reglab/statecodes huggingface dataset:
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1745 | Uniform Unincorporated Nonprofit Association Act › Section 1745.26 | Special Voting Requirements for Members or Managers.

Effective:
May 22, 2012
Latest Legislation:
House Bill 267 - 129th General Assembly
Whenever with respect to the authorization or taking of any action by the members or the managers the governing principles require the vote, consent, waiver, or release of a greater proportion or number of the members or the managers than that otherwise required by law with respect to that authorization or taking of the action, the provisions of the governing principles shall control.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1745 | Uniform Unincorporated Nonprofit Association Act › Section 1745.27 | Vote of Members Required for Rescission or Revocation.

Effective:
May 22, 2012
Latest Legislation:
House Bill 267 - 129th General Assembly
The authorization or taking of any action by vote, consent, waiver, or release of the members may be rescinded or revoked by the same vote, consent, waiver, or release as at the time of rescission or revocation would be required to authorize or take that action in the first instance, subject to the contract rights of other persons.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1745 | Uniform Unincorporated Nonprofit Association Act › Section 1745.28 | Action Without a Meeting.

Effective:
May 22, 2012
Latest Legislation:
House Bill 267 - 129th General Assembly
(A) Unless the governing principles prohibit the authorization or taking of any action of the members or the managers without a meeting, any action that may be authorized or taken at a meeting of the members or the managers, as the case may be, may be authorized or taken without a meeting with the affirmative vote or approval of, and in a writing or writings signed by, all of the members or all of the managers, as the case may be, who would be entitled to notice of a meeting for that purpose, or, in the case of members, any other proportion or number of voting members, not less than a majority, that the governing principles permit. The writing or writings described in this division shall be filed with or entered upon the records of the unincorporated nonprofit association. Any certificate with respect to the authorization or taking of any action described in this division that is required to be filed in the office of the secretary of state shall recite that the authorization or taking of that action was in a writing or writings approved and signed as specified in this section.
(B) Any transmission by authorized communications equipment that contains an affirmative vote or approval of the person described in division (A) of this section is a signed writing for purposes of this section. The date on which that transmission by authorized communications equipment is sent is the date on which the writing is signed.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1745 | Uniform Unincorporated Nonprofit Association Act › Section 1745.29 | Admission, Suspension, Dismissal, or Expulsion of Members.

Effective:
May 22, 2012
Latest Legislation:
House Bill 267 - 129th General Assembly
(A) A person becomes a member of an unincorporated nonprofit association and may be suspended, dismissed, or expelled in accordance with the association's governing principles. If there are no applicable governing principles, a person may become a member or be suspended, dismissed, or expelled from an unincorporated nonprofit association by a vote of its members. A person may not be admitted as a member of an unincorporated nonprofit association without the person's consent.
(B) Unless the governing principles provide otherwise, the suspension, dismissal, or expulsion of a member of an unincorporated nonprofit association does not relieve the member from any unpaid capital contribution, dues, assessments, fees, or other obligation incurred or commitment made by the member before the suspension, dismissal, or expulsion.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1745 | Uniform Unincorporated Nonprofit Association Act › Section 1745.30 | Member's Resignation.

Effective:
May 22, 2012
Latest Legislation:
House Bill 267 - 129th General Assembly
(A) A member may resign from membership in an unincorporated nonprofit association in accordance with the governing principles. In the absence of applicable governing principles, a member may resign at any time.
(B) Unless the governing principles provide otherwise, resignation of a member of an unincorporated nonprofit association does not relieve the member from any unpaid capital contribution, dues, assessments, fees, or other obligation incurred or commitment made by the member before the resignation.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1745 | Uniform Unincorporated Nonprofit Association Act › Section 1745.31 | Membership Interest Not Transferable.

Effective:
May 22, 2012
Latest Legislation:
House Bill 267 - 129th General Assembly
Except as otherwise provided in the governing principles, any interest or right of the member under the governing principles is not transferable.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1745 | Uniform Unincorporated Nonprofit Association Act › Section 1745.32 | Selection of Managers; Management Rights of Managers.

Effective:
May 22, 2012
Latest Legislation:
House Bill 267 - 129th General Assembly
Except as otherwise provided in this chapter or the governing principles, all of the following apply:
(A) The members of an unincorporated nonprofit association may select the manager or managers.
(B) A manager may be a member of the association.
(C) If no manager is selected, all members are managers.
(D) Each manager has equal rights in the management and conduct of the association's activities.
(E) All matters relating to the association's activities are decided by its managers, except for those matters reserved for approval by members as specified in section 1745.18 of the Revised Code.
(F) A difference among managers is decided by a majority of the managers.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1745 | Uniform Unincorporated Nonprofit Association Act › Section 1745.34 | Meetings of Managers; Notice.

Effective:
May 22, 2012
Latest Legislation:
House Bill 267 - 129th General Assembly
Unless otherwise provided in the governing principles, the following apply:
(A) Meetings of the managers may be called by any two managers or by any chairperson, president, or vice-president of the unincorporated nonprofit association.
(B) Meetings of the managers may be held at any place within or outside this state, including by means of authorized communications equipment, unless the governing principles prohibit participation by managers at a meeting by means of authorized communications equipment. Participation at a meeting pursuant to this division constitutes presence at that meeting.
(C) Notice of the place, if any, and time of each meeting of the managers shall be given to each manager either by personal delivery or by mail, by overnight delivery service, or by means of authorized communications equipment at least two days before the meeting. The notice need not specify the purposes of the meeting.
(D) Notice of adjournment of a meeting of the managers need not be given if the time and place to which it is adjourned are fixed and announced at that meeting.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1745 | Uniform Unincorporated Nonprofit Association Act › Section 1745.35 | Quorum for Managers' Meeting.

Effective:
May 22, 2012
Latest Legislation:
House Bill 267 - 129th General Assembly
Unless the governing principles provide otherwise, a majority of the whole authorized number of managers is necessary to constitute a quorum for a meeting of the managers, except that a majority of the managers in office constitutes a quorum for filling a vacancy in the position of manager. The act of a majority of the managers present at a meeting at which a quorum is present is the act of all of the managers, unless the act of a greater number is required by the governing principles.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1745 | Uniform Unincorporated Nonprofit Association Act › Section 1745.36 | Executive and Other Committees of Managers.

Effective:
May 22, 2012
Latest Legislation:
House Bill 267 - 129th General Assembly
(A) The governing principles may provide for the creation by the managers of an executive committee or any other committee of the managers, to consist of one or more managers, and may authorize the delegation to that committee of any of the authority of the managers, however conferred.
(B) The managers may appoint one or more managers as alternate members of any committee described in division (A) of this section, who may take the place of any absent member or members at any meeting of the particular committee.
(C) Each committee described in division (A) of this section shall serve at the pleasure of the managers, shall act only in the intervals between meetings of the managers, and shall be subject to the control and direction of the managers.
(D) Unless otherwise provided in the governing principles or ordered by the managers, any committee described in division (A) of this section may act by a majority of its members at a meeting or by a writing or writings signed by all of its members.
(E) Meetings of committees described in division (A) of this section may be held by any means of authorized communication equipment, unless participation by members of the committee at a meeting by means of authorized communications equipment is prohibited by the governing principles or any order of the managers. Participation at a meeting pursuant to this division constitutes presence at the meeting.
(F) An act or authorization of an act by any committee described in division (A) of this section within the authority delegated to it shall be as effective for all purposes as the act or authorization of the managers.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1745 | Uniform Unincorporated Nonprofit Association Act › Section 1745.37 | Officers; Authority and Removal.

Effective:
May 22, 2012
Latest Legislation:
House Bill 267 - 129th General Assembly
(A) The officers of an unincorporated nonprofit association, if any, may consist of a president, a secretary, a treasurer, and, if desired, a chairperson, one or more vice-presidents, and any other officers and assistant officers that may be considered necessary, each of whom may be designated by any other titles that may be provided in the governing principles or the resolutions of the managers. Unless the governing principles provide otherwise, none of the officers need be a manager. Any two or more offices may be held by the same person. The officers shall be elected or appointed at the time, in the manner, and for the terms that may be prescribed in the governing principles. In the absence of any such provision, all officers shall be elected annually by the managers.
(B) Unless the governing principles provide otherwise, the following apply:
(1) All officers, as between themselves and the association, shall respectively have the authority and perform the duties that are determined by the persons authorized to elect or appoint them.
(2) Any officer may be removed, with or without cause, by the persons authorized to elect or appoint the officer without prejudice to the contract rights of that officer. The election or appointment of an officer for a given term, or a general provision in the governing principles with respect to term of office, shall not be considered to create contract rights.
(3) The persons authorized to elect or appoint officers may fill any vacancy in any office occurring for whatever reason.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1745 | Uniform Unincorporated Nonprofit Association Act › Section 1745.38 | Association Mortgages.

Effective:
May 22, 2012
Latest Legislation:
House Bill 267 - 129th General Assembly
The managers of an unincorporated nonprofit association may authorize any mortgage, pledge, or deed of trust of all or any of the property of the association of any description or any interest in the property, for the purpose of securing the payment or performance of any obligation or contract. Unless the governing principles or the terms of any trust on which the association holds any particular property provide otherwise, no vote or consent of the members of the association or authorization from the court under section 1715.39 of the Revised Code is necessary for that action.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1745 | Uniform Unincorporated Nonprofit Association Act › Section 1745.39 | Right of a Member or Manager to Information.

Effective:
May 22, 2012
Latest Legislation:
House Bill 267 - 129th General Assembly
(A) On reasonable notice, a member or manager of an unincorporated nonprofit association may inspect and copy during the association's regular operating hours and at a reasonable location specified by the association any record maintained by the association regarding its activities, financial condition, and other circumstances, to the extent the information is material to the member's or manager's rights and duties under the association's governing principles or this chapter.
(B) An unincorporated nonprofit association may impose reasonable restrictions on access to and use of information to be furnished under this section, including designating the information confidential and imposing nondisclosure and safeguarding obligations on the recipient.
(C) An unincorporated nonprofit association may charge a person that makes a demand under this section reasonable copying costs, limited to the costs of labor and materials.
(D) A former member or manager of an unincorporated nonprofit association may have access to information to which the member or manager was entitled while a member or manager of the association if the information pertains to the period during which the person was a member or manager, the former member or manager seeks the information in good faith, and the former member or manager satisfies divisions (A) to (C) of this section.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1745 | Uniform Unincorporated Nonprofit Association Act › Section 1745.40 | Distributions Prohibited; Compensation and Other Permitted Payments.

Effective:
May 22, 2012
Latest Legislation:
House Bill 267 - 129th General Assembly
(A) Except as otherwise provided in division (B) of this section, an unincorporated nonprofit association may not pay dividends or distribute any part of its income or profits to a member, manager, officer, or other private person.
(B) An unincorporated nonprofit association may do any of the following:
(1) Pay reasonable compensation or reimburse reasonable expenses to a member or manager for services rendered;
(2) Confer benefits on a member or manager in conformity with its nonprofit purposes;
(3) Repurchase a membership and repay a capital contribution made by a member to the extent authorized by its governing principles;
(4) Make distributions of property to members upon winding up and termination to the extent permitted by section 1745.52 of the Revised Code.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1745 | Uniform Unincorporated Nonprofit Association Act › Section 1745.41 | Removal of Managers and Filling Vacancies.

Effective:
May 22, 2012
Latest Legislation:
House Bill 267 - 129th General Assembly
(A) The office of a manager becomes vacant if the manager dies or resigns. A resignation under this division takes effect immediately or at any other time that the manager may specify.
(B) A manager may be removed from office pursuant to any procedure for removal from office provided in the governing principles. That removal from office creates a vacancy.
(C) Unless the governing principles provide otherwise, the remaining managers, although less than a majority of the whole authorized number of managers, may by the vote of a majority of their number fill any vacancy in the office of manager for the unexpired term. For purposes of this section, a vacancy exists if the voting members increase the authorized number of managers but fail at the meeting at which that increase is authorized or an adjournment of the meeting to elect the additional managers provided for or if the voting members fail at any time to elect the whole authorized number of managers.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1745 | Uniform Unincorporated Nonprofit Association Act › Section 1745.45 | Judicial Sale of Assets.

Effective:
May 22, 2012
Latest Legislation:
House Bill 267 - 129th General Assembly
Property of any description and any interest in the property of an unincorporated nonprofit association, domestic or foreign, may be sold under the judgment or decree of a court, as provided in the Revised Code with respect to similar property of natural persons, at a public or private sale in the manner, at the time and place, on the notice by publication or otherwise, and on the terms that the court adjudging or decreeing that sale considers equitable and proper. It is not necessary to appraise that property or to advertise the sale of the property otherwise than as the court adjudges or decrees.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1745 | Uniform Unincorporated Nonprofit Association Act › Section 1745.47 | Agreement of Merger or Consolidation; Vote by Members.

Effective:
May 22, 2012
Latest Legislation:
House Bill 267 - 129th General Assembly
(A) The managers of each constituent domestic unincorporated nonprofit association, upon approving an agreement of merger or consolidation, shall direct that the agreement be submitted to the members entitled to vote on it at a meeting of voting members of that unincorporated nonprofit association held for that purpose. Notice of the meeting shall be given to all members of the constituent domestic unincorporated nonprofit association entitled to vote at the meeting. The notice shall be accompanied by a copy or summary of the material terms of the agreement.
(B)(1) In order to be adopted, the agreement, including any amendments or additions to the agreement proposed at each meeting described in division (A) of this section, shall receive the affirmative vote of a majority of the voting members of the constituent domestic unincorporated nonprofit association present at that meeting in person, by the use of authorized communications equipment, by mail, or if permitted, by proxy if a quorum is present, or, if the governing principles provide or permit, the affirmative vote of a greater or lesser proportion or number of the voting members, and the affirmative vote of the voting members of any particular class that is required by the governing principles. If the agreement would effect or authorize any action by the unincorporated nonprofit association that, under any applicable provision of law or under the governing principles of the constituent domestic unincorporated nonprofit association, could be effected or authorized only by or pursuant to a specified vote of the members, the agreement, including any amendments or additions to the agreement proposed at each meeting described in division (A) of this section, shall be adopted by the same vote as would be required for that action.
(2) For purposes of division (B)(1) of this section, participation by a voting member at a meeting through the use of any of the means of communication described in that division constitutes presence in person of that voting member at the meeting for purposes of determining a quorum.
(C) At any time prior to the filing of the agreement, the merger or consolidation may be abandoned by the managers of one or more of the constituent unincorporated nonprofit associations or the comparable representatives of any other constituent entity, if the power of abandonment is conferred either by the agreement or by the same vote or action as is required to adopt that agreement.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1745 | Uniform Unincorporated Nonprofit Association Act › Section 1745.49 | Effective Date of Merger or Consolidation.

Effective:
May 22, 2012
Latest Legislation:
House Bill 267 - 129th General Assembly
The merger or consolidation shall become effective at the time that the constituent entities have complied with the laws of each state under the laws of which the constituent entities exist or at any later date that the agreement of merger or consolidation specifies.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1745 | Uniform Unincorporated Nonprofit Association Act › Section 1745.50 | Voluntary Dissolution.

Effective:
May 22, 2012
Latest Legislation:
House Bill 267 - 129th General Assembly
(A) An unincorporated nonprofit association may be dissolved voluntarily in the manner provided in this section.
(B) A resolution of dissolution for an unincorporated nonprofit association shall set forth all of the following:
(1) That the association elects to be dissolved;
(2) Any additional provision considered necessary with respect to the proposed dissolution and winding up of affairs.
(C) The managers of an unincorporated nonprofit association may adopt a resolution of dissolution in any of the following cases:
(1) If the association has been adjudged bankrupt or has made a general assignment for the benefit of creditors;
(2) By leave of the court, if a receiver has been appointed in a general creditors' suit or in any suit in which the affairs of the association are to be wound up;
(3) If substantially all of the assets of the association have been sold at judicial sale;
(4) When the period of existence of the association specified in its governing principles has expired or upon the occurrence of another event or condition specified in its governing principles;
(5) If no members of the association can be identified and the association's operations have been discontinued for at least three years by the managers or, if the association has no incumbent managers, by its last preceding incumbent manager.
(D) The members of an unincorporated nonprofit association may adopt a resolution of dissolution by the affirmative vote of the members.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1745 | Uniform Unincorporated Nonprofit Association Act › Section 1745.51 | Notice of Voluntary Dissolution.

Effective:
May 22, 2012
Latest Legislation:
House Bill 267 - 129th General Assembly
Following the adoption of a resolution of dissolution, the managers in an expeditious manner shall do both of the following:
(A) Cause a notice of voluntary dissolution to be published once a week on the same day of each week for two successive weeks, in a newspaper published and of general circulation in the county in which the principal office of the unincorporated nonprofit association was to be or is located;
(B) Cause written notice of dissolution to be given either personally or by mail to all known creditors of, and to all known claimants against, the dissolved association. If a statement is on file with the secretary of state appointing an agent authorized to receive service of process on the association, or if any other document is on file with the secretary of state with respect to the association, a copy of the written notice of dissolution shall also be filed with the secretary of state.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1745 | Uniform Unincorporated Nonprofit Association Act › Section 1745.54 | Receiver for Winding Up Affairs of Association.

