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Can you summarize NERS 8-2104?
BANKS AND BANKING > Out-of-state bank; powers; interstate merger transaction; notice; powers and duties.
Short Summary
This legal document, governed by the Nebraska Revised Statutes, pertains to the establishment and maintenance of branches by out-of-state banks in Nebraska. It states that an out-of-state bank can establish and maintain a branch or acquire a branch in Nebraska by complying with the applicable requirements of the Nebraska Model Business Corporation Act. Additionally, an out-of-state bank can engage in an interstate merger transaction in Nebraska, resulting in the establishment of one or more branches. The out-of-state bank must notify the department of the proposed interstate merger transaction involving a Nebraska state chartered bank within fifteen days of filing an application with its primary regulator. The document also specifies that an out-of-state bank can only conduct permissible activities at its branches in Nebraska, as defined by Nebraska or U.S. laws. However, an out-of-state bank with trust powers can exercise all trust powers in Nebraska as a Nebraska bank with trust powers, subject to section 8-209 requirements. All branches of an out-of-state bank must comply with applicable Nebraska laws and regulations to the maximum extent authorized by federal law.
Whom does it apply to?
Out-of-state banks, Nebraska state chartered banks, and branches of out-of-state banks in Nebraska
What does it govern?
Establishment and maintenance of branches by out-of-state banks, interstate merger transactions, and conduct of activities at branches
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska