Nature of limited cooperative association.

(1) A limited cooperative association is an entity distinct from its members. (2) A limited cooperative association may be organized under the Nebraska Limited Cooperative Association Act for any lawful purpose, regardless of whether or not for profit, except for the purpose of being a financial institution which is subject to supervision by the Department of Banking and Finance under section 8-102 or which would be subject to supervision by the department if chartered by the State of Nebraska or the business of an insurer as described in section 44-102. (3) A limited cooperative association has a perpetual duration, unless otherwise set forth in its articles of organization or bylaws.