Effective:
May 22, 2012
Latest Legislation:
House Bill 267 - 129th General Assembly
(A) If after an unincorporated nonprofit association is dissolved voluntarily or the period of existence of the association has expired a receiver is appointed to wind up the affairs of the association, all of the claims, demands, rights, interests, or liens of creditors, claimants, and members shall be determined as of the day on which the receiver was appointed. Unless it is otherwise ordered, that appointment vests in the receiver and the receiver's successors the right to the immediate possession of all of the property of the association that shall, if so ordered, execute and deliver conveyances of the property to the receiver or the receiver's nominee.
(B) Any manager, member, or other person, whether a resident or nonresident of this state and however interested, may be appointed as receiver.
(C) The receiver has all the authority vested in the managers and members of the association, shall exercise that authority subject to the orders that are made by the court, and may be required to qualify by giving bond to the state in the amount that the court fixes, with surety to the satisfaction of the clerk of the court, conditioned for the faithful discharge of the receiver's duties and for a due accounting for all money or property received by the receiver.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1745 | Uniform Unincorporated Nonprofit Association Act › Section 1745.57 | Savings Clause.

Effective:
May 22, 2012
Latest Legislation:
House Bill 267 - 129th General Assembly
Sections 1745.05 to 1745.56 of the Revised Code do not affect any action or proceeding that is commenced, or any right that accrues, before those sections take effect.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1746 | Business Trusts › Section 1746.01 | Business Trust Definitions.

Effective:
March 18, 1983
Latest Legislation:
Senate Bill 435 - 114th General Assembly
As used in Chapter 1746. of the Revised Code, unless the context otherwise requires:
(A) "Business trust" means an unincorporated business association which is created by a trust instrument, pursuant to common law or enabling legislation, under which property is held, managed, administered, controlled, invested, reinvested, and operated, or under which business or professional activities, as permitted by the laws governing any profession, for profit are carried on, by a trustee or trustees for the benefit and profit of such person or persons as are or may become the holders of transferable shares of beneficial interest in the trust estate. A business trust shall not be construed to include, and this chapter does not apply to, real estate investment trusts as defined in Chapter 1747. of the Revised Code and trusts engaged solely in exercising the voting rights pertaining to corporate shares or other securities in accordance with the terms of a written instrument.
(B) "Foreign business trust" means a business trust organized under the laws of a state or jurisdiction other than this state.
(C) "Trust instrument" means the written instrument creating a business trust, including any amendments to it.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1746 | Business Trusts › Section 1746.02 | Status of Business Trusts.

Effective:
March 18, 1983
Latest Legislation:
Senate Bill 435 - 114th General Assembly
A business trust is hereby declared to be a permitted form of association for the conduct of business in this state. A business trust is a separate unincorporated legal entity, not a partnership, joint venture, joint-stock association, agency, or any other form of entity.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1746 | Business Trusts › Section 1746.03 | Compliance With Chapter.

Effective:
March 18, 1983
Latest Legislation:
Senate Bill 435 - 114th General Assembly
No business trust shall be authorized to transact business in this state unless it complies with section 1746.04 of the Revised Code, except that a business trust that is transacting business in this state on the effective date of this section may continue to transact business in this state without complying with this chapter and, if it makes the filings described in section 1746.04 of the Revised Code, shall be deemed to have elected to operate under this chapter. A business trust shall be deemed to be transacting business in this state for purposes of this chapter only if such business trust maintains a place of business in this state from which it regularly engages on its own behalf in activities permitted by its trust instrument and permitted under this chapter, provided that nothing contained in this chapter shall prohibit any business trust that does not transact business within the meaning set forth in this section from voluntarily complying with the provisions of this chapter.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1746 | Business Trusts › Section 1746.05 | Contents of Trust Agreement Forming Establishing Business Trust.

Effective:
March 18, 1983
Latest Legislation:
Senate Bill 435 - 114th General Assembly
(A) Any person, singly or jointly with others, and without regard to residence or domicile, may form a business trust by signing a trust instrument which shall set forth:
(1) The name of the business trust;
(2) The place where the principal office of the business trust is to be located;
(3) The purpose or purposes for which the business trust is formed, which may consist of a statement that the purpose, either alone or with other specified purposes, is to engage in any lawful act or activity for which business trusts may be formed under this chapter. By such statement, all lawful acts and activities of the business trust conforming to the conditions and limitations, if any, specified in the trust instrument, are within the purposes of the business trust;
(4) The authorized number, which may be unlimited, and the par value per share of shares of beneficial interest with par value, and the authorized number, which may be unlimited, of shares of beneficial interest without par value; the terms, if any, of the shares; the assessability or nonassessability of the shares; and, if the shares are classified, the designation of each class or series thereof, the authorized number and par value per share, if any, of the shares of each class or series thereof, and the terms of the shares of each class or series thereof;
(5) Any provision which restricts, or authorizes the trustees or the holders of shares of beneficial interest to restrict, the transferability of the shares.
(B) The trust instrument may also set forth such other provisions as are deemed necessary or appropriate to carry out the purposes for which the business trust was formed.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1746 | Business Trusts › Section 1746.07 | Amendment of Trust.

