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Can you summarize NERS 8-183.03?
BANKS AND BANKING > State or federal savings association; conversion to state bank; requirements.
Short Summary
This legal document governs the requirements for a savings association to convert to a state bank charter. To obtain a state bank charter, a savings association must meet the requirements of state law for forming a new state bank. A public hearing may be required if there is a substantive objection to the conversion or if the condition of the savings association warrants a hearing. If the savings association is a federal association, compliance with the conversion procedure prescribed by the laws of the United States must be demonstrated. When the persons requesting the conversion are officers or directors of the savings association, there is a presumption of their integrity and responsibility. If the resulting state bank will be located at the same place as the converting savings association, the director may permit the resulting bank to engage in business if it meets the public necessity, convenience, and advantage of the community. The director may conduct an examination of the applicant savings association before making a decision on the state bank charter application.
Whom does it apply to?
Savings associations seeking a state bank charter
What does it govern?
Conversion of a savings association to a state bank
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska