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Can you summarize NERS 8-185?
BANKS AND BANKING > Voluntary liquidation; procedure.
Short Summary
This provision, found in the Nebraska Revised Statutes under the section on Banks and Banking, outlines the procedure for voluntary liquidation of a bank. According to the document, any bank can choose to liquidate by fully paying off all its depositors. The bank must file a certified statement with the department, confirming that all liabilities have been settled and providing the names of its stockholders along with the amount of stock held by each. Additionally, the bank must surrender its charter. The department will then conduct an examination to ensure that all liabilities, except those to stockholders, have been paid. If the examination confirms this, the bank will no longer be subject to the Nebraska Banking Act. The document does not specify any exemptions or penalties related to the voluntary liquidation process.
Whom does it apply to?
Banks
What does it govern?
Voluntary liquidation
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska