8-1502 Acquisition; notice required; exception; Director of Banking and Finance; duties. - Nebraska Statutes

8-1502. Acquisition; notice required; exception;Director of Banking and Finance; duties.(1) Except as providedin subsection (2) of this section, no person acting personally or as agentshall acquire control of any state-chartered bank or trust company withoutfirst giving sixty days' notice to the Department of Banking and Finance onforms provided by the department of such proposed acquisition.The Director of Banking and Finance, upon receipt of such notice, shallact upon it within thirty days, and, unless he or she disapproves the proposedacquisition within that period of time, it may become effective on the sixty-firstday after receipt without his or her approval, except that the director mayextend the thirty-day period an additional thirty days if in his or her judgmentany material information submitted is substantially inaccurate or the acquiringparty has not furnished all the information required by sections 8-1501 to 8-1505 or by the director.An acquisition may be made prior to the expiration of the disapprovalperiod if the director issues written notice of his or her intent not to disapprovethe action.Within three days after his or her decision to disapprove any proposedacquisition, the director shall notify the acquiring party in writing of thedisapproval. The notice shall provide a statement of the basis for the disapproval.(2) The notice requirements of subsection (1) of this section shallnot apply when:(a) Shares of a state-chartered bank or trust company are acquired bya person in the regular course of securing or collecting a debt previouslycontracted in good faith or through inheritance or a bona fide gift if noticeof such acquisition is given to the department, on forms provided by the department,within ten days after the acquisition;(b) Shares of a state-charteredbank or trust company are transferred from an individual or individuals toa trust formed by the individual or individuals for estate-planning purposesif (i) there is no change in the proportion of shares held by the trust forsuch individual or individuals compared to the ownership of such individualor individuals prior to the formation of the trust, (ii) the individual orindividuals control the trust, and (iii) notice of the proposed transfer isgiven to the department, on forms provided by the department, at least thirtydays prior to the proposed transfer and the department does not disapprovethe transfer for the reason that the transfer is an attempt to subvert therequirements of sections 8-1501 to 8-1505; or(c) The director, the Governor, and the Secretaryof State jointly determine that an emergency exists which requires expeditiousaction or that the department must act immediately to prevent probable failureof the institution to be acquired. SourceLaws 1983, LB 240, § 2; Laws 1986, LB 907, § 1; Laws 1987, LB 531, § 1; Laws 1995, LB 599, § 6; Laws 2000, LB 932, § 22; Laws 2003, LB 131, § 12; Laws 2010, LB890, § 12.Operative Date: July 15, 2010