Nebraska § 21-217 Qualified director

Nebraska Statutes

§ 21-217 — Qualified director

Nebraska § 21-217

Ch. 21Corporations and Other Companies

This text of Nebraska § 21-217 (Qualified director) is published on Counsel Stack Legal Research, covering Nebraska primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Neb. Rev. Stat. § 21-217 (2026).

Text

(MBCA 1.43) (a) A qualified director is a director who, at the time action is to be taken under:

(1)Section 21-279 , does not have (i) a material interest in the outcome of the proceeding or (ii) a material relationship with a person who has such an interest;

(2)Section 21-2,113 or 21-2,115 , (i) is not a party to the proceeding, (ii) is not a director as to whom a transaction is a director's conflicting interest transaction or who sought a disclaimer of the corporation's interest in a business opportunity under section 21-2,124 , which transaction or disclaimer is challenged in the proceeding, and (iii) does not have a material relationship with a director described in either subdivision (a)(2)(i) or (ii) of this section;

(3)Section 21-2,122 , is not a director (i) as to whom the

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(MBCA 1.43) (a) A qualified director is a director who, at the time action is to be taken under:
(1) Section 21-279 , does not have (i) a material interest in the outcome of the proceeding or (ii) a material relationship with a person who has such an interest;
(2) Section 21-2,113 or 21-2,115 , (i) is not a party to the proceeding, (ii) is not a director as to whom a transaction is a director's conflicting interest transaction or who sought a disclaimer of the corporation's interest in a business opportunity under section 21-2,124 , which transaction or disclaimer is challenged in the proceeding, and (iii) does not have a material relationship with a director described in either subdivision (a)(2)(i) or (ii) of this section;
(3) Section 21-2,122 , is not a director (i) as to whom the transaction is a director's conflicting interest transaction or (ii) who has a material relationship with another director as to whom the transaction is a director's conflicting interest transaction;
(4) Section 21-2,124 , would be a qualified director under subdivision (a)(3) of this section if the business opportunity were a director's conflicting interest transaction; or
(5) Subdivision (b)(6) of section 21-220 , is not a director (i) to whom the limitation or elimination of the duty of an officer to offer potential business opportunities to the corporation would apply or (ii) who has a material relationship with another officer to whom the limitation or elimination would apply.
(b) For purposes of this section:
(1) Material relationship means a familial, financial, professional, employment, or other relationship that would reasonably be expected to impair the objectivity of the director's judgment when participating in the action to be taken; and
(2) Material interest means an actual or potential benefit or detriment, other than one which would devolve on the corporation or the shareholders generally, that would reasonably be expected to impair the objectivity of the director's judgment when participating in the action to be taken.
(c) The presence of one or more of the following circumstances shall not automatically prevent a director from being a qualified director:
(1) Nomination or election of the director to the current board by any director who is not a qualified director with respect to the matter or by any person that has a material relationship with that director, acting alone or participating with others;
(2) Service as a director of another corporation of which a director who is not a qualified director with respect to the matter, or any individual who has a material relationship with that director, is or was also a director; or
(3) With respect to action to be taken under section 21-279 , status as a named defendant, as a director against whom action is demanded, or as a director who approved the conduct being challenged.