Ohio § 1121.34

§ 1121.34.

(A)(1) The superintendent of financial institutions may issue an order suspending a regulated

person from office or temporarily prohibiting a regulated person from further participation

in the conduct of the affairs of a bank or trust company, or both, if both of the

following apply: (a) The superintendent serves, or has served, the regulated person with a notice of charges

and intent to remove the regulated person or prohibit the regulated person from further

participation in the conduct of the affairs of a bank or trust company pursuant to section 1121.33 of the Revised Code . (b) The superintendent determines the suspension or temporary prohibition is necessary

for the protection of a bank or trust company or the interests of a bank's depositors

or a trust company's beneficiaries. (2) An order issued pursuant to division (A)(1) of this section is effective immediately

upon service on the regulated person, and remains effective and enforceable as provided

in the order except to the extent it is stayed, modified, terminated, or set aside

by action of the superintendent or a reviewing court.  If, upon the record of a hearing, the superintendent determines not to issue an

order removing a regulated person from office or prohibiting a regulated person's

further participation in the conduct of the affairs of a bank or trust company pursuant

to section 1121.33 of the Revised Code , the order issued pursuant to division (A)(1) of this section is terminated. (3) Within ten days after being served a suspension or temporary prohibition order pursuant

to division (A)(1) of this section, a regulated person may apply to the court of common

pleas of the county in which the residence of the regulated person is located, or

the court of common pleas of Franklin county, for an injunction setting aside, limiting,

or suspending the enforcement, operation, or effectiveness of the suspension or temporary

prohibition order pending completion of the hearing on the notice of charges served

on the regulated person pursuant to section 1121.33 of the Revised Code , and the court has jurisdiction to issue the injunction. (B)(1) Whenever a regulated person is charged in any information, indictment, or complaint,

authorized by a prosecuting attorney or a United States attorney, with the commission

of or participation in a felony or a crime involving an act of fraud, dishonesty,

breach of trust, theft, or money laundering involving a depository institution, the

superintendent may suspend the regulated person from office or temporarily prohibit

the regulated person's further participation in the conduct of the affairs of a bank

or trust company, or both.  A suspension or temporary prohibition order issued pursuant to division (B)(1) of

this section is effective immediately upon service on the regulated person, and remains

effective and enforceable until the information, indictment, or complaint is finally

disposed of or the superintendent terminates the order. (2) If a judgment of conviction or an agreement to enter a pretrial diversion or other

similar program is entered against a regulated person with respect to the information,

indictment, or complaint and, in the case of a judgment of conviction, is not subject

to further appellate review, the superintendent may remove the regulated person from

office, prohibit the regulated person from further participation in the conduct of

the affairs of a bank or trust company, or both.  A removal or prohibition order issued pursuant to division (B)(2) of this section

is effective immediately upon service on the regulated person, and remains effective

and enforceable as provided in the removal or prohibition order except to the extent

it is stayed, modified, terminated, or set aside by action of the superintendent. (3) A finding of not guilty or other disposition of the information, indictment, or complaint

does not preclude the superintendent from subsequently instituting proceedings pursuant

to section 1121.33 of the Revised Code to remove the regulated person from office or to prohibit the regulated person from

further participation in the conduct of the affairs of a bank or trust company, or

both. (C) The superintendent shall serve a certified copy of a suspension or temporary prohibition

order issued pursuant to division (A) or (B)(1) of this section or a removal or prohibition

order issued pursuant to division (B)(2) of this section on any bank or trust company

in relation to which the object of the suspension, removal, or prohibition order is

a regulated person. (D) A regulated person who has been suspended, removed from office, or temporarily or

otherwise prohibited from further participation in the conduct of the affairs of a

bank or trust company pursuant to this section or by order of the bank regulatory

authority of another state or the United States shall not, while the suspension, removal,

or prohibition order is in effect, continue or commence to hold any office of or participate

in any manner in the conduct of the affairs of a bank or trust company in this state,

except as specifically permitted by the superintendent or by the bank regulatory authority

of another state or the United States pursuant to modification of the suspension,

removal, or prohibition order.  Participation in the conduct of the affairs of a bank or trust company includes

doing any of the following: (1) Soliciting, procuring, transferring, attempting to transfer, voting, or attempting

to vote any proxy, consent, or authorization with respect to any voting rights in

any bank or trust company; (2) Violating any voting agreement previously approved by the superintendent; (3) Voting for a director of any bank or trust company. (E) If at any time, because of the suspension of one or more directors pursuant to this

section, there are on the board of directors of a bank less than a quorum of directors

not suspended, all powers and functions vested in or exercisable by the board shall

be vested in and be exercisable by the director or directors on the board not suspended,

until the time there is a quorum of the board of directors.  If all the directors of a bank are suspended pursuant to this section, the superintendent

shall appoint persons to serve temporarily as directors in their place, pending termination

of the suspensions or until those who have been suspended cease to be directors of

the bank and their successors take office.