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Can you summarize 46 NEAC Chapter 02?
Industrial Savings and Loan Credit Union Rules > MINIMUM CAPITAL REQUIREMENTS NEEDED TO FORM A NEWLY ORGANIZED CAPITAL STOCK SAVINGS ASSOCIATION
Short Summary
The provided legal document content pertains to the minimum capital requirements needed to form a newly organized capital stock savings association. The document is governed by the Nebraska Administrative Code, specifically the Industrial Savings and Loan Credit Union Rules. It has been promulgated pursuant to authority delegated to the Director in Neb. Rev. Stat. 8-378. The Department has determined that this Rule is in the public interest. The Director may, on a case-by-case basis, require adherence to additional standards or policies in the public interest. According to the Rule, a charter for a capital stock savings association will not be issued unless the corporation applying has paid-up capital stock and surplus in an amount not less than the amount necessary for compliance with Neb. Rev. Stat. 8-702 for the insurance of deposits. The Director of the Department has the authority to determine the minimum amount of paid-up capital stock and surplus required for any corporation applying for a capital stock savings association charter, which amount shall not be less than the amount provided in the Rule. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Corporations applying for a capital stock savings association charter
What does it govern?
Minimum capital requirements needed to form a newly organized capital stock savings association
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Nebraska