Ohio § 1729.24
Full text of Ohio Ohio Revised Code § 1729.24, with citation guidance and answers to common questions.
§ 1729.24.
(A) Unless otherwise provided in an association's articles of incorporation or bylaws: (1) No contract or transaction between an association and one or more of its directors
or officers, or between the association and any other person in which one or more
of the association's directors or officers, are directors or officers, or have a financial
or personal interest, shall be void or voidable solely for this reason, or solely
because the director or officer is present at or participates in the meeting of the
board or committee that authorizes the contract or transaction, or solely because
the director's or officer's votes are counted for such purpose, if any of the following
applies: (a) The material facts as to the relationship or interest and as to the contract or transaction
are disclosed or are known to the board or the committee, and the board or committee,
in good faith authorizes the contract or transaction by the affirmative vote of a
majority of the disinterested directors, even though the disinterested directors constitute
less than a quorum of the board or the committee; (b) The material facts as to the relationship or interest and as to the contract or transaction
are disclosed or are known to the members entitled to vote on the contract or transaction,
and the contract or transaction is specifically approved at a meeting of the members; (c) The contract or transaction is fair as to the association at the time it is authorized
or approved by the board, or a committee of the board, or the members. (2) Common or interested directors may be counted in determining the presence of a quorum
at a meeting of the board, or of a committee that authorizes the contract or transaction. (B) Divisions (A)(1) and (2) of this section do not limit or otherwise affect the liability
of directors under section 1729.25 of the Revised Code . (C) For purposes of division (A) of this section, a director is not an interested director
solely because the subject of a contract or transaction may involve or effect a change
in control of the association or continuation in office as a director of the association.
Frequently Asked Questions About Ohio § 1729.24
What does Ohio Revised Code § 1729.24 cover?
Section 1729.24 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 § 1729.24?
A common citation format is "Ohio Revised Code § 1729.24" (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 § 1729.24 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.