Ohio § 1114.05
Full text of Ohio Ohio Revised Code § 1114.05, with citation guidance and answers to common questions.
§ 1114.05.
(A) As used in the section, “ authorized capital ” means the initial funding required to organize a mutual state bank. (B) The authorized capital of a mutual state bank shall be of such amount as the superintendent
of financial institutions may determine based upon the amount and character of the
anticipated business of the bank and the safety of prospective depositors. In addition, the superintendent may, in the superintendent's discretion, fix the
amount of the expense fund for operating losses to be created by nonrefundable contributions. (C) The organization of the mutual state bank may be completed when a sum equal to five
per cent of the authorized capital, as determined by the superintendent, is paid in
and the names and addresses of its officers, its code of regulations, and its bylaws
have been filed with and approved by the superintendent. (D) Five years after the mutual state bank commences business, any remaining balance
in the expense fund shall be transferred to retained earnings, if the bank is on a
profitable operating basis as determined by the superintendent.
Frequently Asked Questions About Ohio § 1114.05
What does Ohio Revised Code § 1114.05 cover?
Section 1114.05 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 § 1114.05?
A common citation format is "Ohio Revised Code § 1114.05" (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 § 1114.05 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.