The bill amends section 8-126 of the Reissue Revised Statutes of Nebraska, which pertains to the qualifications for the board of directors of banks. It introduces new language that requires reasonable efforts to ensure that a majority of the board members have their primary residences in Nebraska or within twenty-five miles of the bank's main office. Additionally, it specifies that these members should be from the county where the bank's main office is located or from counties where the bank has branches. The previous requirement for a majority of board members to simply reside in the state or nearby has been modified to emphasize the importance of their primary residence.

Furthermore, the bill maintains the existing standards for directors, emphasizing the need for good moral character, integrity, and business experience. It also preserves the authority of the Director of Banking and Finance to revoke a director's approval if they are found to be conducting the bank's business in an unsafe manner. The original section 8-126 is repealed, indicating that the new provisions will replace the previous law entirely.

Statutes affected:
Introduced: 8-126
Final Reading: 8-126
Slip Law: 8-126