With the approval of the department, a central credit union established under section 21-1752 may purchase the assets, assume the liabilities, and accept the membership of a credit union. Such purchase shall be approved by at least a two-thirds majority of the board of directors or the duly appointed trustees of the credit union to be sold.

Terms Used In Nebraska Statutes 21-1755

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Credit union: shall mean a cooperative, nonprofit corporation organized under the Credit Union Act for purposes of educating and encouraging its members in the concept of thrift, creating a source of credit for provident and productive purposes, and carrying on such collateral activities as are set forth in the act. See Nebraska Statutes 21-1705
  • Department: shall mean the Department of Banking and Finance. See Nebraska Statutes 21-1706
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
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