State Codes and Statutes

State Codes and Statutes

Statutes > Nebraska > Chapter8 > 8-374

8-374. Department; hearingon application; notice; purpose.(1) Prior to issuing a certificate of approval,the department, upon receiving an application for a stock savings and loanassociation, shall (a) publishnotice of filing of the application for a period of three weeks in a legalnewspaper published in or of general circulation in the county where the applicantproposes to operate the savings and loan association and (b) give notice of such application for a stock savingsand loan association to all financial institutions within the county wherethe proposed main office of the stock savings and loan would be located andto such other interested parties as the director may determine. The directorshall send the notice to financial institutions by first-class mail, postageprepaid, or electronic mail. Electronic mail may be used if the financialinstitution agrees in advance to receive such notices by electronic mail.A financial institution may designate one office for receipt of any such noticeif it has more than one office located within the county where such noticeis to be sent or a main office in a county other than the county where suchnotice is to be sent.(2) A public hearing shallbe held on each application. The date for hearing the application shall benot more than ninety days after filing the application and not less than thirtydays after the last publication of notice. Such hearing shall be held to determine:(a) Whether the articles ofincorporation and bylaws conform to the requirements of sections 8-356 to 8-384 and contain a just and equitable plan for the management of the association'sbusiness;(b) Whether the persons organizingsuch association are of good character and responsibility;(c) Whether in the department'sjudgment a need exists for such an institution in the community to be served;(d) Whether there is a reasonableprobability of its usefulness and success; and(e) Whether the same can beestablished without undue injury to properly conducted existing local savingsand loan associations, whether mutual or capital stock in formation.(3) The expenseof any publication and mailing requiredby this section shall be paid by the applicant. SourceLaws 1981, LB 500, § 19; Laws 2008, LB851, § 12; Laws 2010, LB890, § 9.Operative Date: July 15, 2010