Chapter 21, CORPORATIONS AND OTHER COMPANIES
986 sections in this chapter.
Neb. Rev. Stat. § 21-1779 Withdrawals.
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(1) Shares may be withdrawn for payment to the account holder or to third parties in the manner and in accordance with procedures established by the board of directors subject to any rules and regulations prescribed by the department. (2) Share accounts shall be subject to any wi…
Neb. Rev. Stat. § 21-178 Effect of conversion.
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(RULLCA 1009) (a) An organization that has been converted pursuant to sections 21-170 to 21-184 is for all purposes the same entity that existed before the conversion. (b) When a conversion takes effect: (1) all property owned by the converting organization remains vested in the …
Neb. Rev. Stat. § 21-1780 Fees related to member accounts.
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(1) A credit union may collect reasonable fees and charges with respect to member accounts. The fees may be for: (a) Additional copies of periodic statements; (b) Various types of transactions on a per-transaction basis; (c) A check or draft returned to the credit union by anothe…
Neb. Rev. Stat. § 21-1781 Minor accounts.
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A share account may be issued to and deposits received from a member less than nineteen years of age who may withdraw funds from such account, including the dividends thereon. Payments on a share account by such individual and withdrawals on a share account by such individual sha…
Neb. Rev. Stat. § 21-1782 Joint accounts.
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(1) A credit union member may designate any person or persons to own a share account with the member in joint tenancy with right of survivorship, as a tenant in common, or under any other form of joint ownership permitted by law and allowed by the credit union. (2) Payment may be…
Neb. Rev. Stat. § 21-1783 Trust accounts.
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(1) Share accounts may be owned by a member in trust for a beneficiary. (2) A beneficiary may be a minor, but no beneficiary, unless a member in his or her own right, shall be permitted to vote, obtain loans, or hold office or be required to pay a membership fee. (3) Payment of p…
Neb. Rev. Stat. § 21-1784 Liens.
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A credit union shall have a lien on the share accounts from which a member may withdraw funds for his or her own use for (1) any loan or other obligation on which the member is an obligor or guarantor and (2) any other liability at the time owing to the credit union, unless the l…
Neb. Rev. Stat. § 21-1785 Dormant accounts.
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If there has been no activity in a share account for one year, except for the posting of dividends, a credit union may impose a reasonable maintenance fee as provided in the bylaws.
Neb. Rev. Stat. § 21-1786 Reduction in shares.
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Whenever the losses of a credit union, resulting from a depreciation in value of its loans or investments or otherwise, exceed its undivided earnings and reserves so that the estimated value of its assets is less than the total amount of share accounts and membership shares and t…
Neb. Rev. Stat. § 21-1787 Purpose and conditions of loans.
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Subject to the restrictions contained in the Credit Union Act, a credit union may make loans to its members for provident or productive purposes upon such terms and conditions and upon such security, real or personal, or on an unsecured basis as prescribed in its bylaws or writte…
Neb. Rev. Stat. § 21-1788 Interest rate.
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The interest rates on loans shall be determined by the board of directors, except that the rate shall not exceed eighteen percent per annum on the unpaid balance of the loan. The board may also authorize any refund of interest on such classes of loans under such conditions as it …
Neb. Rev. Stat. § 21-1789 Other charges related to loans.
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(1) In addition to interest charged on loans, a credit union may charge members all reasonable expenses in connection with the making, closing, disbursing, extending, collecting, or renewing of loans. (2) A credit union may assess charges to members, in accordance with its bylaws…
Neb. Rev. Stat. § 21-179 Domestication.
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(RULLCA 1010) (a) A foreign limited liability company may become a limited liability company pursuant to this section, sections 21-180 to 21-182, and a plan of domestication, if: (1) the foreign limited liability company's governing statute authorizes the domestication; (2) the d…
Neb. Rev. Stat. § 21-1790 Loan documentation.
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Except as provided in section 21-1793, every application for a loan shall be made in writing upon a form prescribed by the credit union. All loan obligations shall be evidenced by a written document.
Neb. Rev. Stat. § 21-1791 Loan limit.
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The aggregate of loans to any one member shall be limited to ten percent of a credit union's share accounts, undivided earnings, and reserves. This limit shall not apply to loans which are fully secured by assignment of share accounts in the credit union.
Neb. Rev. Stat. § 21-1792 Installments.
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A member may receive a loan in installments or in one sum and may prepay the whole or any part of the loan without penalty on any day on which the credit union is open for business. On a first or second mortgage a credit union may require that any partial prepayment (1) be made o…
Neb. Rev. Stat. § 21-1793 Line of credit.
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(1) Upon application by a member, the credit union may approve a self-replenishing line of credit, either on an unsecured basis or secured by real or personal property, and loan advances may be granted to the member within the limit of such line of credit. When a line of credit h…
Neb. Rev. Stat. § 21-1794 Participation loans.
