The purpose of this memorandum is to review certain reporting and disclosure requirements, and certain restrictions that may limit the disposition of securities of the company held by its officers, directors and principal shareholders, which are imposed by the Securities Act of 1933, the Securities and Exchange Act of 1934, and the rules of the Securities and Exchange Commission thereunder. This memorandum is prepared for the management of the company and should be treated as a confidential communication between the company and its counsel.
Ohio Limitation on Disposition of Securities Memorandum
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Section 1345.03 | Unconscionable consumer sales acts or practices. (A) No supplier shall commit an unconscionable act or practice in connection with a consumer transaction. Such an unconscionable act or practice by a supplier violates this section whether it occurs before, during, or after the transaction.
(1) The right to direct the disposition, after death, of the declarant's body or any part of the declarant's body that becomes separated from the body before death. This right includes the right to determine the location, manner, and conditions of the disposition of the declarant's bodily remains.
Such other claim might be a breach of contract or warranty claims. It is important to note that the CSPA has a relatively short statute of limitations of two years from the date of the violation whether you know about it or not.
Section 5301.233 | Mortgage may secure unpaid balances of advances made.
(3) In order for a declaration to become operative in connection with a declarant who is in a terminal condition or in a permanently unconscious state, the attending physician of the declarant shall determine, in good faith, to a reasonable degree of medical certainty, and in ance with reasonable medical ...
Consumer Sales Practices Act (1972) Prohibits sellers from taking advantage of a consumer's illiteracy, mental or physical disability, or inability to understand the terms of a sale. Prohibits sellers from selling a product or service to a consumer they know cannot afford or substantially benefit from the purchase.
Section 5810.09 | Beneficiary or representative's consent to conduct constituting breach. A trustee is not liable to a beneficiary for breach of trust if the beneficiary or the beneficiary's representative under the representation provisions of Chapter 5803.
The Ohio Consumer Sales Practices Act ("OCSPA" or the "Act") (Ohio Rev. Code § 1345.01 et seq.) is a set of laws that aim to protect consumers from sales practices that are deceptive, unfair, or unconscionable. While the OCSPA serves a legitimate need of protecting consumers, its impact on businesses can be profound.