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347 sections in this chapter.
Neb. Rev. Stat. § 70-701 Act, how cited.
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Sections 70-701 to 70-738 may be cited as the Electric Cooperative Corporation Act.
Neb. Rev. Stat. § 70-702 Terms, defined.
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For purposes of the Electric Cooperative Corporation Act, unless the context otherwise requires: (1) Corporation means a corporation organized pursuant to the act; (2) board means a board of directors of a corporation organized under the act; (3) member means the incorporators of…
Neb. Rev. Stat. § 70-703 Purpose.
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Cooperative, nonprofit, membership corporations may be organized for the purpose of engaging in rural electrification and the furnishing of electric energy to persons in rural areas not served with electrical energy through existing facilities within such rural areas.
Neb. Rev. Stat. § 70-704 Corporate powers.
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Each corporation shall have power: (1) To sue and be sued, complain, and defend, in its corporate name; (2) to have perpetual succession unless a limited period of duration is stated in its articles of incorporation; (3) to adopt a corporate seal, which may be altered at pleasure…
Neb. Rev. Stat. § 70-705 Who may organize.
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Any twenty or more natural persons, residents of the territory to be served by the corporation, of the age of twenty-one years or more, residents of this state, may act as incorporators of a corporation to be organized under sections 70-701 to 70-738 by executing articles of inco…
Neb. Rev. Stat. § 70-706 Articles of incorporation; contents.
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The articles of incorporation shall state (1) the name of the corporation, which name shall include the words electric cooperative and the word corporation, incorporated, inc., association or company, and the name shall be such as to not be deceptively similar to any other corpor…
Neb. Rev. Stat. § 70-707 Electric cooperative; use of term restricted.
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The words electric cooperative shall not be used in the corporate name of corporations organized under the laws of this state, or authorized to do business herein, other than those organized pursuant to the provisions of sections 70-701 to 70-738.
Neb. Rev. Stat. § 70-708 Articles of incorporation; filing; certificate of incorporation; issuance.
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The original copy of the articles of incorporation shall be signed by the incorporators, and acknowledged before any officer authorized by the law of this state to acknowledge the execution of deeds and conveyances. It shall be filed in the office of the Secretary of State. If th…
Neb. Rev. Stat. § 70-709 Certificate of incorporation; effect.
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Upon the filing of articles of incorporation with the Secretary of State, the corporate existence of the corporation shall begin. The certificate of incorporation shall be conclusive evidence, except as against the state, that all conditions precedent required to be performed by …
Neb. Rev. Stat. § 70-710 Organizational meeting; bylaws; adoption; election of officers; notice; waiver.
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After the issuance of the certificate of incorporation an organization meeting shall be held, at the call of a majority of the incorporators, for the purpose of adopting bylaws and electing officers, and for the transaction of such other business as may properly come before the m…
Neb. Rev. Stat. § 70-711 Bylaws; make, alter, amend, or repeal; contents.
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The power to make, alter, amend or repeal the bylaws of the corporation shall be vested in the board of directors. The bylaws may contain any provisions for the regulation and management of the affairs of the corporation not inconsistent with law or the articles of incorporation.
Neb. Rev. Stat. § 70-712 Membership; conditions.
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All persons in rural areas proposed to be served by a corporation shall be eligible to membership in a corporation. No person shall become, be or remain a member of a corporation unless such person shall use or agree to use electric energy furnished by the corporation. A corporat…
Neb. Rev. Stat. § 70-713 Meetings, where held; annual and special meetings.
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Meetings of members may be held at such place as may be provided in the bylaws. In the absence of any such provision, all meetings shall be held in the principal office of the corporation in this state. An annual meeting of the members shall be held at such time as may be provide…
Neb. Rev. Stat. § 70-714 Meetings; notice; waiver.
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Written or printed notice stating the place, day and hour of the meeting of members and, in the case of a special meeting, the purpose or purposes for which the meeting is called, shall be delivered not less than three nor more than five days before the date of the meeting, eithe…
Neb. Rev. Stat. § 70-715 Members; voting rights.
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Each member present shall be entitled to one, and only one, vote on each matter submitted to a vote at a meeting of members.
Neb. Rev. Stat. § 70-716 Membership certificate; issuance; transfer; conditions.
