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Can you summarize NERS 8-148.02?
BANKS AND BANKING > Banks; subscribe, invest, buy, and own stock; agricultural credit corporation; livestock loan company; limitation.
Short Summary
This legal provision, found in the Nebraska Revised Statutes under the section on Banks and Banking, allows banks to subscribe to, invest in, buy, and own stock in agricultural credit corporations or livestock loan companies. These corporations and companies primarily provide short and intermediate term credit to farmers, ranchers, and entities engaged in farming and ranching activities, including the breeding, raising, fattening, or marketing of livestock. Banks are limited to obligating up to 35% of their paid-up capital, surplus, undivided profits, capital reserves, capital notes, and debentures for such purposes. However, if a bank owns at least 80% of the voting stock of such corporations or companies, this limitation does not apply. The subscription, investment, possession, or ownership of stock in these entities is not subject to certain specified provisions. No penalties are mentioned in this document.
Whom does it apply to?
Banks
What does it govern?
Subscription, investment, possession, and ownership of stock in agricultural credit corporations and livestock loan companies
What are exemptions?
The limitation on the amount of obligation for agricultural credit corporations or livestock loan companies does not apply if the bank owns at least 80% of the voting stock of such corporations or companies.
What are the Penalties?
No penalties mentioned.
Jurisdiction
Nebraska