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Can you summarize NERS 8-178?
BANKS AND BANKING > National bank; reorganization as state bank; authorization; vote required; trust company business; conversion; public hearing; when.
Short Summary
According to the Nebraska Revised Statutes, any national bank located and doing business within the State of Nebraska can convert into a state bank or merge/consolidate with a state bank. This conversion or merger requires a vote of at least two-thirds of the capital stock of the state bank. The resulting state bank must meet the requirements of state law for the formation of a new state bank. If the national bank conducts a trust company business within a trust department, the trust department to be converted must also meet the requirements of state law for the formation of a trust company business within a trust department of a state bank. A public hearing is required only if objections to the conversion are received within fifteen days after publishing a notice of the proposed conversion or if the director deems it necessary based on the condition of the bank. The notice of the proposed conversion must include information about the conversion of the trust department. The source of this information is Laws 1909, c. 11, 1, p. 96; R.S.1913, 343; Laws 1919, c. 190, tit. V, art. XVI, 63, p. 711; C.S.1922, 8043; C.S.1929, 8-161; Laws 1933, c. 18, 37, p. 154; C.S.Supp.,1941, 8-161; R.S.1943, 8-165; Laws 1951, c. 11, 1(1), p. 84; R.R.S.1943, 8-165; Laws 1963, c. 29, 78, p. 165; Laws 1995, LB 599, 3; Laws 2002, LB 957, 5; Laws 2006, LB 876, 10; Laws 2017, LB140, 74.
Whom does it apply to?
National banks located and doing business within the State of Nebraska
What does it govern?
Reorganization of national banks as state banks and conversion of trust departments
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska