Bill > LB39

This bill modifies the existing statutory language regarding board of director vacancies in banks by clarifying the notification process to the Department of Banking and Finance. Specifically, the bill requires banks to notify the department within thirty days of a board vacancy, which is essentially a restatement of the existing requirement. The bill maintains the current provision that vacancies shall be filled within ninety days by appointment of the remaining directors, with those appointed directors serving until the next election. An exception remains in place that if the vacancy still leaves a minimum of five directors, appointment is optional. After filling a vacancy, the bank must still apply to the department for approval of the newly appointed director. The bill appears to be a technical update to streamline the language around board vacancy notifications while preserving the substantive requirements of the original statute.

Business and Industry

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59461