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

Nebraska Statutes

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

Nebraska § 21-406

Ch. 21Corporations and Other Companies

This text of Nebraska § 21-406 (Benefit corporation; terminate status; procedure) 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. § 21-406 (2026).

Text

(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 bus

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(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.