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When a member of a corporation has paid the membership fee in full, a certificate of membership shall be issued to such member. After such membership fee has been paid in full, memberships and certificates in the corporation shall be transferable upon the books of the corporation…
Neb. Rev. Stat. § 70-717 Meetings; quorum.
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Unless otherwise provided in the articles of incorporation, a majority of the members present in person shall constitute a quorum for the transaction of business at a meeting of members.
Neb. Rev. Stat. § 70-718 Board of directors; number; powers; qualifications.
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The business and affairs of a corporation shall be managed by a board of directors, not less than five in number, which shall exercise all the powers of the corporation except such as are conferred upon the members by sections 70-701 to 70-738, by the articles of incorporation, o…
Neb. Rev. Stat. § 70-719 Directors; alternate directors; election; compensation; expenses.
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The directors, other than those named in the certificate of incorporation to serve until the first annual meeting of members, shall be elected annually, or as otherwise provided in the bylaws, by the members. The directors shall be members of the corporation and shall be entitled…
Neb. Rev. Stat. § 70-720 Directors; alternate directors; vacancy; how filled.
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Any vacancy occurring in the board or in the position of alternate director, and any directorship to be filled, shall be filled as provided in the bylaws by persons who shall serve until directors or alternate directors may be regularly elected as provided for in section 70-719.
Neb. Rev. Stat. § 70-721 Board of directors; quorum; how determined.
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A majority of the board shall constitute a quorum for the transaction of business, unless a greater number is required by the articles of incorporation or the bylaws. The act of the majority of the directors present at a meeting at which a quorum is present shall be the act of th…
Neb. Rev. Stat. § 70-722 Board meetings; notice; waiver.
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Meetings of the board, regular or special, shall be held at such place and upon such notice as the bylaws may prescribe. Attendance of a director or alternate director at any meeting shall constitute a waiver of notice of such meeting, except where a director or alternate directo…
Neb. Rev. Stat. § 70-723 Officers; powers; duties; removal.
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The board shall elect from its number a president, a vice president, a secretary, and a treasurer, but the same person may be elected to the office of secretary and treasurer. The powers and duties of the foregoing officers, as well as their terms of office and compensation, shal…
Neb. Rev. Stat. § 70-724 Executive committee; powers.
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Any corporation may, by its bylaws, provide for an executive committee to be elected from and by its board of directors. To such committee may be delegated the management of the current and ordinary business of the corporation, and such other duties as the bylaws may prescribe, b…
Neb. Rev. Stat. § 70-725 Rates for electric energy and other services; nonprofit operation.
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Each corporation shall be operated without profit to its members, but the rates, fees, rents, or other charges, for electric energy, and any other facilities, supplies, equipment, appliances or services furnished by the corporation, shall be sufficient at all times (1) to pay all…
Neb. Rev. Stat. § 70-726 Revenue; use; surplus; return to consumer.
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The revenue of the corporation shall be devoted, first, to the payment of operating and maintenance expenses and the principal and interest on outstanding obligations, and thereafter to such reserves for improvement, new construction, depreciation and contingencies, as the board …
Neb. Rev. Stat. § 70-727 Articles of incorporation; amendment; procedure.
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A corporation may amend its articles of incorporation by a majority vote of the members present in person at any regular meeting, or at any special meeting of its members called for that purpose. The power to amend shall include the power to accomplish any desired change in the p…
Neb. Rev. Stat. § 70-728 Consolidation of corporations; how effected.
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Any two or more corporations may enter into an agreement for the consolidation of such corporations. The agreement shall set forth the terms and conditions of the consolidation, the name of the proposed consolidated corporation, the number of its directors, not less than five, th…
Neb. Rev. Stat. § 70-729 Articles of consolidation; filing.
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The articles of consolidation shall be executed, acknowledged, filed and recorded in the same manner as the original articles of incorporation of a corporation organized under sections 70-701 to 70-738. As soon as the Secretary of State shall have accepted the articles of consoli…
Neb. Rev. Stat. § 70-730 Dissolution; procedure.
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Any corporation may dissolve by a majority vote of the members in person at any regular meeting, or at any special meeting of its members called for that purpose. A certificate of dissolution shall be signed by the president or vice president, and attested by the secretary, certi…
Neb. Rev. Stat. § 70-731 Dissolution; discharge of liabilities; distribution of assets.
