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Can you summarize NERS 8-149?
BANKS AND BANKING > Banks; investment in bank premises or holding corporations; loans upon security of stock of holding corporation; written approval of Director of Banking and Finance required; when.
Short Summary
This legal document, governed by the Nebraska Revised Statutes, pertains to banks and their investment activities. It states that no bank can invest in bank premises or the stock, bonds, debentures, or other obligations of any corporation holding the premises without the written approval of the director. Additionally, banks are prohibited from making loans upon the security of the stock of such corporations if the total investments and loans exceed the bank’s paid-up capital stock, surplus, and capital notes and debentures. However, stock held as authorized by this section is exempt from the provisions of section 8-148. The document does not mention any specific penalties for non-compliance. Overall, this document regulates the investment practices of banks and ensures proper approval and limits are in place.
Whom does it apply to?
Banks
What does it govern?
Investment in bank premises or holding corporations; loans upon security of stock of holding corporation; written approval of Director of Banking and Finance required
What are exemptions?
Stock held as authorized by this section shall not be subject to the provisions of section 8-148.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Nebraska