Ohio Code § 1729.24
Ohio Code § 1729.24. Reproduced from the official Ohio Revised Code, with a citation summary, verification link, and related provisions.
§ 1729.24.
(A) Unless otherwise provided in an association's articles of incorporation or bylaws: (1) No contract or transaction between an association and one or more of its directors
or officers, or between the association and any other person in which one or more
of the association's directors or officers, are directors or officers, or have a financial
or personal interest, shall be void or voidable solely for this reason, or solely
because the director or officer is present at or participates in the meeting of the
board or committee that authorizes the contract or transaction, or solely because
the director's or officer's votes are counted for such purpose, if any of the following
applies: (a) The material facts as to the relationship or interest and as to the contract or transaction
are disclosed or are known to the board or the committee, and the board or committee,
in good faith authorizes the contract or transaction by the affirmative vote of a
majority of the disinterested directors, even though the disinterested directors constitute
less than a quorum of the board or the committee; (b) The material facts as to the relationship or interest and as to the contract or transaction
are disclosed or are known to the members entitled to vote on the contract or transaction,
and the contract or transaction is specifically approved at a meeting of the members; (c) The contract or transaction is fair as to the association at the time it is authorized
or approved by the board, or a committee of the board, or the members. (2) Common or interested directors may be counted in determining the presence of a quorum
at a meeting of the board, or of a committee that authorizes the contract or transaction. (B) Divisions (A)(1) and (2) of this section do not limit or otherwise affect the liability
of directors under section 1729.25 of the Revised Code . (C) For purposes of division (A) of this section, a director is not an interested director
solely because the subject of a contract or transaction may involve or effect a change
in control of the association or continuation in office as a director of the association.
Source: official Ohio text · Last verified 2026-08-27
At a glance
- Citation: Ohio Revised Code § 1729.24
- Jurisdiction: Ohio
- Code: Ohio Revised Code
- Text: transcribed from the official source (verify below)
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Statute text is transcribed from the official Ohio Revised Code. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Ohio attorney.
Common questions
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The text above is transcribed from the Ohio Revised Code, the codified statutes of Ohio. The official publisher link appears under "Verify the text" on this page.
What subject does Ohio Revised Code § 1729.24 address?
It addresses the rule set out in the section text. Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
Is Ohio Revised Code § 1729.24 still in force?
Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Ohio source before relying on this text.
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