This bill amends section 8-126 of the Reissue Revised Statutes of Nebraska, which pertains to the composition of the board of directors of banks. The new language emphasizes that reasonable efforts should be made for a majority of the board members to reside in Nebraska or within twenty-five miles of the bank's main office. Additionally, it specifies that efforts should be made to acquire board members from the county where the bank's main office is located or from counties where the bank has branches.

The bill also maintains the requirement that directors must possess good moral character, integrity, business experience, and responsibility, and it stipulates that no individual can serve on a bank's board without prior approval from the Department of Banking and Finance. Furthermore, the Director of Banking and Finance is granted the authority to revoke such approval if a director is found to be conducting the bank's business in an unsafe or unauthorized manner. The original section 8-126 is repealed as part of this legislative update.

Statutes affected:
Introduced: 8-126