Ask Reggi Your Question Now
Can you summarize NERS 8-126?
BANKS AND BANKING > Bank directors; qualifications; approval by department; revocation of approval; procedure.
Short Summary
This legal document governs the qualifications and approval process for bank directors, as well as the revocation of such approval. According to the document, a majority of the bank’s board of directors must have their residences in the state or within twenty-five miles of the bank’s main office. Efforts should be made to acquire directors from the county where the main office is located and from counties with branches of the bank. Directors must possess good moral character, known integrity, business experience, and responsibility. Before acting as a member of the board of directors, a bank must apply for and obtain approval from the department. If the department determines that a director is conducting the bank’s business in an unsafe or unauthorized manner, or endangering the interests of stockholders or depositors, the Director of Banking and Finance has the authority to revoke the director’s approval after providing notice and an opportunity for a hearing. The Director of Banking and Finance is also empowered to adopt rules and regulations to implement this section. No specific exemptions or penalties are mentioned in the document.
Whom does it apply to?
Directors of banks
What does it govern?
Qualifications and approval of bank directors, revocation of approval
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska