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Can you summarize NERS 8-909?
BANKS AND BANKING > Terms, defined.
Short Summary
The Nebraska Bank Holding Company Act of 1995 governs banks, bank holding companies, and various types of organizations or entities involved in banking activities. The Act defines key terms such as ‘bank,’ ‘company,’ and ‘bank holding company.’ It establishes that a bank holding company is any company that directly or indirectly owns or controls twenty-five percent or more of the voting shares of a bank, controls the election of the majority of directors of a bank, or has twenty-five percent or more of the voting shares of a bank or bank holding company held by trustees for the benefit of its shareholders or members. The Act provides exemptions for individuals, corporations majority-owned by the United States or any state, estates, trusts, guardianships, conservatorships, fiduciaries, and companies acquiring bank shares for underwriting purposes or securing debts. The Act does not specify any penalties for non-compliance. The Act falls under the jurisdiction of the Nebraska Department of Banking and Finance.
Whom does it apply to?
Banks, bank holding companies, corporations, partnerships, limited liability companies, business trusts, associations, or similar organizations or entities
What does it govern?
Nebraska Bank Holding Company Act of 1995
What are exemptions?
Individuals, corporations majority-owned by the United States or any state, estates, trusts, guardianships, conservatorships, fiduciaries, companies acquiring bank shares for underwriting purposes or securing debts
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Nebraska