Section 3925.27 | Consolidation.
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly When a joint stock fire and marine insurance company determines by a vote of the holders of two thirds of its stock to consolidate and make joint stock with another like company, engaged in or incorporated for like business, and each agrees […]
Section 3925.28 | Rights and Duties of Consolidated Companies.
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly Upon filing with the superintendent of insurance a certificate of the consolidation authorized by section 3925.27 of the Revised Code, the companies thenceforth shall be consolidated under the corporate organization or articles of association and the corporate name chosen. All franchises, rights, […]
Section 3925.29 | Distribution of New Shares of Stock – Limitation of Capital Stock.
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly Upon a consolidation of insurance companies authorized by section 3925.27 of the Revised Code, the true value of each outstanding share of the capital stock of each of the consolidating companies shall be ascertained by their respective directors through a suitable valuation […]
Section 3925.14 | Mutual Associations Excepted.
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly Sections 3925.12 and 3925.13 of the Revised Code are not applicable to associations which are organized as provided by law for the mutual protection of their members against loss by fire.
Section 3925.15 | Transfers of Stock.
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly Transfers of stock may be made on the books of an insurance company by any shareholder, or his legal representative, subject to such reasonable restrictions as the directors of such company make in its bylaws.
Section 3925.16 | Increase of Capital Stock.
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly When, in the opinion of its directors, a company organized under sections 3925.01 to 3925.34, inclusive, of the Revised Code, requires an increased amount of capital, if such an increase is authorized by the holders of two thirds of the stock, said […]
Section 3925.17 | Restriction on Dividends – Liability of Directors.
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly No fire insurance company organized under a law of this state shall declare or pay any dividend which impairs its capital or capital stock, nor while its capital or capital stock is impaired, nor shall any such corporation declare or pay any […]
Section 3925.18 | Scrip Dividends.
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly Section 3925.17 of the Revised Code does not prevent the declaration of scrip dividends by participating or mutual insurance companies, but no such dividend shall be declared to an amount in excess of profits, or be paid except from profits, after reserving […]
Section 3925.19 | Accumulation of Permanent Fund.
Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly In its bylaws any insurance company organized under sections 3925.01 to 3925.34, inclusive, of the Revised Code, may provide for the accumulation of a permanent fund, by reserving a portion of its net profits, to be invested and be a reserve for […]
Section 3925.20 | Authorized Real Estate Holdings.
Effective: May 13, 1980 Latest Legislation: House Bill 729 – 113th General Assembly No insurance company organized under Chapter 3925. of the Revised Code, shall purchase, hold, or convey real estate, except for the folowing purposes and in the following manner: (A) Real estate requisite for its convenient accommodation in the transaction of its business; […]