Ohio § 1115.111
Full text of Ohio Ohio Revised Code § 1115.111, with citation guidance and answers to common questions.
§ 1115.111.
(A) Except as provided in division (C) of this section, no bank shall pay to any person,
other than reasonable compensation for services provided in the person's capacity
as an employee, any management or consulting fee, including fees for legal, accounting,
brokerage, or other similar professional services, not having a direct relationship
to the value of actual services rendered, based on reasonable costs consistent with
current market values for such services. (B) The records of the bank shall contain adequate information to permit a determination
as to what services are being provided and on what basis they are being priced. At a minimum the records shall disclose a thorough review by the board of directors
demonstrating all of the following: (1) That such fees are paid for specific services provided, as detailed in a fee analysis
presented to the board; (2) The basis for the cost for each function or service; (3) A conclusion by the board of directors that the fees are reasonable. (C) This section does not prevent a bank from paying any of the following: (1) Dividends to shareholders that have been properly declared by the bank; (2) Reasonable compensation to officers and employees of the bank for services rendered
to the bank in their capacities as officers or employees of the bank; (3) Fees to directors for their attendance at meetings of the board of directors, the
executive committee, or other committees established by the board.
Frequently Asked Questions About Ohio § 1115.111
What does Ohio Revised Code § 1115.111 cover?
Section 1115.111 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 § 1115.111?
A common citation format is "Ohio Revised Code § 1115.111" (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 § 1115.111 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.