Effective:
March 18, 1983
Latest Legislation:
Senate Bill 435 - 114th General Assembly
A trust instrument may be amended in the manner specified in it or in any manner that is valid under the common or statutory law applicable to the business trust created by the instrument.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1746 | Business Trusts › Section 1746.08 | Trustees' Qualifications and Liabilities.

Effective:
March 18, 1983
Latest Legislation:
Senate Bill 435 - 114th General Assembly
(A) Any individual or entity may be a trustee of a business trust; any trustee may own shares, including all of the shares, of the business trust.
(B) Unless otherwise set forth in the trust instrument, and notwithstanding section 1746.13 of the Revised Code, a trustee of a business trust that has made the filings described in section 1746.04 of the Revised Code shall be liable to the business trust, its shareholders, and its other trustees only to the same extent as a director of a corporation organized under Chapter 1701. of the Revised Code is liable to the corporation, its shareholders, and its other directors. A trustee of a business trust that has made the filings described in section 1746.04 of the Revised Code is not liable for the act or misconduct of a cotrustee in which he has not joined, to which he has not consented, and which he has not aided or made possible by his own neglect.
(C) The right, if any, of a trustee to enter into a contract or other transaction with the business trust of which he is trustee shall be as set forth in the trust instrument.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1746 | Business Trusts › Section 1746.10 | Interests in Property.

Effective:
March 18, 1983
Latest Legislation:
Senate Bill 435 - 114th General Assembly
(A) A business trust may take, hold, and dispose of any estate or interest in real or personal property in its business name, or in the name of one or more of its trustees, or in the name of one or more of its nominees. A conveyance to a business trust in its business name shall recite that the grantee is a business trust, and the estate or interest so acquired can be conveyed by the business trust only in its business name. Any estate or interest in real or personal property taken, held, or disposed of by a business trust in its business name prior to the effective date of this section is hereby confirmed as if the conveyance thereof had been made pursuant to the authority of this section.
(B) The fact that a recorded deed, mortgage, or other conveyance of an estate or interest in real or personal property designates a business trust or one or more trustees or nominees of a business trust as the grantee does not give notice to or put upon inquiry any person dealing with the property that there are any limitations on the power of such business trust, trustees, or nominees to dispose of or encumber the estate or interest specified in such conveyance, unless such conveyance specifically contains such limitations or incorporates by reference another instrument of record in the same county which specifically contains such limitations. As to all bona fide purchasers and encumbrancers of the property, a conveyance, release, or encumbrance by such business trust, trustees, or nominees transfers or releases the estate or interest in the property specified free from the claims of the holders of shares of beneficial interest in the trust estate and free from any obligation on the part of such purchaser or encumbrancer to see to the application of any purchase money or other consideration.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1746 | Business Trusts › Section 1746.11 | Service of Process.

Effective:
March 18, 1983
Latest Legislation:
Senate Bill 435 - 114th General Assembly
Business trusts transacting business in this state are subject to all applicable provisions of law, rules of procedure, and rules of court relating to domestic or foreign corporations, with regard to service of process.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1746 | Business Trusts › Section 1746.12 | Shares of Beneficial Interest.

Effective:
March 18, 1983
Latest Legislation:
Senate Bill 435 - 114th General Assembly
(A) Unless otherwise provided in the trust instrument, shares of beneficial interest need not be evidenced by certificates.
(B) For purposes of Title XIII of the Revised Code, shares of beneficial interest, however designated, in a business trust shall be treated as personal property, notwithstanding the nature of the property of which the business trust shall consist, and shall be subject to attachment and execution. Unless otherwise provided in the trust instrument, such shares may be pledged by the holders thereof.
(C) A share of a beneficial interest in the trust estate of a business trust is a security subject to Chapter 1707. of the Revised Code.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1746 | Business Trusts › Section 1746.13 | Liability to Third Persons - Insurance.

