Ohio § 1115.03

§ 1115.03.

(A)(1) A mutual state bank may convert into a stock state bank if the conversion is approved

by the superintendent of financial institutions, the affirmative vote of two-thirds

of the mutual state bank's board of directors, and the affirmative vote of two-thirds

of the total outstanding votes eligible to be cast at the meeting at which the plan

of conversion is presented to the members for adoption. (2) A stock state bank may convert into a mutual state bank if the conversion is approved

by both the superintendent and the affirmative vote or written consent of the holders

of two-thirds, or such other proportion not less than a majority as the stock state

bank's article of incorporation require, of the outstanding shares of each class of

the bank's stock. (B) A conversion under this section shall be effective on the date indicated in the materials

filed with the secretary of state by the converting bank.  Without further act or deed, the bank resulting from the conversion shall have all

the property, rights, interests, and powers of its predecessor bank within the limits

of the charter of the resulting bank, and all duties, trusts, obligations, and liabilities

of the predecessor bank shall continue in the bank resulting from the conversion.