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Can you summarize NERS 8-116?
BANKS AND BANKING > Banks; capital stock; amount required.
Short Summary
This legal document, found in the Nebraska Revised Statutes under the section for Banks and Banking, governs the issuance of bank charters and the capital stock requirements for corporations applying for a bank charter. According to subsection (1) of this section, a bank charter cannot be issued unless the applying corporation has surplus and paid-up capital stock in an amount not less than the amount necessary for compliance with subsection (1) of section 8-702 for the insurance of deposits. The director has the authority, as stated in subsection (2) of this section, to determine the minimum amount of paid-up capital stock and surplus required for any corporation applying for a bank charter, which cannot be less than the amount provided in subsection (1) of this section. The document does not mention any exemptions or penalties related to these requirements.
Whom does it apply to?
Corporations applying for a bank charter
What does it govern?
Bank charters and capital stock requirements
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska