Ask Reggi Your Question Now
Can you summarize NERS 8-148.05?
BANKS AND BANKING > Qualified Canadian Government obligations; investment.
Short Summary
This legal provision, found in the Nebraska Revised Statutes under the section on BANKS AND BANKING, allows banks to engage in dealing, underwriting, and purchasing of qualified Canadian Government obligations. Banks are permitted to deal in these obligations to the same extent as they deal in obligations of the United States Government or general obligations of any state. The term ‘qualified Canadian Government obligation’ refers to any debt obligation backed by Canada or any Canadian province, with a comparable liability to obligations backed by the full faith and credit of the United States Government or any state thereof. This definition also includes debt obligations of agents of Canada or any Canadian province, provided that the agent assumes the obligation on behalf of Canada or any Canadian province, and Canada or the Canadian province is ultimately and unconditionally liable for the obligation. The term ‘Canadian province’ encompasses provinces of Canada, including the Yukon Territory and the Northwest Territories and their successors.
Whom does it apply to?
Banks
What does it govern?
Dealing, underwriting, and purchasing of qualified Canadian Government obligations by banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska