8-2309. Out-of-state trust company with instate branch trust office; representative trust offices; requirements; procedure.

293 words·~1 min read·/ne/chapter-8/8-2309

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)An out-of-state trust company, in order to establish and maintain representative trust offices in Nebraska pursuant to section 8-2308 , shall file written notice of the proposed transaction with the director on a form prescribed by the director. The notice shall include a list of the proposed activities to be conducted at the representative trust office, procedures to ensure that no fiduciary activities will be conducted at the representative trust office, a copy of a resolution of its board of directors authorizing the representative trust office, satisfactory evidence that the bond required pursuant to subsection

(4)of section 8-2306 will cover the activities at the representative trust office, any other information which the director may require, and the filing fee prescribed by section 8-602 .

(2)The director shall act within sixty days after receipt of the notice under subsection

(1)of this section. The director may extend the sixty-day period if he or she determines that the notice raises issues that require additional information or additional time for analysis. If the sixty-day period is extended, the out-of-state trust company may establish a representative trust office 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 or that the establishment of the proposed representative trust office would not be in the public interest.

(4)If the director does not extend the sixty-day period pursuant to subsection

(2)of this section and does not act within sixty days, the out-of-state trust company may establish representative trust offices on the sixty-first day following the director's receipt of notice.