Ohio Code 1109.021 – Election to operate as a savings and loan association
(A) As used in this section, “portfolio assets” and “qualified thrift investments” have the same meanings as in 12 U.S.C. § 1467a, as amended.
Terms Used In Ohio Code 1109.021
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- state: means the state of Ohio. See Ohio Code 1.59
(B) A state bank may elect to operate as a savings and loan association by filing a written notice of that election with the superintendent of financial institutions.
(C) Upon filing an election notice, a state bank shall be considered a savings and loan association if both of the following conditions are met:
(1) Its qualified thrift investments equal or exceed sixty-five per cent of its portfolio assets.
(2) Its qualified thrift investments continue to equal or exceed sixty-five per cent of its assets on a monthly average basis in nine out of every twelve months.
(D) A state bank may revoke its election notice at any time by submitting a written notice thereof to the superintendent.