US Laws, Codes, Statutes & Cases

No loan or investment shall be made by a bank, directly or indirectly, without the approval of an active executive officer. Executive officers of banks shall be persons of good moral character, known integrity, business experience and responsibility, and be capable of conducting the affairs of a bank on sound banking principles. No person shall act as an active executive officer of any bank until such bank shall apply for and obtain from the department a license for such person to so act. If the department, upon investigation, shall be satisfied that any active executive officer of a bank is conducting its business in an unsafe or unauthorized manner, or is endangering the interests of the stockholders or depositors, the department shall have authority to revoke such license. Any person who shall act or attempt to act as an active executive officer of any bank, except under a license from the department, or anyone who shall permit or assist such person to act or attempt to act as such, shall be guilty of a Class III felony. The department may make and enforce reasonable regulations and prescribe forms to be used to carry out the intent of this section.

Laws 1921, c. 297, § 7, p. 952

C.S.1922, § 8048

C.S.1929, § 8-166

Laws 1933, c. 18, § 38, p. 154

C.S.Supp.,1941, § 8-166

R.S.1943, § 8-169

Laws 1963, c. 29, § 39, p. 150

Laws 1977, LB 40, § 45