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Can you summarize NERS 8-124?
BANKS AND BANKING > Banks; board of directors; president; meetings; examination; audit.
Short Summary
This legal document, governed by the Nebraska Revised Statutes under the section ‘BANKS AND BANKING’, pertains to the management and control of affairs and business of banks. It specifies that a bank should have a board of directors consisting of not less than five and not more than twenty-five members. The board of directors is responsible for selecting a president, who must also be a member of the board. The document further states that the board of directors should hold at least one regular meeting in each calendar quarter. Additionally, it requires the board to conduct a thorough examination of the bank’s books, records, funds, and securities at one of the meetings each year, which should be recorded in detail. Alternatively, the board may accept an annual audit conducted by an approved accountant or accounting firm. The audit should be submitted to the department within one hundred twenty days after completion. The document provides the historical source of the law and mentions annotations related to terms of office for bank officers and ownership qualifications for directors. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Banks
What does it govern?
Affairs and business management of banks, board of directors, president, meetings, examination, audit
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska