This bill amends section 8-126 of the Reissue Revised Statutes of Nebraska, which pertains to the qualifications for the board of directors of banks. The new language emphasizes that reasonable efforts should be made for a majority of the board members to 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 sourced from the county where the bank's main office is located or from counties where the bank has branches. The bill also clarifies that directors must possess good moral character, integrity, and relevant business experience, and they cannot serve until the bank has received approval from the department.

Furthermore, the bill grants the Director of Banking and Finance the authority to revoke a director's approval if it is determined that they are conducting the bank's business in an unsafe manner or jeopardizing the interests of stockholders or depositors. The Director is also empowered to establish rules and regulations to implement these provisions. The original section 8-126 is repealed as part of this legislative update.

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