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Such corporation shall continue for the purpose of paying, satisfying and discharging any existing liabilities or obligations, and collecting or liquidating its assets, and doing all other acts required to adjust and wind up its business and affairs, and may sue and be sued in it…
Neb. Rev. Stat. § 70-732 Defective corporations; dissolution; procedure.
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Any corporation which purports to have been incorporated or reincorporated under sections 70-701 to 70-738, but which has not complied with all of the requirements for legal corporate existence, may nevertheless file a certificate of dissolution in the same manner as a validly ex…
Neb. Rev. Stat. § 70-733 Filing fees.
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The Secretary of State shall charge and collect for (1) filing articles of incorporation and issuing a certificate of incorporation, three dollars; (2) filing of articles of amendment and issuing a certificate of amendment, two dollars; (3) filing articles of consolidation and is…
Neb. Rev. Stat. § 70-734 Securities Act of Nebraska; inapplicable; when.
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Whenever any corporation organized under the Electric Cooperative Corporation Act has borrowed money from any federal agency, the obligations issued to secure the payment of such money shall be exempt from the provisions of the Securities Act of Nebraska, and the act shall not ap…
Neb. Rev. Stat. § 70-735 Defective incorporation; correction; effect.
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In the event any corporation has filed defective articles of incorporation, or has failed to do all things necessary to perfect its corporate organization, it may, nevertheless, file corrected articles of incorporation or amend the original articles, and do and perform all acts a…
Neb. Rev. Stat. § 70-736 Existing associations; compliance with sections.
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Any existing cooperative or nonprofit corporation or association, organized under any other law of this state for the purpose of engaging in rural electrification, may, by a majority vote of the members present in person at a meeting called for that purpose, amend its articles of…
Neb. Rev. Stat. § 70-737 Sections, how construed.
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Sections 70-701 to 70-738 shall be construed liberally. The enumeration of any object, purpose, power, manner, method or thing shall not be deemed to exclude like or similar objects, purposes, powers, manners, methods or things.
Neb. Rev. Stat. § 70-738 Sections; exclusive; applicability of other law.
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Sections 70-701 to 70-738 are complete in themselves, and shall be controlling. The provisions of any other law of this state, except as provided in said sections, shall not apply to a corporation organized under said sections.
Neb. Rev. Stat. § 70-801 District; how created.
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Independently of, and in addition to any and all other means or methods provided by the laws of this state for the creation of public power districts, such districts may also be created in the method and manner in sections 70-801 to 70-808 provided.
Neb. Rev. Stat. § 70-802 Terms, defined.
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As used in Chapter 70, article 8, unless the context otherwise requires: (1) Board means the Nebraska Power Review Board; (2) The terms public power district and district as used in Chapter 70, article 8, each mean the same and also have the same meaning as the term public power …
Neb. Rev. Stat. § 70-803 Formation of district; petition; contents.
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Any electric cooperative corporation, whether organized or incorporated under the laws of this state or of any other state, which shall own and operate within this state any electric utility engaged in furnishing electric energy to customers in a rural area, may file in the offic…
Neb. Rev. Stat. § 70-804 Formation of district; petition; investigation; hearing; notice; expenses.
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Upon receipt of such petition the board shall immediately make an investigation of the proposed district, of all matters set forth in the petition, and, as the board may deem necessary or proper, of any other facts and circumstances surrounding the existing business and operation…
Neb. Rev. Stat. § 70-805 Formation of district; petition; hearing; approval; procedure.
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At such public hearing any interested person, firm, association, or corporation may appear and present evidence or argument in support of or opposition to such petition. After such hearing and such independent investigation as may be deemed advisable, if the board finds that the …
Neb. Rev. Stat. § 70-806 Formation of district; petitioner; appeal; procedure.
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The petitioner may appeal from the decision of the board dismissing the petitioner's petition, and the appeal shall be in accordance with the Administrative Procedure Act.
Neb. Rev. Stat. § 70-807 Formation of district; petition granted; interested person; appeal; procedure.
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Any interested person, firm, or corporation may likewise appeal from a decision of the board granting the petition, and the appeal shall be in accordance with the Administrative Procedure Act.
Neb. Rev. Stat. § 70-808 Sections, how construed.
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Sections 70-801 to 70-808 are and shall be construed to be cumulative, independent legislation, and complete in themselves.
Neb. Rev. Stat. § 70-809 Audit.
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The audit of any rural power district organized pursuant to Chapter 70, article 8, shall be conducted in the manner prescribed in section 84-304.01.