Effective:
March 18, 1983
Latest Legislation:
Senate Bill 435 - 114th General Assembly
(A) Liability to third persons for any act, omission, or obligation of a business trust that has made the filings described in section 1746.04 of the Revised Code or a trustee or trustees of a business trust when acting in such capacity, shall extend to the whole of the trust estate held by such trustee or trustees, or so much thereof as may be necessary to discharge such liability, but no such liability shall attach to the trustees, officers, employees, agents, or the holders of the shares of beneficial interest in such business trust for any such act, omission, or obligation.
(B) A business trust that has made the filings described in section 1746.04 of the Revised Code may purchase and maintain insurance on behalf of any person who is or was a trustee, officer, employee, shareholder, or agent of the business trust, or is or was serving at the request of the business trust as a director, trustee, officer, employee, or agent of another business trust, corporation, domestic or foreign, nonprofit or for profit, partnership, joint venture, trust, or other enterprise against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the trust instrument of the business trust contains provisions for indemnification of such person against such liability by the business trust.
(C) The trust estate of a business trust that has made the filings described in section 1746.04 of the Revised Code is not liable for any act, omission, or obligation of either of the following:
(1) Any holder of its shares of beneficial interest;
(2) Any trustee when not acting in such capacity.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1746 | Business Trusts › Section 1746.14 | Perpetual Period of Existence.

Effective:
March 18, 1983
Latest Legislation:
Senate Bill 435 - 114th General Assembly
Unless otherwise stated in the trust instrument, a business trust that has made the filings described in section 1746.04 of the Revised Code has a perpetual period of existence and is not affected by any rule against perpetuities. Nothing contained in this section shall be construed or interpreted to limit, prohibit, or invalidate any provision of a trust instrument providing that such business trust may be terminated at any time by action of the trustees or by the vote of a specified percentage in interest of the beneficial owners thereof.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1746 | Business Trusts › Section 1746.15 | Withdrawal From State.

Effective:
June 6, 2001
Latest Legislation:
House Bill 94 - 124th General Assembly
Any business trust that has made the filings described in section 1746.04 of the Revised Code may withdraw from this state at any time by filing in the office of the secretary of state a verified copy of a resolution duly adopted by its trustees declaring its intention to withdraw and surrender its authority, accompanied by the fee specified in division (T) of section 111.16 of the Revised Code.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1746 | Business Trusts › Section 1746.16 | Forfeiture for Violation of Chapter.

Effective:
March 18, 1983
Latest Legislation:
Senate Bill 435 - 114th General Assembly
(A) Any business trust that transacts business in this state in violation of this chapter shall forfeit not less than one thousand nor more than ten thousand dollars. Such forfeiture shall be recovered in an action in the name of the state brought in the court of common pleas of Franklin county, or in the court of common pleas of any county in which the business trust has transacted business or has property or a place of business, by the attorney general or the prosecuting attorney. If such action is brought by the attorney general, such forfeiture shall on collection be paid into the state treasury to the credit of the general revenue fund. If brought by the prosecuting attorney, one-half of such forfeiture shall on collection be paid to the treasurer of the county in which action was brought and one-half shall be paid into the state treasury to the credit of the general revenue fund. In addition to such forfeiture, the court shall render a judgment that the business trust pay the filing fees required by division (B) of section 1746.04 of the Revised Code, plus interest on the fees at the rate of eight per cent per annum for the time during which the court determines that the business trust transacted business in this state in violation of section 1746.03 of the Revised Code. An action for the recovery of such forfeiture and filing fee shall be brought within five years after the business trust has ceased to transact business in this state.
(B) For good cause shown, the secretary of state, with the consent of the attorney general, before or after judgment, or the court in which an action is pending for the collection of a forfeiture, may remit all or part of the forfeiture.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1746 | Business Trusts › Section 1746.17 | Validity of Contracts or Titles Not Affected by Violation.

Effective:
March 18, 1983
Latest Legislation:
Senate Bill 435 - 114th General Assembly
(A) The transaction of business in this state by a business trust in violation of this chapter does not affect the validity of any contract with such trust, or the validity of the title to any estate or interest in real or personal property taken, held, or disposed of by such trust. No business trust that has transacted business in violation of this chapter, nor any persons acting on its behalf, shall maintain any action in any court of this state until it has fully complied with this chapter and further paid to the secretary of state a forfeiture of one thousand dollars.
(B) Full compliance with this section prior to the bringing of an action to recover a forfeiture under section 1746.16 of the Revised Code constitutes a bar to such action.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1746 | Business Trusts › Section 1746.18 | Merger, Consolidation, Sale or Other Disposition of Assets.

