2018 Nebraska Revised Statutes
Chapter 21 - CORPORATIONS AND OTHER COMPANIES
21-2904 Nature of limited cooperative association.
21-2904. Nature of limited cooperative association.
(1) A limited cooperative association is an entity distinct from its members.
(2) A limited cooperative association may be organized under the Nebraska Limited Cooperative Association Act for any lawful purpose, regardless of whether or not for profit, except for the purpose of being a financial institution which is subject to supervision by the Department of Banking and Finance under section 8-102 or which would be subject to supervision by the department if chartered by the State of Nebraska or the business of an insurer as described in section 44-102.
(3) A limited cooperative association has a perpetual duration, unless otherwise set forth in its articles of organization or bylaws.
Source
- Laws 2007, LB368, ยง 4.
