§ 44-3312 — Legal service insurance corporation; articles of incorporation; contents

(1) Two or more persons
may organize a legal service insurance corporation under this section.
(2) The articles of incorporation of a not-for-profit corporation shall
conform to the requirements applicable to not-for-profit corporations under
the Nebraska Nonprofit Corporation Act and the articles of incorporation of
a corporation for profit shall conform to the requirements applicable to corporations
for profit under the Nebraska
Model Business Corporation Act, except that:
(a) The name of the corporation shall indicate that legal services or
indemnity for legal services is to be provided;
(b) The purposes of the corporation shall be limited to providing legal
services or indemnity for legal expenses and business reasonably related thereto;
(c) The articles shall state whether members or other providers of services
may be required to share operating deficits, either through assessments or
through reductions in the compensation for services rendered. They shall also
state the general conditions and procedures for deficit sharing and any limits
on the amount of the deficit to be assumed by each individual member or provider;
(d) For corporations having members, the articles shall state the conditions
and procedures for acquiring membership and that only members have the right
to vote; and
(e) For corporations not having members, the articles shall state how
the directors are to be selected.

Legislative History

Source: Laws 1979, LB 52, § 12; Laws 1995, LB 109, § 225; Laws 1996, LB 681, § 195; Laws 2014, LB749, § 291. Cross References: Nebraska Model Business Corporation Act, see section 21-201. Nebraska Nonprofit Corporation Act, see section 21-1901.