this section, "lender" or "lenders" means any savings bank, savings and loan association, bank, or insurance company, that is supervised...
• Section 1161.49 - Trust Certificates Or Securities Backed By Federal Programs.
  A savings bank, singly or in joint venture with other eligible issuers, may issue and sell trust certificates or other securities based on and...
• Section 1161.50 - Loans Secured By Mortgage On Two Or More Properties.
  A savings bank may make loans to members and others evidenced by a note or notes secured by one mortgage on two or more...
• Section 1161.51 - Canceling Loans - Debt Suspension Or Cancellation Agreement.
  (A) Except as provided in division (B) of this section, a savings bank may cancel loans mentioned in sections 1161.36 to 1161.50 of the...
• Section 1161.52 - Loans For Housing Suitable Primarily For Occupancy For Persons Over Fifty-five.
  A savings bank may make, purchase, or participate in loans secured by real estate subject to the procedures of section 1161.38 of the Revised...
• Section 1161.53 - Establishing And Maintaining Reserve And Net Worth Accounts.
  A savings bank shall establish and maintain such reserve and net worth accounts as the superintendent of savings banks shall require by rule, adopted...
• Section 1161.54 - Authorized Investments.
  (A) A savings bank may invest any of its funds in bonds or interest-bearing obligations of the United States, or for which the faith...
• Section 1161.55 - Federal National Mortgage Association Stock.
  A savings bank may subscribe to, buy, own, and hold stock of the federal national mortgage association as required by Title 3, section 303,...
• Section 1161.56 - Community Improvement Corporations Loans.
  (A) (1) A savings bank may invest in the bonds, debentures, notes, or other evidences of indebtedness of community improvement corporations organized under Chapter...
• Section 1161.57 - Other Loan And Investment Authority.
  (A) A savings bank may make additional loans and investments under divisions (B) and (C) of this section provided that the aggregate balance of...
• Section 1161.58 - Loans To And Investments In Capital Stock, Obligations, And Other Securities Of Service Corporations.
  (A) For purposes of this section, "service corporation" includes any subsidiary of a service corporation. (B) A savings bank may invest a total of...
• Section 1161.59 - Preneed Cemetery Merchandise And Services Contracts.
  In accordance with sections 1721.211 and 4717.31 to 4717.38 of the Revised Code, a savings bank may receive and hold on deposit moneys under...
• Section 1161.60 - Loans Or Investments Authorized By Directors.
  (A) In addition to the other loans and investments provided for in this chapter, but subject to all other provisions of the Revised Code,...
• Section 1161.601 - License Required To Engage In Trust Business.
  (A) A savings bank authorized to do business by the division of financial institutions pursuant to Chapters 1161. to 1165. of the Revised Code...
• Section 1161.61 - Additional Capital Requirements.
  The exercise of any of the additional investment authorities pursuant to division (B) of section 1161.34, division (O) of section 1161.54, or section 1161.58...
• Section 1161.62 - Federal Home Loan Bank Relationships.
  (A) A savings bank may become a member of, acquire stock in, and deposit money with a federal home loan bank created by the...
• Section 1161.63 - Savings And Loan Converting Into Savings Bank.
  (A) A domestic savings and loan association organized under the laws of this state with permanent stock may convert into a savings bank by...
• Section 1161.631 - Bank Converting Into Savings Bank.
  (A) A bank organized under the laws of this state may convert into a savings bank by following the procedures prescribed by divisions (B),...
• Section 1161.64 - Buying And Selling Loans.
  (A) A savings bank may buy obligations representing loans that would be legal loans if originated by the savings bank. The investments may be...
• Section 1161.65 - Changing Name, Capital Or Stock.
  A savings bank may change its name by a majority vote of its board of directors. A savings bank, other than one described in...
• Section 1161.66 - Dissolution.
  A savings bank may dissolve by a majority vote of the stock entitled to be voted under its constitution. The vote shall be consistent...
• Section 1161.67 - Amending Articles And Constitution.
  (A) A savings bank having permanent stock may amend its articles of incorporation and its constitution by complying with the requirements of its articles...
• Section 1161.68 - Conduct And Management Of Affairs.
  A savings bank may provide, by a constitution adopted by its members and bylaws adopted by its board of directors, for the proper exercise...
• Section 1161.69 - Borrowers As Members With Voting Rights.
  The constitution of a savings bank may provide that all borrowers from the savings bank are members and provide for voting rights for those...
• Section 1161.70 - Designating Of Depositories.
  The board of directors of a savings bank shall designate the financial institutions in which it shall deposit the funds of the savings bank....
• Section 1161.71 - Blanket Fidelity Bond Coverage.
  All officers and employees of a savings bank, before entering upon the discharge of their duties, shall be covered by an individual, schedule, or...
• Section 1161.72 - Expenses.
  All expenses of a savings bank shall be paid out of its gross earnings only, and so much of these earnings as is necessary...
• Section 1161.73 - Dividends - Interest.
  After provision for payment of expenses, interest, and the maintenance of the loss reserve and other net worth accounts as required by section 1161.53...
• Section 1161.74 - Losses.
  All losses of a savings bank shall be met by the application thereto of the following, in the order listed: (A) The loss reserve...
• Section 1161.75 - Appraising Real Estate Owned By Savings Bank.
  At least once in every three years the appraisal committee of each savings bank or a qualified appraiser appointed by the board of directors...
• Section 1161.76 - Acquisitions And Mergers.
  (A) For purposes of this section: (1) "Holding company affiliate" means a holding company of which a savings bank is a subsidiary and any...
• Section 1161.77 - Consolidation.
  (A) For purposes of this section, "holding company affiliate" means a holding company of which a savings bank is a subsidiary and any other...
• Section 1161.78 - Acquiring Controlling Interest.
  Except as provided in section 1161.76 of the Revised Code, no person or entity, directly or indirectly, shall acquire a controlling interest in a...
• Section 1161.79 - Deposit Authority Of Foreign Savings Bank.
  (A) As used in this section: (1) "Acquire" or "acquisition" means any of the following transactions or actions: (a) The acquisition of the direct...
• Section 1161.80 - Examination Associated With Acquisition.
  (A) When the superintendent of savings banks considers it necessary or appropriate, he may examine any savings bank or savings bank holding company that...
• Section 1161.81 - Penalties.
  (A) Whoever violates section 1161.20 of the Revised Code shall be fined not more than one thousand dollars. (B) Whoever violates section 1161.09 of...

Last modified: October 10, 2016