Effective: March 20, 2019 Latest Legislation: House Bill 489 – 132nd General Assembly As used in this chapter, unless the context otherwise requires: (A) “Credit union” means a corporation organized and qualified as such under this chapter. In addition to the powers enumerated in this chapter and unless restricted in this chapter, every credit union […]
Effective: January 1, 1979 Latest Legislation: House Bill 356 – 112th General Assembly It is hereby declared to be the purpose of the general assembly in enacting Chapter 1733. of the Revised Code: (A) To enable credit unions to be formed for the purpose of promoting thrift among their members and, to that end, to […]
Effective: November 19, 1971 Latest Legislation: Senate Bill 3 – 109th General Assembly The purpose for which a credit union may be formed is to promote thrift among its members, and to that end to establish, on a cooperative basis, facilities for savings, credit for provident and productive purposes, assistance to members in budgeting and […]
Effective: March 31, 2021 Latest Legislation: House Bill 405 – 133rd General Assembly (A) In addition to the authority conferred by section 1701.13 of the Revised Code, but subject to any limitations contained in sections 1733.01 to 1733.45 of the Revised Code, and its articles and regulations, a credit union may do any of the […]
Effective: March 20, 2019 Latest Legislation: House Bill 489 – 132nd General Assembly Each credit union operating under this chapter or otherwise authorized to do business in this state shall obtain insurance for the protection of their members’ accounts. Such share guarantee insurance may be obtained from the national credit union administration operating under the […]
Effective: March 17, 1989 Latest Legislation: Senate Bill 239 – 117th General Assembly (A) As a condition of doing business in this state, every credit union with members’ accounts insured by a credit union share guaranty corporation licensed pursuant to Chapter 1761. of the Revised Code shall post a notice at all public entrances at […]
Effective: March 20, 2019 Latest Legislation: House Bill 489 – 132nd General Assembly (A) Persons otherwise qualifying for membership in a credit union under this section, the articles, and the regulations, and who are elected to membership by the board of directors, shall become members of a credit union, provided that in lieu of electing […]
Effective: March 20, 2019 Latest Legislation: House Bill 489 – 132nd General Assembly (A) The senior management officials of a credit union may terminate the membership of, or some or all services to, a member of the credit union, if the member does any of the following: (1) Causes a loss to the credit union; […]
Effective: May 20, 2014 Latest Legislation: Senate Bill 98 – 130th General Assembly Every credit union shall have and maintain a statutory agent upon whom any process, notice, or demand required or permitted by statute to be served upon a credit union may be served. The agent shall be one of the following: (A) A […]
Effective: January 1, 1979 Latest Legislation: House Bill 356 – 112th General Assembly Seven or more persons who have a common bond of association, and a majority of whom are residents of the state, may form a credit union by: (A) Executing articles of incorporation. (1) The articles shall set forth: (a) The name, which […]
Effective: July 29, 1998 Latest Legislation: House Bill 579 – 122nd General Assembly (A) When the articles and other documents relating to the credit union have been submitted to the secretary of state, the secretary of state shall accept the articles and other documents for filing and record the same by microfilm or by any […]
Effective: November 19, 1971 Latest Legislation: Senate Bill 3 – 109th General Assembly (A) When not less than twenty-five persons, five of whom shall be original incorporators, have met the requirements for membership set forth in section 1733.05 of the Revised Code, the articles and regulations, excepting having been approved by the board of directors […]
Effective: July 14, 1987 Latest Legislation: Senate Bill 149 – 117th General Assembly (A) Within three business days following their election, the board of directors shall meet and elect or appoint officers and committees pursuant to the provisions of the regulations. (B) At the first meeting of the board of directors, the directors shall take […]
Effective: January 1, 1979 Latest Legislation: House Bill 356 – 112th General Assembly Unless the articles or regulations prohibit the authorization or taking of any action of the members or of the directors without a meeting, any action which may be authorized or taken at a meeting of the members or the directors may be […]
Effective: January 1, 1979 Latest Legislation: House Bill 356 – 112th General Assembly (A) An annual meeting of members for the election of directors and the consideration of reports to be presented before such meeting shall be held on the first Friday in March of each year unless another date is provided for in the […]
Effective: March 20, 2019 Latest Legislation: House Bill 489 – 132nd General Assembly (A) Each voting member present in person, by proxy, by mail ballot, by electronic ballot, or as otherwise prescribed by a credit union’s bylaws is entitled to cast one vote, irrespective of the number of shares the member owns, on each matter […]
Effective: March 20, 2019 Latest Legislation: House Bill 489 – 132nd General Assembly The quorum for a members’ meeting, which may be set forth in the articles or regulations of a credit union, shall include those members present and eligible to vote as provided in section 1733.13 of the Revised Code. Unless the articles or […]
Effective: September 11, 2008 Latest Legislation: Senate Bill 247 – 127th General Assembly (A) Except as otherwise provided by law, the articles, or regulations, the corporate powers of a credit union shall be exercised, its business conducted, and its property controlled by a board of directors, provided that the number of directors fixed by the […]
Effective: September 29, 1994 Latest Legislation: House Bill 695 – 120th General Assembly (A) The board of directors of each credit union shall annually prepare a plan for educating each of its directors, committee members, and senior management officials as to the duties and responsibilities that accompany their respective positions. One copy of the plan […]
Effective: March 20, 2019 Latest Legislation: House Bill 489 – 132nd General Assembly (A) The board of directors of a credit union may, in its discretion, appoint one or more associate directors to serve in an advisory, ex officio capacity. The board shall prescribe the duties of an associate director and the manner in which […]
