Nebraska § 21-2987 Voluntary dissolution by the board and members

Nebraska Statutes

§ 21-2987 — Voluntary dissolution by the board and members

Nebraska § 21-2987

Ch. 21Corporations and Other Companies

This text of Nebraska § 21-2987 (Voluntary dissolution by the board and members) 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. § 21-2987 (2026).

Text

In order to voluntarily dissolve:

(1)A resolution to dissolve shall be approved by a majority vote of the board of directors unless a greater vote is required by the articles of organization or bylaws;

(2)The board of directors shall mail or otherwise transmit or deliver in a record to each member:

(a)The resolution required by subdivision (1) of this section;

(b)A recommendation that the members vote in favor of the resolution, unless the board determines because of conflict of interest or other special circumstances it should not make such a recommendation;

(c)If the board makes no recommendation, the basis of that decision; and

(d)A notice of the meeting in the same manner as a special members' meeting;

(3)Subject to section 21-2939 , the resolution to dissolve shall be approved

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In order to voluntarily dissolve:
(1) A resolution to dissolve shall be approved by a majority vote of the board of directors unless a greater vote is required by the articles of organization or bylaws;
(2) The board of directors shall mail or otherwise transmit or deliver in a record to each member:
(a) The resolution required by subdivision (1) of this section;
(b) A recommendation that the members vote in favor of the resolution, unless the board determines because of conflict of interest or other special circumstances it should not make such a recommendation;
(c) If the board makes no recommendation, the basis of that decision; and
(d) A notice of the meeting in the same manner as a special members' meeting;
(3) Subject to section 21-2939 , the resolution to dissolve shall be approved by at least a two-thirds vote of patron members voting at the meeting and at least two-thirds vote of investor members voting at the meeting; and
(4) Unless otherwise provided in the resolution, the limited cooperative association is dissolved upon approval under subdivision (3) of this section.