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Can you summarize NERS 8-183.01?
BANKS AND BANKING > State or federal savings association; conversion to state bank; plan of conversion; procedure.
Short Summary
This legal document governs the conversion of state or federal savings associations to state banks in Nebraska. It states that any state or federal savings association, whether formed as a mutual association or a capital stock association, may apply to the director to convert to a state bank. The savings association seeking conversion must obtain approval of a plan of conversion by a two-thirds majority vote of the total number of directors authorized to vote. The plan and resolution approving it are then submitted to the director for approval. The director will approve the plan if it is fair and equitable, adequately protects the interests of the applicant, its members or shareholders, its savings account holders, and the public, and if the converting savings association has complied with the requirements of this section. If approved, the director may prescribe terms and conditions to be fulfilled either before or after the conversion. If the plan is disapproved, the reasons for disapproval are stated in writing and the savings association is given an opportunity to amend and resubmit the plan. This document is sourced from Laws 1998, LB 1321, 27.
Whom does it apply to?
State or federal savings associations
What does it govern?
Conversion of state or federal savings associations to state banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska