Ohio § 3953.20
Full text of Ohio Ohio Revised Code § 3953.20, with citation guidance and answers to common questions.
§ 3953.20.
(A) A title insurance company organized and incorporated under the laws of this state
may issue stock in exchange for all or any part of the assets or stock of a domestic
or foreign title insurance company if, in advance thereof, a plan or agreement of
acquisition has been filed with the superintendent of insurance. The superintendent shall examine the terms and conditions of such plan or agreement
of acquisition, and of any exchange of shares or securities pursuant thereto, after
holding a hearing at which all persons or parties to whom it is proposed to issue
shares or securities in such exchange shall have the right to appear. After such hearing, the superintendent shall either approve or disapprove the fairness
of such terms and conditions of such acquisition and exchange. The superintendent shall give approval within a reasonable time after filing of
a plan or agreement unless he finds such plan or agreement: (1) Is contrary to law; (2) Is inequitable to the stockholders of any title insurance company involved; or (3) Would substantially reduce the security of and services to be rendered to policyholders
of the domestic title insurance company in this state or elsewhere. (B) No director, officer, agent, or employee of any title insurance company party to
such acquisition shall receive any fee, commission, compensation, or other valuable
consideration whatsoever for in any manner aiding, promoting, or assisting therein,
except as set forth in such plan or agreement. (C) If the superintendent does not approve any such plan or agreement, he shall notify
the title insurance company in writing, specifying in detail his reasons therefor.
Frequently Asked Questions About Ohio § 3953.20
What does Ohio Revised Code § 3953.20 cover?
Section 3953.20 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 § 3953.20?
A common citation format is "Ohio Revised Code § 3953.20" (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 § 3953.20 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.