Ohio § 1111.06
Full text of Ohio Ohio Revised Code § 1111.06, with citation guidance and answers to common questions.
§ 1111.06.
(A) Any person, other than a national bank with trust powers or a federal savings association
with trust powers, proposing to solicit or engage in trust business in this state
shall apply to the superintendent of financial institutions to be licensed as a trust
company. The superintendent shall approve or disapprove the application within sixty days
after accepting it. (B) In determining whether to approve or disapprove an application for a trust company
license, the superintendent shall consider all of the following: (1) Whether the applicant is a corporation described in division (A)(1) of section 1111.02 of the Revised Code ; (2) Whether the applicant's articles of incorporation or association authorize the applicant
to serve as a trustee; (3) If the applicant is not a state bank, whether the applicant is currently qualified
to do and is engaging in trust business in the state or country under the laws of
which the applicant is organized; (4) Whether the applicant satisfies the requirements of section 1111.05 of the Revised Code ; (5) Whether it is reasonable to believe the applicant will comply with applicable laws
and observe sound fiduciary standards in conducting trust business in this state; (6) If the applicant is not a state bank, whether the applicant is subject to comprehensive
supervision and regulation of its fiduciary activities by appropriate authorities
of the state or country under the laws of which the applicant is organized. (C) In approving an application for a trust company license, the superintendent may impose
any condition the superintendent determines to be appropriate. (D) When an applicant has satisfied all prior conditions imposed by the superintendent
in approving the applicant's application for a trust company license and has pledged
securities as required by section 1111.04 of the Revised Code , the superintendent shall issue the applicant a trust company license. A license issued pursuant to this section shall remain in force and effect until
surrendered by the licensee pursuant to section 1111.31 of the Revised Code or suspended or revoked by the superintendent pursuant to section 1111.32 of the Revised Code .
Frequently Asked Questions About Ohio § 1111.06
What does Ohio Revised Code § 1111.06 cover?
Section 1111.06 is part of the Ohio Revised Code, the codified statutory law of Ohio. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Ohio § 1111.06?
A common citation format is "Ohio Revised Code § 1111.06" (Ohio). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 1111.06 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Ohio.