Ohio § 1701.831
Full text of Ohio Ohio Revised Code § 1701.831, with citation guidance and answers to common questions.
§ 1701.831.
(A) Unless the articles, the regulations adopted by the shareholders, or the regulations
adopted by the directors pursuant to division (A)(1) of section 1701.10 of the Revised Code of the issuing public corporation provide that this section does not apply to control
share acquisitions of shares of such corporation, any control share acquisition of
an issuing public corporation shall be made only with the prior authorization of the
shareholders of such corporation in accordance with this section. (B) Any person who proposes to make a control share acquisition shall deliver an acquiring
person statement to the issuing public corporation at the issuing public corporation's
principal executive offices. Such acquiring person statement shall set forth all of the following: (1) The identity of the acquiring person; (2) A statement that the acquiring person statement is given pursuant to this section; (3) The number of shares of the issuing public corporation owned, directly or indirectly,
by the acquiring person; (4) The range of voting power, described in division (Z)(1)(a), (b), or (c) of section
1701.01 of the Revised Code, under which the proposed control share acquisition would,
if consummated, fall; (5) A description in reasonable detail of the terms of the proposed control share acquisition; (6) Representations of the acquiring person, together with a statement in reasonable
detail of the facts upon which they are based, that the proposed control share acquisition,
if consummated, will not be contrary to law, and that the acquiring person has the
financial capacity to make the proposed control share acquisition. (C)(1) Within ten days after receipt of an acquiring person statement that complies with
division (B) of this section, the directors of the issuing public corporation shall
call a special meeting of shareholders of the issuing public corporation for the purpose
of voting on the proposed control share acquisition. Subject to division (C)(2) of this section, unless the acquiring person and the
issuing public corporation agree in writing to another date, such special meeting
of shareholders shall be held within fifty days after receipt by the issuing public
corporation of the acquiring person statement. If the acquiring person so requests in writing at the time of delivery of the acquiring
person statement, such special meetings shall be held no sooner than thirty days after
receipt by the issuing public corporation of the acquiring person statement. Subject to division (C)(2) of this section, such special meeting of shareholders
shall be held no later than any other special meeting of shareholders that is called,
after receipt by the issuing public corporation of the acquiring person statement,
in compliance with this section or section 1701.76 , 1701.78 , 1701.781 , 1701.79 , 1701.791 , 1701.801 , or 1701.83 of the Revised Code . (2) If, in connection with a proposed control share acquisition, the acquiring person
changes the percentage of the class of shares being sought, the consideration offered,
or the security dealer's soliciting fee; extends the expiration date of a tender
offer for the shares being sought; or otherwise changes the terms of the proposed
control share acquisition, then the directors of the issuing public corporation may
reschedule the special meeting of shareholders required by division (C)(1) of this
section. If the proposed control share acquisition is to be made pursuant to a tender offer,
then the meeting may be rescheduled to a date that is not later than the expiration
date of the offer. If the proposed control share acquisition is to be made other than pursuant to a
tender offer, the meeting may be rescheduled to a date that is not later than ten
business days after notice of the change is first given to the shareholders. (D) Notice of the special meeting of shareholders shall be given as promptly as reasonably
practicable by the issuing public corporation to all shareholders of record as of
the record date set for such meeting, whether or not entitled to vote at the meeting. The notice shall include or be accompanied by both of the following: (1) A copy of the acquiring person statement delivered to the issuing public corporation
pursuant to this section; (2) A statement by the issuing public corporation, authorized by its directors, of its
position or recommendation, or that it is taking no position or making no recommendation,
with respect to the proposed control share acquisition. (E) The acquiring person may make the proposed control share acquisition if both of the
following occur: (1) The shareholders of the issuing public corporation who hold shares as of the record
date of such corporation entitling them to vote in the election of directors authorize
the acquisition at the special meeting held for that purpose at which a quorum is
present by an affirmative vote of a majority of the voting power of such corporation
in the election of directors represented at the meeting in person or by proxy, and
a majority of the portion of the voting power excluding the voting power of interested
shares represented at the meeting in person or by proxy. A quorum shall be deemed to be present at the special meeting if at least a majority
of the voting power of the issuing public corporation in the election of directors
is represented at the meeting in person or by proxy. (2) The acquisition is consummated, in accordance with the terms so authorized, no later
than three hundred sixty days following shareholder authorization of the control share
acquisition. (F) Except as expressly provided in this section, nothing in this section shall be construed
to affect or impair any right, remedy, obligation, duty, power, or authority of any
acquiring person, any issuing public corporation, the directors of any acquiring person
or issuing public corporation, or any other person under the laws of this or any other
state or of the United States. (G) If any application of any provision of this section is for any reason held to be
illegal or invalid, the illegality or invalidity shall not affect any legal and valid
provision or application of this section, and the parts and applications of this section
are severable.
Frequently Asked Questions About Ohio § 1701.831
What does Ohio Revised Code § 1701.831 cover?
Section 1701.831 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 § 1701.831?
A common citation format is "Ohio Revised Code § 1701.831" (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 § 1701.831 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.