reglab/statecodes huggingface dataset:
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-224 - Reports; form; publication; trust company; disclosure statement.

8-224.
Reports; form; publication; trust company; disclosure statement.
(1) The reports required by section 8-223 shall be verified by one of the managing officers, and a summary of the annual report, in a form prescribed by the Department of Banking and Finance, shall, within thirty days after the filing of the statement with the department, be published in a newspaper of general circulation in the county where the trust company is chartered.
(2) The publication required by this section shall not apply to any trust company that makes an annual disclosure statement available to any member of the general public upon request in accordance with the following provisions:
(a) The annual disclosure statement shall be in a form prescribed by the department;
(b) In the lobby of its main office, in every branch trust office, and in every representative trust office, the trust company shall at all times display a notice that the annual disclosure statement may be obtained from the trust company;
(c) If the trust company maintains an Internet website, the home page of the website shall at all times contain a notice that the annual disclosure statement may be obtained from the trust company;
(d) The notice described in subdivisions (b) and (c) of this subsection shall include, at a minimum, an address and telephone number to which requests for an annual disclosure statement may be made;
(e) The first requested copy of the annual disclosure statement shall be provided to a requester free of charge; and
(f) A trust company shall make its annual disclosure statement available to the public beginning not later than the following March 31 or, if the trust company mails an annual disclosure statement to its shareholders, beginning not later than five days after the mailing of the disclosure statement, whichever occurs first. A trust company shall make its annual disclosure statement available continuously until (i) the annual disclosure statement for the succeeding year becomes available or (ii) a summary of its annual report is published for the succeeding year in accordance with this section.
(3) The publication required by this section shall not apply to reports of the trust department of a bank if the report of condition of the trust department is included in the reports of the bank required by the Nebraska Banking Act.
Source
Laws 1911, c. 31, § 12, p. 194;
R.S.1913, § 750;
Laws 1919, c. 190, tit. V, art. XVIII, § 18, p. 723;
C.S.1922, § 8080;
C.S.1929, § 8-219;
Laws 1933, c. 18, § 83, p. 178;
C.S.Supp.,1941, § 8-219;
R.S.1943, § 8-224;
Laws 1993, LB 81, § 39;
Laws 1997, LB 137, § 9;
Laws 2008, LB851, § 9.
Cross References
Nebraska Banking Act, see section 8-101.02.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-224.01 - Prohibited acts; violation; penalties; applicability.

8-224.01.
Prohibited acts; violation; penalties; applicability.
(1) No charge shall be allowed against an estate or trust for legal services performed by an attorney who is a salaried employee of the trust company or when a portion of the charge for legal service is retained by the trust company. Any officer or employee of the trust company causing or consenting to such division of fee for legal service shall be guilty of a Class I misdemeanor. No investments of an estate or trust shall be made in the capital stock or securities of the trust company, in the stock or securities of its affiliated companies, or in obligations, either direct or indirect, of any director, officer, or employee of the trust company. The trust company shall not substitute any of the assets of an estate or trust under its control for securities of the trust company. A trust company may administer, in a fiduciary capacity, an estate or trust which contains such capital stock, securities, or obligations as part of its assets if such assets are received in kind from the grantor of the estate or trust and retention of such capital stock, securities, or obligations is properly authorized by the terms of the governing document. Any officer or employee of the trust company making such an investment or consenting to such an investment or causing such substitution or consenting to such substitution shall be guilty of a Class III felony.
(2) No loan of the assets of the trust company shall be made to any officer or director of such corporation. No trust company shall cause or allow funds of any account entrusted to the trust company to be loaned, directly or indirectly, to any director, officer, or employee of the trust company except when the director, officer, or employee has a specific beneficial interest in the account and such loans are allowed in governing account documents and are not prohibited by other state or federal law. Any director, officer, or employee of the trust company causing, consenting to, or receiving funds from a loan made in violation of this section shall be guilty of a Class III felony.
(3) This section shall not apply to:
(a) Investments authorized in section 30-3205; or
(b) Investments for which the will or trust states that the stock of the trust company or securities of a company or companies affiliated with the trust company may be acquired for the estate or trust.
Source
Laws 1993, LB 81, § 40;
Laws 1993, LB 423, § 3;
Laws 2020, LB909, § 9.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-225 - False statement or book entry; destruction or secretion of records; penalty.

8-225.
False statement or book entry; destruction or secretion of records; penalty.
Any person who swears to any of the statements required by the Nebraska Trust Company Act, knowing them to be false, who subscribes to, makes, or causes to be made any false statement or false entry in the books of any trust company transacting a business under the act, who subscribes to or exhibits false papers or fails to make true and correct entry in the books and records of the trust company of its business and transactions in the manner and form prescribed by the Department of Banking and Finance, who mutilates, alters, destroys, secretes, or removes any of the books or records of the trust company without the written consent of the Director of Banking and Finance, or who makes, states, or publishes any false statement of the amount of the assets or liabilities of the trust company shall be guilty of a Class IV felony.
Source
Laws 1911, c. 31, § 13, p. 195;
R.S.1913, § 751;
Laws 1919, c. 190, tit. V, art. XVIII, § 19, p. 723;
C.S.1922, § 8081;
C.S.1929, § 8-220;
Laws 1933, c. 18, § 84, p. 179;
C.S.Supp.,1941, § 8-220;
R.S.1943, § 8-225;
Laws 1977, LB 40, § 54;
Laws 1993, LB 81, § 41;
Laws 1998, LB 1321, § 49.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-226 - Trust terms; use restricted; penalty.

8-226.
Trust terms; use restricted; penalty.
(1) No individual, firm, corporation, or association doing business directly or indirectly in the State of Nebraska shall use the words trust, trust company, trust association, or trust fund as any part of its title except:
(a) A trust company as defined in section 8-230;
(b) A trust company chartered and supervised under the laws of the United States or any other state;
(c) A bank or savings association chartered and supervised under the laws of the United States or any other state, if such bank or savings association has been further chartered to conduct a trust company business;
(d) A limited partnership to the extent authorized by subdivision (5) of section 67-234;
(e) An entity required by any other law to use such words; or
(f) Except as provided in subsection (2) of this section.
(2) Notwithstanding the provisions of subsection (1) of this section:
(a) An organization described in section 501(c)(3) of the Internal Revenue Code and exempt from taxation under section 501(a) of the code may use the words trust or trust fund;
(b) A trust created by a testamentary or fiduciary document may use the word trust; and
(c) An account in a financial institution established by or on behalf of trusts referenced in subdivision (b) of this subsection may use the words trust or trust fund.
(3) A violation of this section is a Class V misdemeanor.
Source
Laws 1911, c. 31, § 13, p. 195;
R.S.1913, § 752;
Laws 1919, c. 190, tit. V, art. XVIII, § 20, p. 723;
C.S.1922, § 8082;
C.S.1929, § 8-221;
R.S.1943, § 8-226;
Laws 1977, LB 40, § 55;
Laws 1993, LB 81, § 42;
Laws 1996, LB 1268, § 1;
Laws 1997, LB 44, § 1.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-227 - State trust company; merger or consolidation with national banking association; procedure.

8-227.
State trust company; merger or consolidation with national banking association; procedure.
Any state trust company, with the approval of the Department of Banking and Finance, may, upon a vote of the holders of at least two-thirds of its capital stock, merge or consolidate with a national banking association, as provided by federal law, by causing a certificate to be filed with the Department of Banking and Finance setting forth the resolution of the stockholders of the state trust company and that the resolution has been duly adopted by the holders of at least two-thirds of the capital stock of the trust company.
Source
Laws 1959, c. 20, § 1, p. 145;
Laws 1993, LB 81, § 43.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-228 - State trust company; merger or consolidation with a national bank; effect.

8-228.
State trust company; merger or consolidation with a national bank; effect.
When a state trust company has merged or consolidated with a national bank, the resulting national bank and trust company shall be considered the same business and corporate entity as the former national bank and the former trust company and as a continuation thereof and the ownership and title to all properties, assets, obligations, and liabilities of the merging or consolidating trust company shall automatically pass to and become the properties, assets, obligations, and liabilities of the resulting national bank and trust company and shall be deemed to be transferred to and vested in the resulting national bank and trust company without any deed or other transfer. The resulting national bank and trust company, by virtue of such consolidation or merger and without any order or other action on the part of any court or otherwise, shall hold and enjoy the same and all rights of property, franchises, and interests, including appointments, designations, and nominations and all other rights and interests as trustee, personal representative, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and in every other fiduciary capacity, in the same manner and to the same extent as such rights, franchises, and interests were held or enjoyed by any such merging or consolidating trust company at the time of such merger or consolidation. Upon the merger or consolidation, the state charter of the merging or consolidating state trust company shall automatically terminate and the charter shall be returned to the Department of Banking and Finance. Securities pledged to the department in accordance with section 8-209 shall be transferred to the name of the resulting national bank and trust company.
Source
Laws 1959, c. 20, § 2, p. 146;
Laws 1986, LB 909, § 6;
Laws 1993, LB 81, § 44.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-229 - State trust company; merger or consolidation with a national bank; redemption of stock; when; value, how determined.

8-229.
State trust company; merger or consolidation with a national bank; redemption of stock; when; value, how determined.
When the merger or consolidation becomes effective, the owner of shares of a state trust company which were voted against a merger or consolidation with a national bank shall be entitled to receive the value of the stock in cash from the assets of the state trust company when the merger or consolidation becomes effective, upon written demand made to the resulting national bank and trust company at any time within thirty days after the effective date of the merger or consolidation, accompanied by the surrender of the stock certificates. The value of the shares shall be determined as of the date of the shareholders' meeting approving the merger or consolidation, by three appraisers, one to be selected by the owners of two-thirds of the shares voting against the merger or consolidation, one by the board of directors of the resulting national bank and trust company, and the third by the two so chosen. If the appraisal is not completed within sixty days after the merger or consolidation becomes effective, the Department of Banking and Finance may cause an appraisal to be made and the resulting appraisal shall then govern. The expenses of the appraisal caused to be made by the department shall be paid by the resulting national bank and trust company.
Source
Laws 1959, c. 20, § 3, p. 146;
Laws 1993, LB 81, § 45.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-229.01 - State trust company; merger or consolidation with state bank; procedure.

8-229.01.
State trust company; merger or consolidation with state bank; procedure.
Any state trust company, with the approval of the Department of Banking and Finance, may, upon a vote of the holders of at least two-thirds of its capital stock, merge or consolidate with any state bank which has obtained powers to conduct a trust business pursuant to the Nebraska Trust Company Act. The merging trust company must file with the department a certificate of the stockholders of the trust company that the resolution to merge or consolidate has been duly adopted by the holders of at least two-thirds of the capital stock of the trust company.
Source
Laws 1993, LB 81, § 46;
Laws 1998, LB 1321, § 50.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-229.02 - State trust company; merger or consolidation with a state bank; effect.

8-229.02.
State trust company; merger or consolidation with a state bank; effect.
When a state trust company has merged or consolidated with a state bank, the resulting state bank and trust company shall be considered the same business and corporate entity as the former state bank and the former trust company and as a continuation thereof. The ownership and title to all properties, assets, obligations, and liabilities of the merging or consolidating trust company shall automatically pass to and become the properties, assets, obligations, and liabilities of the resulting state bank and trust company and shall be deemed to be transferred to and vested in the resulting state bank and trust company without any deed or other transfer. The resulting state bank and trust company, by virtue of such consolidation or merger and without any order or other action on the part of any court or otherwise, shall hold and enjoy the same and all right of property, franchises, and interests, including appointments, designations, and nominations and all other rights and interests as trustee, personal representative, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, and in every other fiduciary capacity, in the same manner and to the same extent as such rights, franchises, and interests were held or enjoyed by any such merging or consolidating trust company at the time of such merger or consolidation. Upon the merger or consolidation, the state charter of the merging or consolidating state trust company shall automatically be transferred to the resulting state bank and trust company.
Source
Laws 1993, LB 81, § 47.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-229.03 - State trust company; merger or consolidation with a state bank; redemption of stock; when; value, how determined.

8-229.03.
State trust company; merger or consolidation with a state bank; redemption of stock; when; value, how determined.
When the merger or consolidation becomes effective, the owner of shares of a trust company which were voted against a merger or consolidation with a state bank shall be entitled to receive the value of the stock in cash from the assets of the state trust company upon written demand made to the resulting state bank and trust company at any time within thirty days after the effective date of the merger or consolidation accompanied by the surrender of the stock certificates. The value of the shares shall be determined as of the date of the shareholders' meeting approving the merger or consolidation. An appraisal shall be conducted by three appraisers, one to be selected by the owners of two-thirds of the shares voting against the merger or consolidation, one by the board of directors of the resulting state bank and trust company, and the third by the two so chosen. If the appraisal is not completed within sixty days after the merger or consolidation becomes effective, the Department of Banking and Finance may cause an appraisal to be made and the resulting appraisal shall then govern. The expenses of the appraisal caused to be made by the department shall be paid by the resulting state bank and trust company.
Source
Laws 1993, LB 81, § 48.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-230 - Terms, defined.

8-230.
Terms, defined.
For purposes of the Nebraska Trust Company Act, unless the context otherwise requires:
(1) Agency capacity means a capacity resulting from an undertaking to act alone or jointly with others primarily as agent for another in all matters connected with its undertaking, including the capacities of registrar, paying agent, or transfer agent with respect to stocks, bonds, or other evidences of indebtedness of any corporation, association, municipality, state, or public authority, escrow agent, or agent for the investment of money or any other similar capacity;
(2) Branch trust office means an office of a trust company, other than the main or principal office of a trust company, at which a trust company may act in any fiduciary capacity or conduct any activity permitted under the Nebraska Trust Company Act;
(3) Fiduciary capacity means a capacity resulting from an undertaking to act alone or jointly with others primarily for the benefit of another in all matters connected with the undertaking and includes the capacities of trustee, including trustee of a common trust fund, administrator, personal representative, guardian of an estate, conservator, receiver, attorney in fact, and custodian and any other similar capacity;
(4) Representative trust office means an office at which a trust company does not act in any fiduciary capacity or conduct or engage in any activity related to its fiduciary capacities but may otherwise engage in any other activity permitted under the Nebraska Trust Company Act; and
(5) Trust company means any trust company which is incorporated under the laws of this state, any national banking association having its principal office in this state and authorized to conduct a trust company business as defined in the Nebraska Trust Company Act, any bank authorized to conduct a trust company business in a trust department pursuant to sections 8-159 to 8-162, any federal savings association authorized to conduct a trust company business, and any federally chartered trust company.
Source
Laws 1977, LB 338, § 1;
Laws 1986, LB 909, § 7;
Laws 1993, LB 81, § 49;
Laws 1998, LB 1321, § 51;
Laws 2012, LB963, § 10.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-231 - Trust company; substituted in fiduciary capacity for affiliated bank; application; court order; filing.

8-231.
Trust company; substituted in fiduciary capacity for affiliated bank; application; court order; filing.
(1) Any trust company which has been duly authorized to commence the business for which it is organized and which has made the pledge of securities required by sections 8-209 and 8-210 may file an application in the county court of the county in which an affiliated bank is located requesting that it be substituted, except as may be expressly excluded in such application, in every fiduciary capacity for such affiliated bank specified in the application, and such specified affiliated bank shall join in such application. Such application may be made by the trust company seeking substitution and need not list the fiduciary capacities in which substitution is proposed to be made. For purposes of this section, affiliated bank with respect to a trust company shall mean any bank incorporated under the laws of this state and any national banking association having its principal office in this state, more than fifty percent of the voting stock of which is owned directly or indirectly by the same bank holding company as defined in the United States Bank Holding Company Act, as amended, that owns directly or indirectly more than fifty percent of the voting stock of such trust company. The county court may require such notice as it deems necessary.
(2) When the county court finds that such trust company has been duly authorized to commence the business for which it is organized and that it has made a pledge of securities in accordance with sections 8-209 and 8-210, the county court may enter an order substituting such trust company in every fiduciary capacity for the specified affiliated bank except as may be otherwise specified in the application.
(3) Upon entry of such order, such trust company shall, without further act, be substituted in every such fiduciary capacity, and such application may be evidenced by filing a copy of the order with the clerk of any county court in this state.
Source
Laws 1977, LB 338, § 2;
Laws 1993, LB 81, § 50.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-232 - Designation of bank as fiduciary in a will or other instrument; effect.

8-232.
Designation of bank as fiduciary in a will or other instrument; effect.
Each designation in a will or other instrument executed either before, on, or after September 9, 1993, in which a bank is designated as fiduciary shall be deemed a designation of the trust company substituted for the bank pursuant to sections 8-230 to 8-233 except when the will or other instrument is executed after such substitution. Any grant in a will or other instrument of any discretionary power shall be deemed conferred upon the trust company deemed designated as the fiduciary pursuant to this section.
Source
Laws 1977, LB 338, § 3;
Laws 1993, LB 81, § 51.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-233 - Trust company; substituted as fiduciary; accounting; transfer of assets.

8-233.
Trust company; substituted as fiduciary; accounting; transfer of assets.
A bank shall account jointly with the trust company which has been substituted as fiduciary for the bank pursuant to sections 8-230 to 8-233 for the accounting period during which the trust company is initially so substituted. Upon substitution pursuant to sections 8-230 to 8-233, the bank shall deliver to the trust company all assets held by the bank as fiduciary, except assets held for accounts with respect to which there has been no substitution pursuant to sections 8-230 to 8-233, and upon substitution all the assets shall become the property of the trust company without the necessity of any instrument of transfer or conveyance.
Source
Laws 1977, LB 338, § 4;
Laws 1993, LB 81, § 52.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-235 - Representative trust offices authorized; procedure.

8-235.
Representative trust offices authorized; procedure.
(1) With the approval of the Director of Banking and Finance, a corporation organized to do business as a trust company under the Nebraska Trust Company Act may establish and maintain representative trust offices within this state and in any other state pursuant to section 8-2304.
(2) A corporation organized to do business as a trust company under the Nebraska Trust Company Act, in order to establish a representative trust office in Nebraska pursuant to subsection (1) of this section, shall apply to the Director of Banking and Finance on a form prescribed by the director. Within sixty days after receipt of a substantially complete application, the director shall notify the trust company of his or her decision on the application. If the director does not act on the application, the application shall be deemed approved on the sixty-first day after receipt of a substantially complete application.
(3) The director shall approve the application for a representative trust office if he or she finds that:
(a) The establishment of the representative trust office would not adversely affect the financial condition of the trust company;
(b) The activities at the representative trust office will be limited to nonfiduciary trust activities; and
(c) Establishment of the representative trust office would be in the public interest.
(4) A state-chartered bank authorized to conduct a trust business pursuant to sections 8-159 to 8-162 may establish and maintain representative trust offices within this state and in any other state pursuant to section 8-2304. The procedure for the establishment of any representative trust offices under this subsection shall be the same as provided in subsections (2) and (3) of this section. The activities at the representative trust office shall be limited to the activities permitted by the Nebraska Trust Company Act, except that no fiduciary activities may be conducted at the representative trust offices. The general business of banking shall not be conducted at the representative trust offices.
(5) A representative trust office shall not be closed unless the trust company or state-chartered bank provides sixty days' prior written notice to the director.
Source
Laws 1998, LB 1321, § 53.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-301 - Supervision and control; powers of Department of Banking and Finance.

