Chapter 21 — CORPORATIONS AND OTHER COMPANIES
1,159 sections in this chapter.
Neb. Rev. Stat. § 21-1735 National Credit Union Administration Board; appointment as receiver or liquidator.
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(1) The National Credit Union Administration Board, as created by 12 U.S.C. 1752(a), shall be authorized to accept the appointment by the director as receiver or liquidator, without bond, of any credit union in the possession of the department and whose shares are to any extent i…
Neb. Rev. Stat. § 21-1736 Examinations.
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(1) The director shall examine or cause to be examined each credit union as often as deemed necessary. Each credit union and all of its officials and agents shall give the director or any of the examiners appointed by him or her free and full access to all books, papers, securiti…
Neb. Rev. Stat. § 21-1737 Records.
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(1) A credit union shall maintain all books, records, accounting systems, and procedures in accordance with the rules and regulations as the director from time to time may prescribe. (2) Credit unions shall preserve or keep their records or files, or photographic or microphotogra…
Neb. Rev. Stat. § 21-1738 Reports.
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A credit union shall report to the department annually on or before the first day of February on forms supplied by the department for that purpose. The chairperson of the board of directors and the president of the credit union shall sign the report or reports certifying that suc…
Repealed. Laws 2007, LB 124, § 78.
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[Repealed or reserved.]
Neb. Rev. Stat. § 21-174 Effect of merger.
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(RULLCA 1005) (a) When a merger becomes effective: (1) the surviving organization continues or comes into existence; (2) each constituent organization that merges into the surviving organization ceases to exist as a separate entity; (3) all property owned by each constituent orga…
Neb. Rev. Stat. § 21-1740 Credit union; powers.
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(1) A credit union shall have all the powers specified in this section and all the powers specified by any other provision of the Credit Union Act. (2) A credit union may make contracts. (3) A credit union may sue and be sued. (4) A credit union may adopt a seal and alter the sam…
Neb. Rev. Stat. § 21-1741 Safe deposit box service.
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A credit union, by action of its board of directors, may, to the same extent as a bank organized under the laws of this state, operate a safe deposit box service for its members pursuant to sections 8-501 and 8-502.
Neb. Rev. Stat. § 21-1742 Incidental powers.
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A credit union may exercise all incidental powers that are suitable and necessary to enable it to carry out its purpose.
Neb. Rev. Stat. § 21-1743 Membership; requirements.
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(1) The membership of a credit union shall consist of the subscribers to the articles of association and such persons, societies, associations, partnerships, and corporations as have been duly elected, members who have subscribed for one share, have paid for such share in whole o…
Neb. Rev. Stat. § 21-1744 Fees.
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A credit union may charge an entrance fee as determined by its board of directors. A credit union may also charge periodic membership fees as determined by its board of directors.
Neb. Rev. Stat. § 21-1745 Retention of membership; when.
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Members who cease to be eligible or who leave the field of membership may be permitted to retain their membership in the credit union under reasonable standards established by the board of directors unless terminated by withdrawal or expulsion.
Neb. Rev. Stat. § 21-1746 Liability of members.
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The members of the credit union shall not be personally or individually liable for the payment of its debts solely by virtue of holding membership in the credit union.
Neb. Rev. Stat. § 21-1747 Expulsion of members.
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(1) Any member may be expelled by a two-thirds vote of the members present at any regular meeting or a special meeting called to consider the matter, but only after an opportunity has been given to the member to be heard. (2) The board of directors may expel a member pursuant to …
Neb. Rev. Stat. § 21-1748 Termination of members.
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(1) A member may voluntarily terminate his or her membership at any time in the way and manner provided in the bylaws. (2) Termination of membership shall not serve to relieve a person from any liability to the credit union nor shall it be the basis for accelerating any obligatio…
Neb. Rev. Stat. § 21-1749 Meetings.
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The annual meeting and any special meeting of the members of the credit union shall be held in accordance with the bylaws. A special meeting of the members of the credit union may be called by the members or by the board of directors as provided in the bylaws. A credit union shal…
Neb. Rev. Stat. § 21-175 Conversion.
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(RULLCA 1006) (a) An organization other than a limited liability company or a foreign limited liability company may convert to a limited liability company, and a limited liability company may convert to an organization other than a foreign limited liability company pursuant to th…
Neb. Rev. Stat. § 21-1750 Voting rights.
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(1) In any election or other membership vote, a member shall have only one vote, irrespective of the member's shareholdings. No member may vote by proxy, but a member other than an individual may vote through an agent designated for that purpose. Members may also vote by absentee…
Neb. Rev. Stat. § 21-1751 Special meeting.
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The supervisory committee, by a majority vote, may call a special meeting of the members of the credit union as provided in section 21-1749 to consider any violation of the Credit Union Act, any violation of the credit union's articles of association or bylaws, or any practice of…
Neb. Rev. Stat. § 21-1752 Central credit union; membership.
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Credit unions organized and existing under the Credit Union Act may organize and have membership in a central credit union to which federal credit unions organized and operating in this state may belong and in which officials of both such credit unions may have membership. Organi…
Neb. Rev. Stat. § 21-1753 Central credit union; board of directors; credit committee.
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At the first annual meeting of a central credit union, the members shall elect a board of directors of not less than nine members and a credit committee of not less than three members. No member of the board shall be a member of the credit committee and no credit union small empl…
Neb. Rev. Stat. § 21-1754 Central credit union; board of directors; officers; supervisory committee.
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At the first meeting of each fiscal year, the board of directors of a central credit union shall elect from its number a president, vice president, secretary, and treasurer. The offices of secretary and treasurer may be held by one person if the bylaws so provide. Officers shall …
Neb. Rev. Stat. § 21-1755 Central credit union; purchase of credit union.
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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 …
Neb. Rev. Stat. § 21-1756 Central credit union; loans and investments; limitations.
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All member credit unions may borrow and invest up to an amount specified by the board of directors of the central credit union in accordance with the limitation of section 21-1791. The central credit union may purchase all or any part of a loan originated by a member credit union…
Neb. Rev. Stat. § 21-1757 Direction of credit union affairs.
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The credit union shall be under the direction of a board of directors, a supervisory committee, and when provided by the bylaws, a credit committee.
Neb. Rev. Stat. § 21-1758 Election or appointment of board and committees.
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(1) The board of directors of any credit union shall consist of an odd number of directors, at least five in number, to be elected by and from the members. Elections shall be held at the annual meeting or in such other manner as provided by the bylaws. All members of the board of…
Neb. Rev. Stat. § 21-1759 Record of board and committee membership.
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The credit union shall file within thirty calendar days after the credit union's annual meeting, a record of the names and addresses of (1) the members of its board of directors, (2) the members of its supervisory and credit committees, and (3) its officers, as required by the de…
Neb. Rev. Stat. § 21-176 Action on plan of conversion by converting limited liability company.
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(RULLCA 1007) (a) Subject to section 21-183, a plan of conversion must be consented to by all the members of a converting limited liability company. (b) Subject to section 21-183 and any contractual rights, after a conversion is approved, and at any time before articles of conver…
Neb. Rev. Stat. § 21-1760 Vacancies.
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The board of directors shall fill any vacancies occurring on the board. An individual appointed to fill a vacancy on the board shall serve the remainder of the unexpired term, except that he or she shall cease to serve immediately if he or she replaced a director who was suspende…
Neb. Rev. Stat. § 21-1761 Compensation; expenses.
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No officer, director, or committee member, jointly or severally, shall receive any compensation, directly or indirectly, for services performed for the credit union as such officer, director, or committee member, except that the treasurer may be compensated for his or her service…
Neb. Rev. Stat. § 21-1762 Conflicts of interest.
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No official, agent, or employee of a credit union shall in any manner, directly or indirectly, participate in the deliberation upon the determination of any question affecting that person's pecuniary interest or the pecuniary interest of any corporation, partnership, or associati…
Neb. Rev. Stat. § 21-1763 Indemnification.
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A credit union may indemnify any or all of its officials and employees or former officials or employees against expenses actually and necessarily incurred by them in connection with the defense or settlement of any action, suit, or proceeding in which they, or any of them, are ma…
Neb. Rev. Stat. § 21-1764 Officers; duties.
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(1) The members of the board of directors shall elect from their own number a chairperson, one or more vice-chairpersons, a treasurer, and a secretary, at the organizational meeting held as provided in the bylaws. The board shall fill vacancies in the positions described in this …
Neb. Rev. Stat. § 21-1765 Board of directors; authority.
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The board of directors shall direct the business affairs, funds, and records of the credit union.
Neb. Rev. Stat. § 21-1766 Executive committee.
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The board of directors may appoint from its own number an executive committee, consisting of not less than three directors, which may be authorized to act for the board in all respects, subject to any conditions or limitations prescribed by the board.
Neb. Rev. Stat. § 21-1767 Meetings of directors.
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(1) The board of directors shall have regular meetings as often as necessary but not less frequently than six meetings annually with at least one meeting in each calendar quarter. A new credit union shall have regular meetings as often as necessary but not less frequently than on…
Neb. Rev. Stat. § 21-1767.01 Bond.
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The department shall require each credit union to obtain a fidelity bond, naming the credit union as obligee, in an amount to be determined by the department. The bond shall be issued by an authorized insurer and shall be conditioned to protect and indemnify the credit union from…
Neb. Rev. Stat. § 21-1768 Duties of directors.
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In addition to the duties found elsewhere in the Credit Union Act, the board of directors shall: (1) Act upon applications for membership or appoint one or more membership officers to act on applications for membership under such conditions as prescribed by the board. A person de…
Neb. Rev. Stat. § 21-1768.01 Associate directors.
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(1) The board of directors of a credit union may, in its discretion, appoint one or more associate directors to serve in an advisory capacity. The board shall prescribe the duties of an associate director and the manner in which associate directors are appointed and removed. The …
Neb. Rev. Stat. § 21-1769 Credit committee; credit manager; loan officers; powers and duties.
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(1) The credit committee shall have the general supervision of all loans to members and may approve or disapprove those loans subject to written policies established by the board of directors. (2) A credit manager having the same authority as a credit committee may be appointed i…
Neb. Rev. Stat. § 21-177 Filings required for conversion; effective date.
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(RULLCA 1008) (a) After a plan of conversion is approved: (1) a converting limited liability company shall deliver to the Secretary of State for filing articles of conversion, which must be signed as provided in subsection (a) of section 21-119 and must include: (A) a statement t…
Neb. Rev. Stat. § 21-1770 Loan officer license; opt out.
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The chief executive officer or the credit committee may apply to the department on forms supplied by the department for the licensing of one or more loan officers in order to delegate to such loan officers the power to approve loans and disburse loan funds up to the limits and ac…
Neb. Rev. Stat. § 21-1771 Supervisory committee; duties; audit.
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(1) Unless the credit union has been audited by a certified public accountant, the supervisory committee shall make or cause to be made a comprehensive annual audit of the books and affairs of the credit union. It shall submit a report of each annual audit to the board of directo…
Neb. Rev. Stat. § 21-1772 Suspension and removal of officials.
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(1) The supervisory committee may, by a unanimous vote of the entire committee, suspend any member of the credit committee and shall report such action to the board of directors for appropriate action. The board shall meet not less than seven nor more than twenty-one calendar day…
Neb. Rev. Stat. § 21-1773 Share insurance.
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No credit union organized under the Credit Union Act shall establish share accounts for any person other than a subscriber before the credit union has received a certificate of federal share insurance issued by the National Credit Union Administration under section 201 et seq. of…
Neb. Rev. Stat. § 21-1774 Shares.
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(1) Share accounts and membership shares, if any, may be subscribed to, paid for, and transferred in such manner as the bylaws may prescribe. A credit union may have more than one class of share accounts subject to such terms, rates, and conditions as the board of directors estab…
Neb. Rev. Stat. § 21-1775 Special purpose share accounts.
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Christmas clubs, vacation clubs, and other special purpose share accounts may be established and offered to members under the conditions and restrictions established by the board of directors if provided for in and consistent with the bylaws.
Neb. Rev. Stat. § 21-1776 Dividends.
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(1) The board of directors may periodically authorize and declare dividends to be paid on share accounts and membership shares, if any, from the credit union's undivided earnings after provisions have been made for the required reserves. Share accounts within the same class and o…
Neb. Rev. Stat. § 21-1777 Accounting for interest and dividend expenses.
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A credit union shall accrue, as an expense on a monthly basis, all dividends on any type of share account whether or not the rates involved have been specified or contracted for in advance. This section shall not be interpreted to permit a credit union to pay a dividend, except a…
Neb. Rev. Stat. § 21-1778 Maximum share account.
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A credit union may, by action of the board of directors, establish a maximum amount that a member may have in any given type of share account. Any such action shall not affect any contract entered into by the credit union prior to the time of such action.