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Can you summarize NERS 8-128?
BANKS AND BANKING > Capital stock; increase; decrease; notice; publication; denial by director, when.
Short Summary
This legal provision governs the process of increasing or decreasing the paid-in capital stock of banks. According to the provision, the stockholders of a bank, through a vote of those owning two-thirds of the capital stock, can authorize an officer of the bank to notify the department of the proposed increase or reduction of paid-in capital stock. In the case of a reduction, a notice stating the amount of the proposed reduction must be published for two weeks in a newspaper published and of general circulation in the county where the bank’s main office is located. The director has discretionary power to deny a reduction if it would violate the requirements of the Nebraska Banking Act or jeopardize the security of depositors. The bank is required to notify the department once the proposed increase or decrease of the paid-in capital stock has been completed.
Whom does it apply to?
Banks
What does it govern?
Increase or decrease of paid-in capital stock in banks
What are exemptions?
None mentioned
What are the Penalties?
None mentioned
Jurisdiction
Nebraska