Ohio § 1112.14
Full text of Ohio Ohio Revised Code § 1112.14, with citation guidance and answers to common questions.
§ 1112.14.
Each licensed family trust company shall do all of the following: (A) Maintain office space in this state for the transaction of trust business and for
the storage of, and access to, family trust company records; (B) Hold in this state at least two governing board meetings per year at which a quorum
of the board members are physically present; (C) Employ, engage, or contract with at least one individual, on a part-time basis, to
provide services in this state for the family trust company; (D) Perform at least three of the following trust administration activities wholly or
partly in this state for the accounts under the management, administration, or custody
of the family trust company: (1) Annual account reviews; (2) Annual investment reviews; (3) Trust accountings; (4) Account correspondence; (5) Completion of trust account tax returns; (6) Distribution of account statements. (E) Maintain all of the following: (1) A minimum of three directors or managers, at least one of whom is a resident of this
state; (2) A minimum stockholders' equity of an amount determined by the division of financial
institutions, which amount shall be at least two hundred thousand dollars but not
more than five hundred thousand dollars. The equity may be comprised of cash, securities, including stock of a nonpublicly
traded business entity, or other reasonably liquid assets exclusive of all organization
expenses. (3) All applicable state and local business licenses and permits; (4) A bank account with a state chartered or national bank having a principal or branch
office in this state.
Frequently Asked Questions About Ohio § 1112.14
What does Ohio Revised Code § 1112.14 cover?
Section 1112.14 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 § 1112.14?
A common citation format is "Ohio Revised Code § 1112.14" (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 § 1112.14 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.