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A credit union may participate in loans to credit union members jointly with other credit unions, credit union organizations, or other organizations pursuant to written policies established by the board of directors. A credit union which originates such a loan shall retain an int…
Neb. Rev. Stat. § 21-1795 Other loan programs.
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(1) A credit union may participate in any guaranteed loan program of the federal or state government under the terms and conditions specified in the law under which such a program is provided. (2) A credit union may purchase the conditional sales contracts, notes, and similar ins…
Neb. Rev. Stat. § 21-1796 Loans to officials.
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(1) A credit union may, if permitted by its bylaws, make loans to its officials, employees, and loan officers if the loan complies with all lawful requirements under the Credit Union Act with respect to other members and is not on terms more favorable than those extended to other…
Neb. Rev. Stat. § 21-1797 Liability insurance.
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A credit union may purchase and maintain insurance on behalf of any person who is or was an official, employee, or agent of the credit union or who is or was serving at the request of the credit union as an official, employee, or agent of another corporation, partnership, joint v…
Neb. Rev. Stat. § 21-1798 Money-type instruments.
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A credit union may collect, receive, and disburse money in connection with the providing of negotiable checks, money orders, traveler's checks, and other money-type instruments, for the providing of services through automatic teller machines, and for such other purposes as may pr…
Neb. Rev. Stat. § 21-1799 Federally authorized plans; powers; treatment.
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(1) All credit unions chartered under the laws of Nebraska shall be qualified to act as a trustee or custodian within the provisions of the federal Self-Employed Individuals Tax Retirement Act of 1962 or under the terms and provisions of section 408(a) of the Internal Revenue Cod…
Neb. Rev. Stat. § 21-180 Action on plan of domestication by domesticating limited liability company.
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(RULLCA 1011) (a) A plan of domestication must be consented to: (1) by all the members, subject to section 21-183, if the domesticating company is a limited liability company; and (2) as provided in the domesticating company's governing statute, if the company is a foreign limite…
Neb. Rev. Stat. § 21-181 Filings required for domestication; effective date.
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(RULLCA 1012) (a) After a plan of domestication is approved, a domesticating company shall deliver to the Secretary of State for filing articles of domestication, which must include: (1) a statement, as the case may be, that the company has been domesticated from or into another …
Neb. Rev. Stat. § 21-182 Effect of domestication.
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(RULLCA 1013) (a) When a domestication takes effect: (1) the domesticated company is for all purposes the company that existed before the domestication; (2) all property owned by the domesticating company remains vested in the domesticated company; (3) all debts, obligations, or …
Neb. Rev. Stat. § 21-183 Restrictions on approval of mergers, conversions, and domestications.
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(RULLCA 1014) (a) If a member of a constituent, converting, or domesticating limited liability company will have personal liability with respect to a surviving, converted, or domesticated organization, approval or amendment of a plan of merger, conversion, or domestication are in…
Neb. Rev. Stat. § 21-184 Sections not exclusive.
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(RULLCA 1015) Sections 21-170 to 21-184 do not preclude an entity from being merged, converted, or domesticated under law other than the Nebraska Uniform Limited Liability Company Act.
Neb. Rev. Stat. § 21-185 Professional service; filing required; certificate of registration; contents.
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(1) Each member, manager, professional employee, or agent of a limited liability company who renders a professional service shall hold a valid license or otherwise be duly authorized to render that professional service under the law of this state if such member, manager, professi…
Neb. Rev. Stat. § 21-186 Certificate of registration; application; contents; display; electronic records; use; license verification; Secretary of State; duties.
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(1)(a) An application for issuance of a certificate of registration shall be made by the limited liability company to the regulatory body in writing and shall contain the names of all of those members, managers, professional employees, and agents of the limited liability company …
Neb. Rev. Stat. § 21-187 Certificate of registration; expiration; annual application.
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Each certificate of registration issued to a limited liability company pursuant to section 21-186 shall expire by its own terms one year from the date of issuance and may not be renewed. Each limited liability company shall annually apply (1) to its regulatory body for a certific…
Neb. Rev. Stat. § 21-188 Certificate of registration; suspension or revocation; procedure; notice.
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A regulatory body may, upon a form prescribed by it, suspend or revoke any certificate of registration issued to any limited liability company pursuant to subsection (1) of section 21-186 upon the suspension or revocation of the license or other authorization to render a professi…
Neb. Rev. Stat. § 21-189 Authority and duty of regulatory body licensing professionals.
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Nothing in the Nebraska Uniform Limited Liability Company Act is intended to restrict or limit in any manner the authority and duty of any regulatory body licensing professionals within the state to license such persons rendering a professional service or to regulate the practice…
Neb. Rev. Stat. § 21-19,100 Court-ordered indemnification.
