130th Ohio General Assembly
The online versions of legislation provided on this website are not official. Enrolled bills are the final version passed by the Ohio General Assembly and presented to the Governor for signature. The official version of acts signed by the Governor are available from the Secretary of State's Office in the Continental Plaza, 180 East Broad St., Columbus.

S. B. No. 171As Introduced
As Introduced

124th General Assembly
Regular Session
2001-2002
S. B. No. 171


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 That existing section 3907.02 of the Revised Code is hereby repealed.
Please send questions and comments to the Webmaster.
© 2024 Legislative Information Systems | Disclaimer