The Ohio Senate today passed several bills, including legislation to improve Ohio's corporate laws and a bill to establish the Volunteer Peace Officers' Dependents Fund to provide assistance to volunteer peace officers disabled in the line of duty.
Reforming Ohio's Corporate Laws:
Sponsored by State Senator Larry Obhof (R-Medina), Senate Bill 181 improves Ohio's corporate laws and eliminates ambiguities by defining the responsibilities of corporate officers. The bi-partisan bill is jointly sponsored with Senate Minority Leader Joe Schiavoni (D-Boardman).
“Senate Bill 181 will bring clarity to the corporate code and will set forth the duties and responsibilities of the officers who make important business decisions for Ohio companies,” said Obhof.
Senate Bill 181 creates a new section within the Ohio Revised Code to outline the default fiduciary duties of corporate officers. The responsibilities of corporate directors are already defined in existing law, but no criteria are currently established for officers. If enacted, the legislation would establish identical responsibilities for officers to those already outlined for directors.
Among other things, the bill would require corporate and limited liability company officers to act in good faith and act with care in the performance of their duties. SB 181 would also declare that it is the policy of Ohio’s Limited Liability Company Law to give maximum principle of freedom of contract. Senate Bill 181 received its first hearing in June and received support from the Ohio State Bar Association and the Ohio Chamber of Commerce.
“Senate Bill 181 will be a good step forward,” Obhof said. “The bill’s emphasis on freedom of contract will make Ohio a more attractive place to do business.”
Supporting Families of Disabled or Fallen Law Enforcement Officers:
The Ohio Senate today also passed Senate Bill 11, which would create the Volunteer Police Officer’s Dependent Fund. Senator Obhof co-sponsored the bill, which would provide death benefits to survivors of volunteer, part-time and reserve officers killed in the line of duty. It would also provide disability benefits to such disabled officers and deputies.
The bill was named the Jason Gresko Act, after a volunteer officer who died in the line of duty.
Both bills will now go to the Ohio House of Representatives for further consideration.