Ohio § 1761.12
Full text of Ohio Ohio Revised Code § 1761.12, with citation guidance and answers to common questions.
§ 1761.12.
(A) A credit union share guaranty corporation may terminate the participation in the
corporation of a participating credit union for any of the following reasons: (1) The participating credit union fails to satisfy the risk eligibility standards established
by the corporation and applicable to all applying and participating credit unions; (2) The participating credit union otherwise operates in an unsafe and unsound manner
as determined by the corporation; (3) The participating credit union fails to furnish financial statements, delinquent
loan reports, or other information considered necessary by the corporation under division (B) or (C) of section 1761.08 of the Revised Code ; (4) The participating credit union fails to remedy in a timely manner a qualification
arising from an audit under division (E) of section 1761.08 of the Revised Code ; (5) The participating credit union fails to pay when due a capital contribution or applicable
premium, fee, or assessment under section 1761.10 of the Revised Code ; (6) The participating credit union fails to comply with any provision of this chapter,
the articles of incorporation or bylaws of the corporation, or any corrective action
agreement executed between the participating credit union and the corporation; (7) Continued participation would result in a violation of this chapter or other applicable
state or federal law by the corporation. (B)(1) The credit union share guaranty corporation shall, at least thirty days prior to
the effective date of any termination, notify in writing the participating credit
union to be terminated and the superintendent of credit unions, any other credit union
supervisory authority, or the national credit union administration of the pending
termination and the reasons for such termination. (2) The thirty-day notice of termination required under division (B)(1) of this section
does not apply to the termination of excess coverage.
Frequently Asked Questions About Ohio § 1761.12
What does Ohio Revised Code § 1761.12 cover?
Section 1761.12 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 § 1761.12?
A common citation format is "Ohio Revised Code § 1761.12" (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 § 1761.12 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.