Nebraska § 21-2955 Qualifications of directors and composition of board

Nebraska Statutes

§ 21-2955 — Qualifications of directors and composition of board

Nebraska § 21-2955

Ch. 21Corporations and Other Companies

This text of Nebraska § 21-2955 (Qualifications of directors and composition of board) 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. § 21-2955 (2026).

Text

(1)A director shall be an individual or individual representative of a member that is not an individual.

(2)The articles of organization or bylaws may provide for qualification of directors subject to this section.

(3)Except as otherwise provided in the articles of organization or bylaws and subject to subsections (4) and (5) of this section, each director shall be a member of the limited cooperative association or a designee of a member that is not an individual.

(4)Unless otherwise provided in the articles of organization or bylaws, a director may be an officer or employee of the limited cooperative association.

(5)If the limited cooperative association is permitted to have nonmember directors by its articles of organization or bylaws, the number of nonmember directors shall not exc

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(1) A director shall be an individual or individual representative of a member that is not an individual.
(2) The articles of organization or bylaws may provide for qualification of directors subject to this section.
(3) Except as otherwise provided in the articles of organization or bylaws and subject to subsections (4) and (5) of this section, each director shall be a member of the limited cooperative association or a designee of a member that is not an individual.
(4) Unless otherwise provided in the articles of organization or bylaws, a director may be an officer or employee of the limited cooperative association.
(5) If the limited cooperative association is permitted to have nonmember directors by its articles of organization or bylaws, the number of nonmember directors shall not exceed:
(a) One director, if there are two, three, or four directors; and
(b) One-fifth of the total number of directors, if there are five or more directors.