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Can you summarize NERS 8-179?
BANKS AND BANKING > National bank; reorganization as state bank; procedure; trust company business; charter.
Short Summary
This legal document governs the reorganization of a national bank as a state bank in Nebraska. It outlines the procedure for filing a statement with the department, which includes showing compliance with the laws of the United States and the state. The statement must also include specific information prescribed by sections 8-1901 to 8-1903, and if applicable, information prescribed by sections 8-159 to 8-162.01 for conducting trust company business within a trust department of the bank. Upon payment of fees, the department will issue a charter to the resulting state bank to transact the business provided for in its articles of incorporation, and if applicable, a charter to conduct trust company business. Good assets of the national bank may be accepted in lieu of payment for the stock of the resulting bank. The document also states that officers or directors of either the national bank or the state bank requesting the conversion, merger, or consolidation shall be accepted without investigation as parties of integrity and responsibility. The department may permit the resulting bank and, if applicable, the trust company business within a trust department of the bank, to engage in business if it is at the same location as the former national or state bank. No penalties are mentioned in this document.
Whom does it apply to?
National banks seeking to reorganize as state banks
What does it govern?
Reorganization of a national bank as a state bank, procedure for filing a statement with the department, conducting trust company business within a trust department of the bank, issuance of charter
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska