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Can you summarize NERS 8-182?
BANKS AND BANKING > State bank; conversion, merger, or consolidation with a national bank; objecting stockholders; stock; payment.
Short Summary
This legal provision, found in the Nebraska Revised Statutes under the section on Banks and Banking, pertains to the rights of stockholders in a state bank in the event of a conversion, merger, or consolidation with a national bank. If a stockholder votes against such a conversion, merger, or consolidation, they have the right to receive the value of their stock in cash from the assets of the state bank. To exercise this right, the stockholder must make a written demand to the resulting bank within thirty days after the effective date of the conversion, merger, or consolidation, and surrender their stock certificates. The value of the shares is determined by three appraisers, one selected by the dissenting stockholders, one by the board of directors of the resulting state bank, and the third by the two chosen appraisers. If the appraisal is not completed within sixty days, the department will arrange for an appraisal. The resulting bank is responsible for paying the expenses of the appraisal.
Whom does it apply to?
Owners of shares of a state bank
What does it govern?
Conversion, merger, or consolidation of a state bank with a national bank
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska