Section 505.34 — Compounding or release of claims due from banks.
75 words·~1 min read·
/oh/title-5-townships/chapter-505-trustees/505-34·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The board of township trustees may compound or release, in whole or in part, a debt, obligation, judgment, or claim due the township, from a bank in process of liquidation or operating under a conservatorship, or due the board, except where any member of such board is personally interested as a stockholder of the bank. The board shall enter upon its records a statement of the facts and the reasons for such compounding or release.