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Can you summarize NERS 8-183.04?
BANKS AND BANKING > State or federal savings association; mutual savings association; retention of mutual form authorized.
Short Summary
This provision, found in the Nebraska Revised Statutes under the section on Banks and Banking, allows state or federal savings associations that were formed and operating as mutual savings associations as of July 15, 1998, to retain their mutual form of corporate organization upon conversion to a state bank. The converted savings association will have its members referred to as shareholders or stockholders, and the capital requirements will be as required for federal mutual savings associations. The director has the authority to adopt rules and regulations governing these converted mutual savings associations, taking into consideration the provisions governing savings associations in mutual form of corporate organization.
Whom does it apply to?
State or federal savings associations
What does it govern?
Retention of mutual form authorized
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska