Ohio § 1116.19 Surplus distribution

Ohio Statutes

§ 1116.19 — Surplus distribution

Ohio § 1116.19

Title 11Banks-Savings and Loan Associations

Ch. 1116Mutual Holding Companies

This text of Ohio § 1116.19 (Surplus distribution) is published on Counsel Stack Legal Research, covering Ohio primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ohio Rev. Code Ann. § 1116.19 (2026).

Text

(A)The board of directors of a mutual holding company may from time to time, by a majority vote of the directors, do both of the following:

(1)Divide equitably any surplus that is in excess of the amount required for the operations of the mutual holding company or to maintain the safety and soundness of the mutual holding company;

(2)Distribute that surplus to the respective depositors of its subsidiary stock state banks in accordance with their membership rights.

(B)If the superintendent of financial institutions determines that the surplus held by a mutual holding company is excessive, the superintendent may order the board of directors of the mutual holding company to make the distribution described in division (A) of this section.

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(A) The board of directors of a mutual holding company may from time to time, by a majority vote of the directors, do both of the following:

(1) Divide equitably any surplus that is in excess of the amount required for the operations of the mutual holding company or to maintain the safety and soundness of the mutual holding company;

(2) Distribute that surplus to the respective depositors of its subsidiary stock state banks in accordance with their membership rights.

(B) If the superintendent of financial institutions determines that the surplus held by a mutual holding company is excessive, the superintendent may order the board of directors of the mutual holding company to make the distribution described in division (A) of this section.