Ask Reggi Your Question Now
Can you summarize NERS 8-183.05?
BANKS AND BANKING > State or federal savings association; issuance of state bank charter; effect; section, how construed.
Short Summary
This legal document governs the issuance of a state bank charter to a converting savings association. Upon the issuance of the charter, the converting savings association continues its corporate existence and becomes a state bank. All property, rights, titles, interests, and assets of the converting savings association automatically vest in and remain the property of the converted savings association. The new state bank also succeeds to all the rights, obligations, and relations of the converting savings association. Pending actions and other judicial proceedings involving the converting savings association are not abated or discontinued by the conversion and may be continued by the converted savings association in its new corporate name. The document does not authorize converted savings associations to establish branches, except as permitted by section 8-157 and the Interstate Branching and Merger Act. Existing branches of a savings association at the time of conversion to a state bank charter are not required to be divested.
Whom does it apply to?
Converting savings associations
What does it govern?
Issuance of a state bank charter to a converting savings association
What are exemptions?
Converted savings associations are not authorized to establish branches except as permitted by section 8-157 and the Interstate Branching and Merger Act. This subsection does not require divestiture of any branches of a savings association in existence at the time of the conversion to a state bank charter.
What are the Penalties?
No penalties mentioned.
Jurisdiction
Nebraska