8-301.
Supervision and control; powers of Department of Banking and Finance.
The Department of Banking and Finance shall have power to issue permits to and shall have general supervision and control of all building and loan associations as defined in sections 8-301 to 8-340.01.
Source
Laws 1919, c. 190, tit. V, art. XIX, § 1, p. 723;
C.S.1922, § 8083;
C.S.1929, § 8-301;
R.S.1943, § 8-301;
Laws 2000, LB 932, § 7.
Annotations
Supervision and control extends to branches. First Fed. Sav. & Loan Assn. v. Department of Banking, 187 Neb. 562, 192 N.W.2d 736 (1971).
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-302 - Power to require and receive payments from members; limitations.

8-302.
Power to require and receive payments from members; limitations.
Any association of not less than five persons, which shall be organized within this state for the purpose of raising money to be loaned among its members, shall be authorized and empowered to levy, assess and collect from its members such sums of money by rates of stated dues, fines, interest and premiums on loans, as the corporation may provide in its articles of incorporation or bylaws, and to exercise such other powers as are hereinafter conferred. Every such corporation may, however, receive payments from its members in any amount, which together with the balance, if any, formerly to the credit of the member thus paying, upon the books of the corporation, shall not exceed the par value of the shares of stock held by him.
Source
Laws 1899, c. 17, § 1, p. 84;
R.S.1913, § 485;
Laws 1919, c. 190, tit. V, art. XIX, § 2, p. 724;
C.S.1922, § 8084;
C.S.1929, § 8-302;
Laws 1937, c. 19, § 1, p. 125;
C.S.Supp.,1941, § 8-302;
R.S.1943, § 8-302;
Laws 1978, LB 717, § 1.
Annotations
Failure of foreign association to renew its authority to transact business in this state does not invalidate prior contracts. Eastern B. & L. Assn. v. Tonkinson, 76 Neb. 470, 107 N.W. 762 (1906).
A building and loan association may deduct from a loan made to one of its members the premium bid for the right of precedence in taking a loan, provided such loan was made under a system of open competitive bidding. South Omaha L. & B. Assn. v. Wirrick, 63 Neb. 598, 88 N.W. 694 (1902).
Section held constitutional. Nebraska L. & B. Assn. v. Perkins, 61 Neb. 254, 85 N.W. 67 (1901); Livingston L. & B. Assn. v. Drummond, 49 Neb. 200, 68 N.W. 375 (1896).
Stockholder cannot rescind, recover money paid for stock, and repudiate obligations assumed on account of mismanagement of officers. American B. & L. Assn. v. Bear, 48 Neb. 455, 67 N.W. 500 (1896).
Act cannot affect contracts made before its passage. American B. & L. Assn. v. Rainbolt, 48 Neb. 434, 67 N.W. 493 (1896).
Subscribers seeking rescission of contract must return stock as condition to right to rescind. Building & L. Assn. of Dakota v. Cameron, 48 Neb. 124, 66 N.W. 1109 (1896).
Corporations, not building and loan associations, though similar in character, may incorporate under general law. York Park Bldg. Assn. v. Barnes, 39 Neb. 834, 58 N.W. 440 (1894).
Company will be bound by that construction of the contract which it understood and knew the other party placed upon it, by which the other party was induced to enter into contract. People's B. L. & S. Assn. v. Klauber, 1 Neb. Unof. 676, 95 N.W. 1072 (1901).
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-303 - Stock; ownership; limit; investment shares; loans.

8-303.
Stock; ownership; limit; investment shares; loans.
(1) No person shall hold in his own right, or jointly with others, a total of withdrawal value of investment stock of more than sixty thousand dollars or an amount representing two percent of the total assets of the association, whichever is greater, except that investment shares which, when issued by an association, are within the limits prescribed in this subsection, may continue to be lawfully held irrespective of any shrinkage in the assets of the association.
(2) In any association, borrowing members may hold stock to the amount of sixty thousand dollars or an amount equal to five percent of the assets of the association, whichever amount is greater, except that (a) no borrowing member may hold stock in excess of one hundred thousand dollars unless that association has a reserve fund of at least five percent of the total assets of the association; and (b) if stock held by borrowing members which, when issued by an association, is within the limits prescribed in this subsection, it shall continue to be lawfully held irrespective of any shrinkage in the assets of the association.
(3) Notwithstanding the provision of this section, an association may issue any investment shares and make any loan to borrowing members which is or may be permitted to a federal association doing business in this state.
Source
Laws 1899, c. 17, § 1, p. 84;
R.S.1913, § 485;
Laws 1919, c. 190, tit. V, art. XIX, § 2, p. 724;
C.S.1922, § 8084;
C.S.1929, § 8-302;
Laws 1937, c. 19, § 1, p. 125;
C.S.Supp.,1941, § 8-302;
R.S.1943, § 8-303;
Laws 1945, c. 9, § 1, p. 106;
Laws 1953, c. 8, § 1, p. 72;
Laws 1955, c. 10, § 1, p. 76;
Laws 1959, c. 21, § 1, p. 147;
Laws 1969, c. 37, § 1, p. 244.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-304 - Stockholders; voting; limitations.

8-304.
Stockholders; voting; limitations.
Subject to the limitations set forth in section 8-303, each investing member shall be permitted to cast one vote for each hundred dollars of withdrawal value of his stock. Each borrowing member shall be permitted as a borrower to cast one vote, or to cast one vote for each one hundred dollars of the credit value of his stock. Fifteen or more members present at a regular or special meeting of members constitute a quorum. Voting may be by proxy if the instrument authorizing the proxy to vote shall have been executed by a member.
Source
Laws 1899, c. 17, § 1, p. 84;
R.S.1913, § 485;
Laws 1919, c. 190, tit. V, art. XIX, § 2, p. 724;
C.S.1922, § 8084;
C.S.1929, § 8-302;
Laws 1937, c. 19, § 1, p. 125;
C.S.Supp.,1941, § 8-302;
R.S.1943, § 8-304;
Laws 1945, c. 9, § 2, p. 107;
Laws 1953, c. 9, § 1, p. 74.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-305 - Corporate name; requirements; penalty.

8-305.
Corporate name; requirements; penalty.
The words loan and building association, building association, building and loan association, savings and loan association, or loan and savings association, shall form part of the corporate name of every such corporation. No individual, firm, company, corporation, or association operating in the State of Nebraska, unless (1) organized under authority of the federal government, (2) organized as a building and loan association under the authority of any foreign state and complying with the provisions of the Nebraska statutes, (3) organized and incorporated under and in accordance with the provisions of sections 8-301 to 8-384, or (4) having been in existence and doing business in Nebraska under its present name for a period of ten years prior to January 1, 1949, shall, after August 27, 1949, use in its name the words loan and building association, building and loan association, savings and loan association, loan and savings association, loan and building, building and loan, savings and loan, loan and savings, building and savings, or savings and building, in combination with any other word or words. Any person, firm, company, corporation, or association violating this section shall be guilty of a Class V misdemeanor for each offense. Each day such person, firm, or corporation shall use any such prohibited words shall be deemed a separate and distinct offense in violation of this section.
Source
Laws 1899, c. 17, § 1, p. 84;
R.S.1913, § 485;
Laws 1919, c. 190, tit. V, art. XIX, § 2, p. 724;
C.S.1922, § 8084;
C.S.1929, § 8-302;
Laws 1937, c. 19, § 1, p. 126;
C.S.Supp.,1941, § 8-302;
R.S.1943, § 8-305;
Laws 1949, c. 9, § 1, p. 69;
Laws 1977, LB 40, § 56;
Laws 2000, LB 932, § 8;
Laws 2005, LB 533, § 15.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-306 - Capital stock; amount; articles of incorporation; filing fees.

8-306.
Capital stock; amount; articles of incorporation; filing fees.
The capital stock of an association is not limited and shall consist of the aggregate of payments made by its members and dividends credited thereon, less withdrawals, and shall be represented by shares. It shall not be necessary for any association organized in and operating under the laws of the State of Nebraska to state in its articles of incorporation, or an amendment or amendments thereto, any amount of authorized capital stock. Upon the filing of articles of incorporation, or an amendment or amendments thereto, an association shall pay a filing fee of twenty-five dollars to the Secretary of State.
Source
Laws 1919, c. 190, tit. V, art. XIX, § 2, p. 724;
C.S.1922, § 8084;
C.S.1929, § 8-302;
Laws 1937, c. 19, § 1, p. 126;
C.S.Supp., 1941, § 8-302;
R.S.1943, § 8-306;
Laws 1953, c. 10, § 1, p. 75.
Annotations
Under prior law, law required building and loan association to file articles with Secretary of State and pay filing fee in advance based upon authorized capital stock. State ex rel. Equitable Bldg. L. & S. Assn. v. Amsberry, 104 Neb. 843, 178 N.W. 828 (1920).
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-307.01 - Pensions and retirement plans; adoption.

8-307.01.
Pensions and retirement plans; adoption.
A building and loan association may provide for pensions, retirement plans, and other benefits for its officers and employees, and may contribute to the cost thereof in accordance with the plan adopted by a two-thirds vote of the board of directors, and approved by a vote of a majority of all the stockholders represented at an annual meeting of such association upon written notice mailed ten days prior to the annual meeting to the last-known address of each stockholder as shown by the books of the association that a pension or retirement plan, or other plan for benefits for its officers and employees will be presented at such meeting, and approved by the Department of Banking and Finance.
Source
Laws 1953, c. 14, § 1, p. 80.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-308 - Stock; credit value; right of shareholder to withdraw; conditions; withdrawal notice; exception for liquidation.

8-308.
Stock; credit value; right of shareholder to withdraw; conditions; withdrawal notice; exception for liquidation.
Any shareholder of an association shall be permitted to withdraw any or all of the credit value of his or her stock as shown by the books of the association, provided such stock is not pledged as security for a loan, by giving written notice of such intention to the secretary or managing officer of the association, and, at the expiration of thirty days following such notice, the member so withdrawing, or, if deceased, his legal representative, shall be entitled to receive the credit value of the stock at the time such notice was given, together with such proportion of the net profits accruing since the last dividend date, if the bylaws so provide and determine, less the admission fee, if any, or other just and lawful charges;
Provided,
the right to so withdraw shall not apply to shareholders of an association in process of liquidation.
Source
Laws 1899, c. 17, § 3, p. 85;
R.S.1913, § 488;
Laws 1919, c. 190, tit. V, art. XIX, § 4, p. 724;
C.S.1922, § 8086;
C.S.1929, § 8-304;
Laws 1941, c. 12, § 1, p. 84;
C.S.Supp.,1941, § 8-304;
R.S.1943, § 8-308.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-309 - Stock; withdrawal; limit; funds applicable.

8-309.
Stock; withdrawal; limit; funds applicable.
At no time shall more than one-half of the unloaned funds in the treasury of the association and one-half of the accumulations thereto be applicable to the demands of the withdrawing shareholders without the consent by resolution of the board of directors. If there is delay in meeting payment to withdrawing members due to insufficient funds applicable to such purpose, such members shall be paid, and their stock thus repurchased retired, in the order of the filing of their withdrawal notices as funds applicable therefor are available.
Source
Laws 1899, c. 17, § 3, p. 86;
R.S.1913, § 488;
Laws 1919, c. 190, tit. V, art. XIX, § 4, p. 725;
C.S.1922, § 8086;
C.S.1929, § 8-304;
Laws 1941, c. 12, § 1, p. 84;
C.S.Supp.,1941, § 8-304;
R.S.1943, § 8-309.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-310 - Stock; withdrawal; insufficient funds to meet notices; limit of loans; requirements.

8-310.
Stock; withdrawal; insufficient funds to meet notices; limit of loans; requirements.
So long as any association is delayed in meeting payment to withdrawing members due to insufficient funds applicable to such purpose, any loan made to a member shall be from funds not applicable for payment to withdrawing members, and shall not exceed one-half of the credit value of the member's stock unless secured also by the pledge of real estate. If the only security for such a loan be a pledge of the member's stock, the association shall take from the borrower a note for the payment thereof with interest, payable on demand, and a notice for withdrawal of sufficient of the stock to pay such note and interest unless such notice is already on file, and the association shall not demand payment of such note until it has funds available for the payment of the withdrawal notice in the sequence of its filing.
Source
Laws 1941, c. 12, § 1, p. 84;
C.S.Supp.,1941, § 8-304;
R.S.1943, § 8-310.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-311 - Stock; withdrawals by borrowing members; funds applicable.

8-311.
Stock; withdrawals by borrowing members; funds applicable.
Withdrawals by a borrowing member from credits on stock pledged as security in connection with a real estate loan made by the association shall be permitted only at the discretion of the association, and if the association is delayed in meeting payments to withdrawing members due to insufficient funds applicable to such purpose, withdrawals permitted to such a borrowing member shall be paid only out of the funds of the association available for the making of real estate loans.
Source
Laws 1941, c. 12, § 1, p. 84;
C.S.Supp.,1941, § 8-304;
R.S.1943, § 8-311.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-312 - Stock; enforcement of withdrawals by directors.

8-312.
Stock; enforcement of withdrawals by directors.
If the association has funds applicable for withdrawals and more than needed to retire the shares of members who have given written notice of an intention to withdraw, the directors may, if in their discretion it shall be for the best interests of the association, retire any unpledged shares by enforcing withdrawals of the same, subject to the approval and consent of the Department of Banking and Finance, and the owner or owners shall be paid the full credit value of such shares, which shall be the total of payments and dividends credited thereon less prior withdrawals, if any.
Source
Laws 1899, c. 17, § 3, p. 86;
R.S.1913, § 488;
Laws 1919, c. 190, tit. V, art. XIX, § 4, p. 725;
C.S.1922, § 8086;
C.S.1929, § 8-304;
Laws 1941, c. 12, § 1, p. 85;
C.S.Supp.,1941, § 8-304;
R.S.1943, § 8-312.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-313 - Stock; enforced withdrawal; time; notice of intention.

8-313.
Stock; enforced withdrawal; time; notice of intention.
Such retirements, if made, shall be made immediately after a period fixed by the bylaws of the association for the declaration and payment of dividends of earnings, and the association shall, at least sixty days before so retiring any shares, send written notice to each person shown by the books of the association to be an owner of such shares, mailed to such person's last-known address, which notice shall inform such persons of the intent of the association to make the retirement on a designated date.
Source
Laws 1941, c. 12, § 1, p. 85;
C.S.Supp.,1941, § 8-304;
R.S.1943, § 8-313.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-314 - Stock; enforced withdrawal; notice of intention; contents.

