§ 21-406 — Benefit corporation; terminate status; procedure

(1)
A benefit corporation may terminate its status as such and cease to be subject
to the Nebraska Benefit Corporation Act by amending its articles of incorporation
to delete the provision required by section 21-404 or 21-405 to be stated
in the articles of a benefit corporation. In order to be effective, the amendment
must be adopted by at least the minimum status vote.
(2) If a plan of merger,
conversion, or share exchange would have the effect of terminating the status
of a business corporation as a benefit corporation, the plan must be adopted
by at least the minimum status vote in order to be effective. Any sale, lease,
exchange, or other disposition of all or substantially all of the assets of
a benefit corporation, unless the transaction is in the usual and regular
course of business, is not effective unless the transaction is approved by
at least the minimum status vote.

Legislative History

Source: Laws 2014, LB751, § 6.