Ohio Code 505.34 – Compounding or release of claims due from banks
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The board of township trustees may compound or release, in whole or in part, a debt, obligation, judgment, or claim due the township, from a bank in process of liquidation or operating under a conservatorship, or due the board, except where any member of such board is personally interested as a stockholder of the bank. The board shall enter upon its records a statement of the facts and the reasons for such compounding or release.
Terms Used In Ohio Code 505.34
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.