8-314.
Stock; enforced withdrawal; notice of intention; contents.
The association shall without delay, upon so retiring shares by order of its board of directors, send a written notice to each person shown by the books of the association to be an owner of shares thus retired, mailed to such person's last-known address, which notice shall contain information of the retirement of the shares and of the number of the certificate representing said shares, and of the amount to be paid to such owner upon delivery to the association of said certificate.
Source
Laws 1941, c. 12, § 1, p. 85;
C.S.Supp.,1941, § 8-304;
R.S.1943, § 8-314.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-315 - Loans; prepayment; required provisions; procedure.

8-315.
Loans; prepayment; required provisions; procedure.
The bylaws shall also contain equitable provisions permitting the payment of loans before maturity, as follows: The borrower shall be charged with the full amount of his loan, together with all arrearages due thereon or on the shares pledged, or appertaining to the security given, and shall thereupon be allowed, as a credit, the withdrawal value of the shares pledged as security together with an equitable share of the premium, if any, paid in advance, and such other credits as may be returnable on account thereof, and the balance shall be received by the association in full settlement and discharge of such loan. The credits on shares pledged in connection with a loan secured by mortgage on real estate, may at any time, and in whole or in part, be appropriated by any association and applied in reduction of such loan. The withdrawal value of shares pledged as a part of a loan transaction, where such loan is secured by mortgage on real estate, shall be the total amount of the payments on such shares as shown by the books of the association, together with such proportionate share of the earnings as the borrower may be entitled to under the bylaws of the association, less the amounts of previous appropriations and applications on the loan and withdrawals, if any. The association shall not directly or indirectly charge any membership, admission, withdrawal, or any other fee or sum of money for the privilege of becoming, remaining, or ceasing to be a member of the association, except charges upon the making or modification of a loan authorized by section 8-330. Except as authorized by this section and section 8-316, the association shall not charge any member any sum of money by way of fine or penalty for any cause. Payments on real estate loans shall be applied first to the payment of interest on the unpaid balance of the loan and the remainder on the reduction of principal. Any delinquent real estate taxes, both regular and special, which become a prior lien to the association's mortgage, may be paid by the association and added to the unpaid balance of the loan.
Source
Laws 1899, c. 17, § 4, p. 86;
R.S.1913, § 489;
Laws 1919, c. 190, tit. V, art. XIX, § 5, p. 725;
C.S.1922, § 8087;
C.S.1929, § 8-305;
Laws 1935, c. 14, § 1, p. 83;
C.S.Supp.,1941, § 8-305;
R.S.1943, § 8-315;
Laws 1967, c. 24, § 1, p. 129;
Laws 1978, LB 717, § 2.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-316 - Loans; delinquency; required provisions; association's rights; computation of balance due.

8-316.
Loans; delinquency; required provisions; association's rights; computation of balance due.
The bylaws shall further provide that if any member has become delinquent in his payment on any shares pledged for the security of any loan from the association, which delinquency shall include delinquent real estate taxes both regular or special irrespective of whether paid by the association and charged to principal or unpaid and a prior lien on the property, and such delinquency represents more than two monthly payments, such shares may be canceled, and he shall, as to such shares, cease to be a member of the association, and the withdrawal value, if any, of such shares at the date of cancellation, shall be credited on his loan. If, after the aforesaid credits, or other credits, a balance remains due the association on account of said loan, it may recover the balance either by the foreclosure and sale of the security given or by an action at law upon the evidence of indebtedness. The withdrawal value of shares pledged as a part of a loan transaction, where such loan is secured by mortgage on real estate, shall be the total amount of the payments on such shares as shown by the books of the association, together with such proportionate share of earnings as the borrower may be entitled to under the bylaws of the association, less the amounts of previous appropriations and applications on the loan and withdrawals, if any.
Source
Laws 1899, c. 17, § 5, p. 87;
R.S.1913, § 490;
Laws 1919, c. 190, tit. V, art. XIX, § 6, p. 726;
C.S.1922, § 8088;
C.S.1929, § 8-306;
Laws 1935, c. 14, § 2, p. 83;
C.S.Supp.,1941, § 8-306;
R.S.1943, § 8-316;
Laws 1967, c. 24, § 2, p. 130;
Laws 1978, LB 717, § 3.
Annotations
Receiver of insolvent association can recover from member amount loaned, with interest at legal rate, less amount paid on interest and premium, with interest from date of the several payments. Anselme v. American S. & L. Assn., 63 Neb. 525, 88 N.W. 665 (1902).
Mortgage stipulating that borrower should receive credits for withdrawal value of shares in case of foreclosure, gives right to have same fixed and credited according to contract. Equitable B. & L. Assn. v. Bidwell, 60 Neb. 169, 82 N.W. 384 (1900).