Ohio Code § 1701.11

§ 1701.11.

(A)(1) Regulations for the government of a corporation, the conduct of its affairs, and

the management of its property, consistent with law and the articles, may be adopted,

amended, or repealed in any of the following ways: (a) Within ninety days after the corporation is formed, by the directors in accordance

with division (A)(1) of section 1701.10 of the Revised Code ; (b) By the shareholders at a meeting held for that purpose, by the affirmative vote of

the holders of shares entitling them to exercise a majority of the voting power of

the corporation on the proposal, or if the articles or regulations that have been

adopted so provide, by the affirmative vote of the holders entitling them to exercise

a greater proportion than a majority of the voting power of the corporation on the

proposal; (c) Without a meeting, by the written consent of the holders of shares entitling them

to exercise two-thirds of the voting power of the corporation on the proposal, or

if the articles or regulations that have been adopted so provide or permit, by the

written consent of the holders of shares entitling them to exercise a greater or lesser

proportion but not less than a majority of the voting power of the corporation on

the proposal; (d) If and to the extent that the articles or regulations so provide or permit and unless

a provision of the Revised Code reserves such authority to shareholders, by the directors,

provided that no provision or permission in the articles or regulations may divest

shareholders of the power, or limit the shareholders' power, to adopt, amend, or repeal

regulations. (2) Any amendment of regulations and any amended or new regulations adopted by shareholders

of an issuing public corporation whose directors are classified pursuant to section 1701.57 of the Revised Code that would change or eliminate the classification of directors shall be adopted only

by the shareholders at a meeting held for that purpose, by the affirmative vote of

holders of shares entitling them to exercise the voting power of the corporation that

is required for shareholders at a meeting under division (A)(1)(b) of this section,

and also by the affirmative vote of the holders of a majority of disinterested shares

voted on the proposal determined as specified in division (C)(9) of section 1704.01 of the Revised Code . (3) Any amendment of regulations and any amended or new regulations adopted by shareholders

of an issuing public corporation that would provide that section 1701.831 of the Revised Code does not apply to control share acquisitions of shares of the issuing public corporation

shall be adopted: (a) Upon the recommendation by the affirmative vote of a majority of the authorized number

of directors of the issuing public corporation in favor of such amendment or new regulation;

 and (b) By the shareholders at a meeting held for that purpose, by the affirmative vote of

holders of shares entitling them to exercise the voting power of the corporation that

is required for shareholders at a meeting under division (A)(1)(b) of this section. (B) Without limiting the generality of the authority described in division (A) of this

section, the regulations may include provisions with respect to all of the following: (1) The place, if any, and time for holding, the manner of and authority for calling,

giving notice of, and conducting, and the requirements of a quorum for, meetings of

shareholders; (2) The taking of a record of shareholders or the temporary closing of books against

transfers of shares; (3) The number, classification, manner of fixing or changing the number, qualifications,

term of office, and compensation or manner of fixing compensation, of directors; (4) The place, if any, and time for holding, the manner of and authority for calling,

giving notice of, and conducting, and the requirements of a quorum for, meetings of

the directors; (5) The appointment of an executive and other committees of the directors, and their

authority; (6) The titles, qualifications, duties, term of office, compensation or manner of fixing

compensation, and the removal, of officers; (7) The terms on which new certificates for shares may be issued in the place of lost,

stolen, or destroyed certificates; (8) The manner in which and conditions upon which a certificated security, and the conditions

upon which an uncertificated security, and the shares represented by a certificated

or uncertificated security, may be transferred, restrictions on the right to transfer

the shares, and reservations of liens on the shares; (9)(a) Restrictions on the transfer and the right to transfer shares of either of the following: (i) An issuing public corporation to any person in a control share acquisition; (ii) A corporation with fifty or more shareholders to any person in an acquisition that

would be a control share acquisition if the corporation were an issuing public corporation. (b) The restrictions on the transfer and the right to transfer shares described in division

(B)(9)(a)(i) and (ii) of this section may include requirements and procedures for

consent to an acquisition of the shares by directors based on a determination by the

directors of the best interests of the corporation and its shareholders, consent to

an acquisition of the shares by shareholders, and reasonable sanctions for a violation

of those requirements, including the right of the corporation to refuse to transfer,

to redeem, or to deny voting or other shareholder rights appurtenant to shares acquired

in an acquisition of the shares. (10) Defining, limiting, or regulating the exercise of the authority of the corporation,

the directors, or the officers; (11) Defining, limiting, or regulating the exercise of the authority of the shareholders;

 provided, that any amendment of the regulations that would change or eliminate any

such provision shall be adopted only by the shareholders. (C) The shareholders of a corporation may adopt and may authorize the directors to adopt,

either before or during an emergency, as that term is defined in division (U) of section 1701.01 of the Revised Code , emergency regulations that shall be operative only during an emergency.  The emergency regulations may include any provisions that are authorized to be included

in regulations by divisions (A) and (B) of this section.  In addition, unless expressly prohibited by the articles or the regulations, the

emergency regulations may make any provision, notwithstanding any different provisions

in this chapter and notwithstanding any different provisions in the articles or the

regulations that are not expressly stated to be operative during an emergency, that

may be practical or necessary with respect to the following: (1) The place, if any, and time for holding, the manner of and authority for calling,

giving notice of, and conducting, and the requirements of a quorum for, meetings of

the directors; (2) The creation and appointment of an executive and other committees of the directors

and the delegation of authority to the committees by the board; (3) The creation, existence, and filling of vacancies, including temporary vacancies,

in the office of director; (4) The selection, by appointment, election, or otherwise, of officers and other persons

to serve as directors for a meeting of the board in the absence from the meeting of

one or more of the directors; (5) The creation, existence, and filling of vacancies, including temporary vacancies,

in any office; (6) The order of rank and the succession to the duties and authority of officers. (D)(1) Unless the corporation complies with division (D)(2) of this section, if the regulations

are amended or new regulations are adopted other than by the shareholders at a meeting

held for that purpose, the secretary of the corporation shall send a copy of the amendment

or the new regulations by mail, overnight delivery service, or any other means of

communication authorized by the shareholder to whom a copy of the amendment or new

regulations is sent, to each shareholder of record as of the date of the adoption

of the amendment or the new regulations. (2) Any corporation that files periodic reports with the United States securities and

exchange commission pursuant to section 13 of the “Securities Exchange Act of 1934,”

48 Stat. 881, 15 U.S.C. 78m , as amended, or section 15(d) of the “Securities Exchange Act of 1934,” 48 Stat.

881, 15 U.S.C. 78o(d) , as amended, may satisfy the notice to shareholders of record requirement of division

(D)(1) of this section by including a copy of the amendment or the new regulations

in a report filed in accordance with those sections within twenty days after the adoption

of the amendment or the new regulations. (E) No person dealing with the corporation shall be charged with constructive notice

of the regulations. (F) Unless expressly prohibited by the articles or the regulations or unless otherwise

provided by the emergency regulations, the following special rules shall be applicable

during an emergency notwithstanding any different provision elsewhere in this chapter: (1) Meetings of the directors may be called by any officer or director. (2) Notice of the time and place of each meeting of the directors shall be given to such

of the directors as it may be feasible to reach at the time and by the means of communication,

written or oral, personal or mass, as may be practicable at the time. (3) The director or directors present at any meeting of the directors that has been duly

called and notice of which has been duly given shall constitute a quorum for the meeting,

and, in the absence of one or more of the directors, the director or directors present

may appoint one or more of the officers of the corporation directors for the meeting. (4) If none of the directors attends a meeting of the directors that has been duly called

and notice of which has been duly given, the officers of the corporation who are present,

not exceeding three, in order of rank, shall be directors for the meeting, shall constitute

a quorum for the meeting, and may appoint one or more of the other officers of the

corporation directors for the meeting. (5) If the chief executive officer dies, is missing, or for any other reason is temporarily

or permanently incapable of discharging the duties of the office, the next ranking

officer who is available shall assume the duties and authority of the office of the

deceased, missing, or incapacitated chief executive officer until such time as the

directors otherwise order. (6) The offices of secretary and treasurer shall be deemed to be of equal rank, and,

within the same office and as between the offices of secretary and treasurer, rank

shall be determined by priority in time of the first election to the office or, if

two or more persons have been first elected to the office at the same time, by seniority

in age.