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Industrial Savings and Loan Credit Union Rules > INSTRUCTIONS FOR CONVERSION OF A SAVINGS AND LOAN OR BUILDING AND LOAN TO A CAPITAL STOCK SAVINGS ASSOCIATION
Short Summary
The provided legal document content pertains to the conversion of a savings and loan or building and loan to a capital stock savings association. The document is governed by the Nebraska Administrative Code under the Banking and Finance Department’s Industrial Savings and Loan Credit Union Rules. The rule has been promulgated under the authority delegated to the Director of the Department of Banking and Finance. The Department has determined that this rule is in the public interest. The Director may require adherence to additional standards or policies on a case-by-case basis, as deemed necessary in the public interest. The rule references the federal statute, regulation, and form of the Office of the Comptroller of the Currency, which should be adopted on or before the effective date of this rule. The instructions for conversion from a mutual savings and loan or building and loan to a capital stock association are outlined in Form AC provided by the Office of the Comptroller of the Currency. The conversion application should be submitted to the Department in either one electronic copy signed with an approved digital signature or two paper copies, one with a manual signature. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Savings and loan or building and loan institutions
What does it govern?
Conversion of a savings and loan or building and loan to a capital stock savings association
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Nebraska