Nebraska § 8-2311 Out-of-state trust company without
instate branch trust office; representative trust offices; requirements; procedure

Nebraska Statutes

§ 8-2311 — Out-of-state trust company without instate branch trust office; representative trust offices; requirements; procedure

Nebraska·Ch. 8 Banks and Banking

(1)An out-of-state trust company, in order to establish and maintain representative trust offices in Nebraska pursuant to section 8-2310 , shall file written notice of the proposed transaction with the director on a form prescribed by the director. The notice shall include, in addition to the information and fee prescribed in subsection (1) of section 8-2309 :

(a)Satisfactory evidence that the out-of-state trust company is a trust company;

(b)Satisfactory evidence of compliance with any applicable requirements of the Nebraska Model Business Corporation Act;

(c)An affidavit from its president stating that for as long as it maintains a representative trust office in this state the trust company will comply with Nebraska law; and

(d)Submission of a fidelity bond in accordance with sect

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(1) An out-of-state trust company, in order to establish and maintain
representative trust offices in Nebraska pursuant to section 8-2310 , shall
file written notice of the proposed transaction with the director on a form
prescribed by the director. The notice shall include, in addition to the information
and fee prescribed in subsection (1) of section 8-2309 :
(a) Satisfactory evidence that the out-of-state trust company is a trust
company;
(b) Satisfactory evidence of compliance with any applicable requirements
of the Nebraska Model
Business Corporation Act;
(c) An affidavit from its president stating that for as long as it maintains
a representative trust office in this state the trust company will comply
with Nebraska law; and
(d) Submission of 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 subdivision. The bond or a substitute
bond shall remain in effect during all periods in which the trust company
conducts business in Nebraska.
(2) The director shall act within ninety days after receipt of notice
under subsection (1) of this section. The director may extend the ninety-day
period if he or she determines that the notice raises issues that require
additional information or additional time for analysis. If the ninety-day
period is extended, the out-of-state trust company may establish representative
trust offices only on prior written approval of the director.
(3) The director may deny approval of the proposed representative trust
office if he or she finds that the trust company lacks sufficient financial
resources to establish the representative trust office without adversely affecting
its safety or soundness, that the trust company does not have adequate fidelity
bond coverage, or that the proposed representative trust office would not
be in the public interest.
(4) If the director does not extend the ninety-day period pursuant to
subsection (2) of this section and does not act within ninety days, the out-of-state
trust company may, upon compliance with sections 8-209 and 8-210 , establish
representative trust offices on the ninety-first day following the director's
receipt of notice.

Nebraska § 8-2311 (Out-of-state trust company without instate branch trust office; representative trust offices; requirements; procedure) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.