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Can you summarize NERS 8-114?
BANKS AND BANKING > Banks; corporate status required; unlawful banking; penalty.
Short Summary
This legal document governs the conduct of banks within the state of Nebraska. It specifies that conducting a bank within the state is only lawful if done through a corporation duly organized under the state’s laws. Corporations must comply with all provisions and requirements of the Nebraska Banking Act before receiving money upon deposit or conducting a bank. Violation of this law is considered a Class V misdemeanor for each day of the offense and may result in the appointment of a receiver to wind up the banking business. There are no exemptions mentioned in this document.
Whom does it apply to?
Any person or corporation conducting a bank within the state
What does it govern?
Conducting a bank within the state
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Class V misdemeanor for each day of the continuation of the offense; appointment of a receiver to wind up the banking business
Jurisdiction
Nebraska