Makes several operational changes for directors, subcommittees and officers of nonprofit corporations in regards to appointment, fiduciary duty and liability.
Loan made in violation of nonprofit corporation law does not affect borrower’s liability.
Allows a dissolving corporation to provide certain tax-related information as alternative to securing a certificate from Department of Taxation confirming all State taxes paid.
Also amends depository provisions by eliminating prohibition against financial institutions subject to a cease-and desist order from serving as a public depository.
Required financial institutions and certain CUs to notify each governing board that made such designation if institution becomes party to an active correction action.
Governing board may allow depository to continue to have active/interim/inactive deposits awarded, placed/purchased/made/designated for the designation period.
Designate institution as public depository for additional succeeding designation periods
Relieves public officials from liability for loss of public money in failed depository.
Legislative History
On Oct. 18, 2023, bill was introduced in House; on Apr. 24, 2024, bill passed House.
On May 1, 2024, bill was introduced in Senate; on Jun. 26, 2024, bill passed Senate.
Effectiveness
OH LEG bills without effective dates specified in bill text become effective on the 91st day following the bill's filing with the Secretary of State for final enrollment.
Aug. 2024 OH LEG Bill Effective Date
On Aug. 28, 2024, OH LEG reported that bill HB 301 is effective on Oct. 24, 2024.
