Each reorganization plan submitted with a mutual holding company reorganization application shall contain a description of all significant terms of the proposed reorganization and include all of the following:

Terms Used In Ohio Code 1116.07

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Reorganization plan: means the plan to reorganize into a mutual holding company structure described in section 1116. See Ohio Code 1116.01
  • Reorganizing mutual state bank: means a mutual state bank that proposes to reorganize into a mutual holding company structure in accordance with this chapter. See Ohio Code 1116.01
  • Resulting stock state bank: means a stock state bank that is organized as a subsidiary of a reorganizing mutual state bank to receive a substantial part of the assets and liabilities, including all deposit accounts, of the reorganizing mutual state bank upon consummation of the reorganization. See Ohio Code 1116.01
  • state: means the state of Ohio. See Ohio Code 1.59
  • Subsidiary holding company: means a stock company that is controlled by a mutual holding company and that owns the stock of a stock state bank whose depositors have membership rights in the parent mutual holding company. See Ohio Code 1116.01
  • United States: includes all the states. See Ohio Code 1.59

(A) Any proposed stock issuance plan;

(B) An opinion of counsel, or a ruling from the United States internal revenue service and the Ohio department of taxation, as to the federal and state tax treatment of the proposed reorganization;

(C) A copy of the articles of incorporation and code of regulations of the proposed mutual holding company, the resulting stock state bank, and any affiliate organizations in the holding company structure;

(D) A description of the method of reorganization under this chapter;

(E) A statement that, upon consummation of the reorganization, certain assets and liabilities, including all deposit accounts of the reorganizing mutual state bank, shall be transferred to the resulting stock state bank, which bank shall immediately become a stock state bank subsidiary of the mutual holding company or subsidiary holding company;

(F) A summary of the expenses to be incurred in connection with the reorganization;

(G) Any other information required by the superintendent of financial institutions.

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