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Can you summarize NERS 8-183.02?
BANKS AND BANKING > State or federal savings association; plan of conversion; approval.
Short Summary
This legal document, governed by the Nebraska Revised Statutes, pertains to the plan of conversion for state or federal savings associations. According to the document, if the director approves a plan of conversion, it must be submitted for adoption to the members or shareholders of the converting savings association through a vote at a meeting. Prior to the meeting, a copy of the plan and an accurate summary plan description must be mailed to each eligible member or shareholder. The plan of conversion requires approval by at least sixty percent of the total outstanding shares. A certified copy of the meeting proceedings must be filed with the director within thirty days. If the plan is approved, the board of directors of the savings association must take action to obtain a state bank charter, adopt articles of incorporation, adopt bylaws, elect directors and officers, and fulfill other necessary requirements for a state bank corporation.
Whom does it apply to?
Members or shareholders of the converting savings association
What does it govern?
Plan of conversion for state or federal savings association
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska