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S. B. No. 171As IntroducedAs Introduced
124th General Assembly | Regular Session | 2001-2002 |
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SENATOR Nein
A BILL
To amend section 3907.02 of the Revised Code to
rescind the statutory requirement that a majority
of the officers of a domestic life insurance
company be citizens of this state.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That section 3907.02 of the Revised Code be
amended to read as follows:
Sec. 3907.02. The persons forming a company under section
3907.01 of the Revised Code shall file in the office of the
secretary of state articles of incorporation, signed by them,
setting forth their intention to form a company, which articles
shall comprise a copy of the charter they propose to adopt. The
charter shall set forth the name of the company, which shall not
be the corporate name or title used to designate any fire, life,
marine, or other insurance company existing under the laws of
this
state, the place where it is to be located, the kind of
business
to be undertaken, the manner in which its corporate
powers are to
be exercised, the number of directors or trustees,
the manner of
electing them and other officers,
a majority of
whom shall be
citizens of this state, the time of such election,
the manner of
filling vacancies, the amount of capital to be
employed, and such
other particulars as are necessary to explain
and make manifest
the objects and purposes of the company, and
the manner in which
it is to be conducted. The number of
directors or trustees shall
be not less than five nor more than
twenty-one. At any time the
number may be increased or
diminished between the same limits, at
the will of the
stockholders representing a majority of the stock
or a majority
of the members.
Section 2. That existing section 3907.02 of the Revised Code
is hereby repealed.
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