§ 8-2306 — Out-of-state trust company; instate branch trust offices; requirements; procedure

Nebraska § 8-2306

• Jurisdiction: Nebraska
• Ch. 8: Banks and Banking

Text

(1) An out-of-state
trust company, in order to establish and maintain branch trust offices in
Nebraska pursuant to section 8-2305 , shall file written notice of the proposed
transaction with the director on a form prescribed by the director on or after
the date on which the out-of-state trust company applies to its home state
regulator for approval to establish and maintain the branch trust office in
this state. The notice shall include a copy of the application made to its
home state regulator, a copy of a resolution of its board of directors authorizing
the branch trust office, and the filing fee prescribed by section 8-602 .
(2) An out-of-state trust company shall provide with the notice satisfactory
evidence to the director of compliance with (a) any applicable requirements
of the Nebraska Model
Business Corporation Act and (b) the applicable requirements of
its home state regulator for establishing and maintaining a branch trust office.
(3) An out-of-state trust company shall provide with the notice an affidavit
from its president stating that for as long as it maintains a branch trust
office in this state the trust company will comply with Nebraska law.
(4) An out-of-state trust company shall obtain a fidelity bond in accordance
with section 8-205.01 . Submission of a rider to an existing bond indicating
that the required coverage is outstanding and evidencing the beneficiaries
described in section 8-205.01 shall satisfy the requirements of this subsection.
The bond or a substitute bond shall remain in effect during all periods in
which the trust company conducts business in Nebraska.

Legislative History

Source: Laws 1998, LB 1321, § 59; Laws 2014, LB749, § 235. Cross References: Nebraska Model Business Corporation Act, see section 21-201.