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Can you summarize NERS 8-117?
BANKS AND BANKING > Conditional bank charter; application; contents; hearing; notice; expenses; conversion to full bank charter; extension; written request; notice of expiration.
Short Summary
This legal document, governed by the Nebraska Revised Statutes, pertains to the process and requirements for obtaining a conditional bank charter. A conditional bank charter can be granted for a period of up to eighteen months and is specifically intended for the acquisition or potential acquisition of a troubled or failing financial institution located in Nebraska or with a branch in Nebraska. The document outlines the contents of the application for a conditional bank charter, including the proposed bank’s name, draft articles of incorporation, financial condition of stockholders, officers, and directors, available capital, and a preliminary business plan. It also specifies the procedures for public hearings and notices, including publication in newspapers and mailing to financial institutions. The document further explains the conditions for granting a conditional bank charter, such as the integrity and responsibility of the proposed corporation’s parties, sufficient capital availability, and a reasonable probability of usefulness and success. Additionally, it outlines the requirements for converting a conditional bank charter to a full bank charter, as well as the process for requesting an extension of a conditional bank charter. Finally, the document states that if eighteen months have passed without conversion or extension, a notice of expiration of the conditional bank charter will be issued. No specific penalties are mentioned in this document.
Whom does it apply to?
Applicants for a conditional bank charter
What does it govern?
Conditional bank charters
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska