Ohio § 1107.15
Full text of Ohio Ohio Revised Code § 1107.15, with citation guidance and answers to common questions.
§ 1107.15.
A stock state bank's board of directors may declare dividends and distributions on
the bank's outstanding shares, subject to all of the following conditions: (A) Except as otherwise provided in division (B) of this section, payment of a dividend
or distribution may only be funded from undivided profits or, subject to the approval
of the superintendent of financial institutions, from a special reserve created from
proceeds from the sale of bank stock. (B) A dividend or distribution may be funded, in whole or in part, from surplus with
the approval of both of the following: (1) The holders of at least two-thirds of the outstanding shares of each class of the
bank's stock; (2) The superintendent. (C) A dividend or distribution may be paid in treasury shares or in authorized but unissued
shares, if the board makes the required transfers to surplus and paid-in capital. (D) The approval of the superintendent is required for the declaration of dividends and
distributions if the total of all dividends and distributions declared on the bank's
shares in any year, and not paid in shares, exceeds the total of its net income for
that year combined with its retained net income of the preceding two years. (E) Prior to the declaration of any dividend or distribution the bank has made all required
allocations to reserves for losses or contingencies.
Frequently Asked Questions About Ohio § 1107.15
What does Ohio Revised Code § 1107.15 cover?
Section 1107.15 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 § 1107.15?
A common citation format is "Ohio Revised Code § 1107.15" (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 § 1107.15 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.