Ohio § 1729.25

§ 1729.25.

(A) The members, the directors, and the officers of an association shall not be personally

liable for any obligation of the association. (B)(1) Directors who vote for or assent to any of the following are jointly and severally

liable to the association in accordance with division (B)(2) of this section: (a) A distribution of assets to members, stockholders, or patrons contrary to law, the

association's articles of incorporation, or bylaws; (b) A distribution of assets to persons other than creditors during the winding up of

the affairs of the association, on dissolution or otherwise, without the payment of

all known obligations of the association, or without making adequate provision for

the payment of the obligations; (c) The making of loans, other than in the usual conduct of the association's affairs

or in accordance with the association's articles or bylaws, to an officer, director,

or member of the association. (2)(a) In cases under division (B)(1)(a) of this section, up to the amount of the distribution

in excess of the amount that could have been distributed without violation of law,

the articles of incorporation, or bylaws, but not in excess of the amount that would

inure to the benefit of the creditors of the association if it was insolvent at the

time of the distribution or there was reasonable ground to believe that by such vote

or assent it would be rendered insolvent, or to the benefit of the members or stockholders

other than members or stockholders of the class in respect of which the distribution

was made; (b) In cases under division (B)(1)(b) of this section, to the extent that the obligations,

not otherwise barred by statute, are not paid, or for the payment of which adequate

provision has not been made; (c) In cases under division (B)(1)(c) of this section, for the amount of the loan with

interest thereon at the rate of six per cent per year until the amount has been paid. (3) A director is not liable under division (B)(1)(a) or (b) of this section, if in determining

the amount available for any such distribution, the director in good faith relied

on a financial statement of the association prepared by an officer or employee of

the association in charge of its accounts or by a certified public accountant or firm

of certified public accountants, or in good faith considered the assets to be of their

book value, or followed what the director believed to be sound accounting and business

practice. (C) A director who is present at a meeting of the board or a committee of the board at

which action on any matter is authorized or taken and who has not voted for or against

such action shall be presumed to have voted for the action unless the director dissents

from the action during the meeting and the dissent is noted in the minutes of the

proceedings of the meeting, or a written dissent is filed either during the meeting

or within a reasonable time after the adjournment of the meeting. (D) A member, stockholder, or patron who receives any distribution made contrary to law,

the association's articles of incorporation, or bylaws is liable to the association

for the amount received that is in excess of the amount that could have been distributed. (E) A director against whom a claim is asserted under or pursuant to this section and

who is held liable on the claim is entitled to contribution, on equitable principles,

from other directors who also are liable.  In addition, any director against whom a claim is asserted under or pursuant to

this section, or who is held liable, has a right of contribution from the member,

stockholder, or patron who received any distribution made contrary to law, the articles

of incorporation, or bylaws, and such persons as among themselves also are entitled

to contribution in proportion to the amounts received by them respectively. (F) No action shall be brought by or on behalf of an association, upon any cause of action

arising under division (B)(1)(a) or (b) of this section, at any time after two years

from the day on which the violation occurs;  provided that no such action is barred

by this division if it is commenced prior to the effective date of this section.