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Unless limited by a corporation's articles of incorporation, a director of the corporation who is a party to a proceeding may apply for indemnification to the court conducting the proceeding or to another court of competent jurisdiction. On receipt of an application, the district…
Neb. Rev. Stat. § 21-19,101 Determination and authorization of indemnification.
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(a) A corporation may not indemnify a director under section 21-1997 unless authorized in the specific case after a determination has been made that indemnification of the director is permissible in the circumstances because the director has met the standard of conduct set forth …
Neb. Rev. Stat. § 21-19,102 Indemnification of officers, employees, and agents.
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Unless limited by a corporation's articles of incorporation: (1) An officer of a corporation who is not a director is entitled to mandatory indemnification under section 21-1998, and is entitled to apply for court-ordered indemnification under section 21-19,100 in each case, to t…
Neb. Rev. Stat. § 21-19,103 Insurance.
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A corporation may purchase and maintain insurance on behalf of an individual who is or was a director, officer, employee, or agent of the corporation or who, while a director, officer, employee, or agent of the corporation, is or was serving at the request of the corporation as a…
Neb. Rev. Stat. § 21-19,104 Applicability of sections.
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(a) A provision treating a corporation's indemnification of or advance for expenses to directors that is contained in its articles of incorporation, bylaws, a resolution of its members or board of directors, or in a contract or otherwise, is valid only if and to the extent the pr…
Neb. Rev. Stat. § 21-19,105 Authority to amend.
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A corporation may amend its articles of incorporation at any time to add or change a provision that is required or permitted in the articles or to delete a provision not required in the articles. Whether a provision is required or permitted in the articles is determined as of the…
Neb. Rev. Stat. § 21-19,106 Amendment of articles of incorporation by directors.
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(a) Unless the articles provide otherwise, a corporation's board of directors may adopt one or more amendments to the corporation's articles without member approval: (1) To extend the duration of the corporation if it was incorporated at a time when limited duration was required …
Neb. Rev. Stat. § 21-19,107 Amendment of articles of incorporation by directors and members.
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(a) Unless the Nebraska Nonprofit Corporation Act, the articles, bylaws, the members (acting pursuant to subsection (b) of this section), or the board of directors (acting pursuant to subsection (c) of this section) require a greater vote or voting by class, an amendment to a cor…
Neb. Rev. Stat. § 21-19,108 Class voting by members on amendments.
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(a) The members of a class in a public benefit corporation are entitled to vote as a class on a proposed amendment to the articles if the amendment would change the rights of that class as to voting in a manner different than such amendment affects another class or members of ano…
Neb. Rev. Stat. § 21-19,109 Articles of amendment.
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A corporation amending its articles shall deliver to the Secretary of State articles of amendment setting forth: (1) The name of the corporation; (2) The text of each amendment adopted; (3) The date of each amendment's adoption; (4) If approval of members was not required, a stat…
Neb. Rev. Stat. § 21-19,110 Restated articles of incorporation.
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(a) A corporation's board of directors may restate its articles of incorporation at any time with or without approval by members or any other person. (b) The restatement may include one or more amendments to the articles. If the restatement includes an amendment requiring approva…
Neb. Rev. Stat. § 21-19,111 Amendment pursuant to judicial reorganization.
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(a) A corporation's articles may be amended without board approval or approval by the members or approval required pursuant to section 21-19,116 to carry out a plan of reorganization ordered or decreed by a court of competent jurisdiction under federal statute if the articles aft…
Neb. Rev. Stat. § 21-19,112 Effect of amendment and restatement.
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An amendment to articles of incorporation does not affect a cause of action existing against or in favor of the corporation, a proceeding to which the corporation is a party, any requirement or limitation imposed upon the corporation, or any property held by it by virtue of any t…
Neb. Rev. Stat. § 21-19,113 Amendment to bylaws by directors.
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If a corporation has no members, its incorporators, until directors have been chosen, and thereafter its board of directors, may adopt one or more amendments to the corporation's bylaws subject to any approval required pursuant to section 21-19,116. The corporation shall provide …
Neb. Rev. Stat. § 21-19,114 Amendment to bylaws by directors and members.
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(a) Unless the Nebraska Nonprofit Corporation Act, the articles, bylaws, the members (acting pursuant to subsection (b) of this section), or the board of directors (acting pursuant to subsection (c) of this section) require a greater vote or voting class, an amendment to a corpor…
Neb. Rev. Stat. § 21-19,115 Class voting by members on amendments.
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(a) The members of a class in a public benefit corporation are entitled to vote as a class on a proposed amendment to the bylaws if the amendment would change the rights of that class as to voting in a manner different than such amendment affects another class or members of anoth…
Neb. Rev. Stat. § 21-19,116 Approval by third persons.
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The articles may require an amendment to the articles or bylaws to be approved in writing by a specified person or persons other than the board. Such an article provision may only be amended with the approval in writing of such person or persons.