§ 21-175 — Conversion

Nebraska § 21-175

• Jurisdiction: Nebraska
• Ch. 21: Corporations and Other Companies

Text

(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 this section, sections 21-176 to 21-178 , and a plan of conversion,
if:
(1) the other organization's
governing statute authorizes the conversion;
(2) the conversion is not prohibited
by the law of the jurisdiction that enacted the other organization's governing
statute; and
(3)
the other organization complies with its governing statute in effecting the
conversion.
(b)
A plan of conversion must be in a record and must include:
(1) the name and form
of the organization before conversion;
(2) the name and form of the organization after conversion;
(3) the terms and conditions
of the conversion, including the manner and basis for converting interests
in the converting organization into any combination of money, interests in
the converted organization, and other consideration; and
(4) the organizational
documents of the converted organization that are, or are proposed to be, in
a record.

Legislative History

Source: Laws 2010, LB888, § 75.