State Codes and Statutes

State Codes and Statutes

Statutes > Nebraska > Chapter8 > 8-183_04

8-183.04. State or federal savings association;mutual savings association; retention of mutual form authorized.(1) Notwithstandingany other provision of the Nebraska Banking Act or any other Nebraska law,a state or federal savings association which was formed and in operation asa mutual savings association as of July 15, 1998, may elect to retain itsmutual form of corporate organization upon conversion to a state bank.(2) All references to shareholdersor stockholders for state banks shall be deemed to be references to membersfor such a converted savings association.(3) The amount and typeof capital required for such a converted savings association shall be as requiredfor federal mutual savings associations in 12 C.F.R. part 567, as such partexisted on January 1, 2010, except that if at any time the department determinesthat the capital of such a converted savings association is impaired, thedepartment may require the members to make up the capital impairment.(4) The director shall havethe power to adopt and promulgate rules and regulations governing such convertedmutual savings associations. In adopting and promulgating such rules and regulations,the director may consider the provisions of sections 8-301 to 8-384 governingsavings associations in mutual form of corporate organization. SourceLaws 1998, LB 1321, § 30; Laws 2005, LB 533, § 10; Laws 2010, LB890, § 5.Operative Date: July 15, 2010