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Ohio Revised Code Title XXXIX. Insurance § 3925.17

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No fire insurance company organized under a law of this state shall declare or pay any dividend which impairs its capital or capital stock, nor while its capital or capital stock is impaired, nor shall any such corporation declare or pay any dividend or make any distribution of assets to any of its stockholders, whether upon a reduction of the number of its shares or of its capital or capital stock, unless the value of its assets remaining after the payment of such dividend, or after such distribution of assets, is at least equal to the aggregate amount of its debts and liabilities including capital or capital stock.

In case any such dividend is paid or any such distribution of assets made, the directors in whose administration the same is declared or made, except those who have caused their dissent therefrom to be entered upon the minutes of the directors' meetings at the time, or who were not present when such action was taken, shall be liable jointly and severally to such corporation, and to the creditors thereof, to the full amount of any loss sustained by such corporation or by its creditors by reason of such dividend or distribution.

A dividend made contrary to this section shall subject the company which makes it to a forfeiture of its charter, and each stockholder who receives such dividend to a liability to the creditors of the company to the extent of the dividend received, besides any other penalties and punishments prescribed by law.

In this article, unless the context otherwise requires:

1. “Conservation” means protection of the natural assets of state trust lands for the long-term benefit of the land, the trust beneficiaries, lessees, the public and the unique resources that each area contains, such as open space, scenic beauty, protected plants, wildlife, archaeology and multiple use values.

2. “Existing lessee” means any of the following:

(a) The lessee who is entitled to the use of state lands at the time the lands are considered for classification and are classified as trust lands suitable for conservation purposes.

(b) An existing lessee who continues to lease the trust lands after classification as trust lands suitable for conservation purposes.

3. “Open space” means land that is generally free of land uses that would jeopardize the conservation and open space values of the land or development that would obstruct the scenic beauty of the land.

4. “Trust land” means any land that is owned or held in trust by this state.

Cite this article: - Ohio Revised Code Title XXXIX. Insurance § 3925.17 - last updated January 01, 2020 |

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