Effective:
March 18, 1983
Latest Legislation:
Senate Bill 435 - 114th General Assembly
Any business trust may be a party, with one or more other entities, to an agreement of merger, consolidation, or sale, or other disposition of all or substantially all of its assets, provided that the agreement of merger, consolidation, or sale, or other disposition is approved in the manner set forth in the trust instrument or, if the trust instrument contains no procedure for such approval, by the holders of a majority of the shares of the business trust at a meeting held for such purpose.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1746 | Business Trusts › Section 1746.19 | Foreign Business Trusts.

Effective:
March 18, 1983
Latest Legislation:
Senate Bill 435 - 114th General Assembly
Chapter 1746. of the Revised Code is applicable to a foreign business trust that has made the filings described in section 1746.04 of the Revised Code, except to the extent that such provisions may be inconsistent with the applicable laws of the state or jurisdiction under which the foreign business trust was organized.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1746 | Business Trusts › Section 1746.20 | False or Fraudulent Filings Prohibited.

Effective:
March 18, 1983
Latest Legislation:
Senate Bill 435 - 114th General Assembly
No person knowingly shall prepare, make, assist in preparing or making, or procure or advise the preparing or making of any false or fraudulent filings required or permitted by sections 1746.01 to 1746.20 of the Revised Code.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1747 | Real Estate Investment Trusts › Section 1747.01 | Real Estate Investment Trust Definitions.

Effective:
July 17, 1978
Latest Legislation:
House Bill 289 - 112th General Assembly
As used in Chapter 1747. of the Revised Code, unless the context otherwise requires:
(A) "Real estate investment trust" means a trust created by an instrument, pursuant to common law or enabling legislation, under which any estate or interest in real property is held, managed, administered, controlled, invested, reinvested, or operated by a trustee or trustees for the benefit and profit of persons who are or may become the holders of transferable certificates of beneficial interest, issued pursuant to the provisions of the trust instrument, such transferability being either restricted or unrestricted, which trust intends to comply or has at any time complied or intended to comply with sections 856, 857, and 858 of the " Interal Revenue Code of 1954," 68A Stat. 3, 26 U.S.C. 1, as now or hereafter amended.
(B) "Domestic real estate investment trust" means a real estate investment trust organized in this state.
(C) "Foreign real estate investment trust" means a real estate investment trust organized in another state.
(D) "State" means the United States, any state, territory, insular possession, or other political subdivision of the United States, including the District of Columbia.
(E) "Trust instrument" means the instrument creating a real estate investment trust, including any amendments to it.
(F) "To transact real estate business in this state" means to take, hold, or dispose of any estate or interest in real property situated in this state.
(G) "Certificate of beneficial interest" means a certificate issued by a real estate investment trust evidencing a beneficial interest in the trust.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1747 | Real Estate Investment Trusts › Section 1747.02 | Compliance With Chapter.

Effective:
July 17, 1978
Latest Legislation:
House Bill 289 - 112th General Assembly
No real estate investment trust shall be authorized to transact real estate business in this state unless it fully complies with section 1747.03 of the Revised Code, except that a real estate investment trust that holds an estate or interest in real property in this state on the effective date of this section may continue to transact real estate business in this state if it fully complies with section 1747.03 of the Revised Code within one year after the effective date of this section and may dispose of the estate or interest within one year after the effective date of this section. However, nothing contained in sections 1747.01 to 1747.13 of the Revised Code shall be construed to limit, prohibit, or invalidate the existence, acts, or obligations to the state or any person, of any real estate investment trust with respect to any real estate business or other business it transacted in this state prior to the effective date of this section.
2023 Ohio Revised Code › Title 17 | Corporations-Partnerships › Chapter 1747 | Real Estate Investment Trusts › Section 1747.04 | Amendment of Trust Instrument.

Effective:
June 6, 2001
Latest Legislation:
House Bill 94 - 124th General Assembly
A trust instrument may be amended in the manner specified in it or in any manner that is valid under the common or statutory law applicable to the trust created under it. However, no amendment adopted subsequent to the initial filings required by section 1747.03 of the Revised Code is legally effective in this state until an executed or certified true and correct copy of the amendment has been filed in the office of the secretary of state accompanied by the fee specified in division (T) of section 111.16 of the Revised Code.