Ask Reggi Your Question Now
Can you summarize NERS 8-193?
BANKS AND BANKING > Banks; redelivery of possession; bond; departmental supervision; repossession by department.
Short Summary
This legal document, sourced from the Nebraska Revised Statutes, pertains to the redelivery of possession of assets of insolvent banks to their officers, directors, stockholders, or owners. It states that if the aforementioned individuals provide a sufficient bond to the department, conditioned upon the full settlement of the bank’s liabilities within a specified time, and the bond is approved by the director, the department shall turn over all the assets to them. The department retains the right to require reports and examine the bank’s affairs. However, if the department finds that the officers, directors, stockholders, or owners are not closing up the bank’s affairs satisfactorily within a reasonable time, the department can take immediate possession of the bank for liquidation under the Nebraska Banking Act.
Whom does it apply to?
Officers, directors, stockholders, or owners of insolvent banks, department
What does it govern?
Redelivery of possession, bond, departmental supervision, repossession by department
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska