Ohio § 1105.02
Full text of Ohio Ohio Revised Code § 1105.02, with citation guidance and answers to common questions.
§ 1105.02.
(A)(1) Of the directors on the board of directors of a state bank: (a) A majority of the directors shall be outside directors. However, in the case of a stock state bank, if eighty per cent or more of any class
of the bank's voting shares are owned by a company, a majority of the directors may
be officers or directors of one or more affiliates of the bank. (b) For purposes of this section, anyone who is not an employee of the state bank or
the bank holding company shall be considered an outside director. (2)(a) If during a term of office a director causes the total membership of the board to
be out of compliance with division (A)(1)(a) of this section, the director forfeits
the directorship, and the director's office is then vacant. (b) No new director, or former director who is elected or appointed to the board after
an interruption in service, shall be elected or appointed if it causes the total membership
of the board to be out of compliance with division (A)(1)(a) of this section. (B)(1) No person who has been convicted of, or has pleaded guilty to, a felony or any crime
involving an act of fraud, dishonesty, breach of trust, theft, or money laundering
shall serve as a director of a bank or a subsidiary or affiliate of a bank. The superintendent of financial institutions may waive this restriction if the crime
the person was convicted of or pleaded guilty to was a misdemeanor or minor misdemeanor
or the equivalent thereof. (2) If during a term of office any director is convicted of, or pleads guilty to, a crime
described under division (B)(1) of this section, the director forfeits the directorship,
and the director's office is then vacant.
Frequently Asked Questions About Ohio § 1105.02
What does Ohio Revised Code § 1105.02 cover?
Section 1105.02 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 § 1105.02?
A common citation format is "Ohio Revised Code § 1105.02" (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 § 1105.02 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.