(A)
(1) Of the directors on the board of directors of a state bank:
(a) A majority of the directors shall be outside directors. However, in the case of a stock state bank, if eighty per cent or more of any class of the bank's voting shares are owned by a company, a majority of the directors may be officers or directors of one or more affiliates of the bank.
(b) For purposes of this section, anyone who is not an employee of the state bank or the bank holding company shall be considered an outside director.
(2)
(a) If during a term of office a director causes the total membership of the board to be out of compliance with division (A)(1)(a) of this section, the director forfeits the directorship, and the director's office is then vacant.
(b)
No new director, or former director who is elected or appointed to the board after an interruption in service, shall be elected or appointed if it causes the total membership of the board to be out of compliance with division (A)(1)(a) of this section.
(B)
(1) No person who has been convicted of, or has pleaded guilty to, a felony or any crime involving an act of fraud, dishonesty , breach of trust, theft, or money laundering shall serve as a director of a bank or a subsidiary or affiliate of a bank. The superintendent of financial institutions may waive this restriction if the crime the person was convicted of or pleaded guilty to was a misdemeanor or minor misdemeanor or the equivalent thereof.
(2) If during a term of office any director is convicted of, or pleads guilty to, a crime described under division (B)(1) of this section, the director forfeits the directorship, and the director's office is then vacant.
Amended by 132nd General Assembly File No. TBD, HB 49, §130.21, eff. 1/1/2018.
Effective Date: 01-01-1997 .
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.