§ 34-608 — Excluded entities and transactions.

(a) The following entities shall not participate in a transaction under this chapter: (1) Insurance companies, health care centers and other corporations formed under chapters 697 and 698; (2) Health care centers, related service groups, hospital service corporations, medical service corporations and other corporations formed under chapter 698a; (3) Prepaid legal service corporations formed under chapter 698b; (4) Risk retention groups formed and organized under chapter 698; (5) Fraternal benefit societies formed under chapter 700d; (6) Banks, related organizations and other corporations formed under chapters 664, 664b and 666; (7) Credit unions formed under chapter 667; (8) Public service companies formed under chapter 277; (9) Title insurance companies formed under chapter 700a; (10) Out-of-state banks formed under chapter 666; (11) Nondepository institutions formed under chapter 668; and (12) Religious corporations and societies formed under chapter 598. (b) This chapter shall not be used to effect a transaction that (1) involves any entity referenced in subsection (a) of this section, (2) is a merger or interest exchange solely between or among entities of the same type, or (3) is a conversion, merger, interest exchange or other transaction governed by sections 34-600 to 34-646 , inclusive, involving a domestic entity organized to render professional services unless the converted, surviving, acquired or domestic entity is permitted by its organic law to render the same professional services, except as otherwise permitted by the laws of this state.

Legislative History

(P.A. 11-241, S. 9; P.A. 12-32, S. 3; P.A. 24-70, S. 7.) History: P.A. 11-241 effective January 1, 2014; P.A. 12-32 amended Subsec. (b) to add Subdiv. (3) re transactions involving a domestic entity organized to render professional services, effective January 1, 2014; P.A. 24-70 amended Subsec. (a) to delete former Subdivs. (1) to (5) re certain business corporations and certain cooperative associations and corporations, former Subdiv. (17) re nonprofit corporations and former Subdivs. (19) to (23) re nonstock corporations, unincorporated nonprofit associations, cooperatives, certain trust entities and other entities and renumbered existing Subdivs. (6) to (16) as Subdivs. (1) to (11) and existing Subdiv. (18) as Subdiv. (12), amended Subsec. (b)(2) to delete references to conversion, consolidation, division or other transaction and add “solely” and amended Subsec. (b)(3) to delete reference to consolidation and division, replace reference to transaction with another domestic entity with “converted, surviving, acquired or domestic entity is permitted by its organic law” and make a technical change.