reglab/housing_qa huggingface dataset:
NE Code § 21-2962 (2021)
2021 Nebraska Revised Statutes|Chapter 21 - Corporations and Other Companies|21-2962 - Compensation of directors.

21-2962.  Compensation of directors.Unless the articles of organization or bylaws otherwise provide, the board of directors may fix the remuneration of directors and nondirector committee members.Source Laws 2007, LB368, § 62.
NE Code § 21-2963 (2021)
2021 Nebraska Revised Statutes|Chapter 21 - Corporations and Other Companies|21-2963 - Meetings.

21-2963.  Meetings.(1) The board of directors shall meet at least annually and may hold meetings in or outside this state.(2) Unless otherwise provided in the articles of organization or bylaws, the board of directors may permit directors to attend board meetings or conduct board meetings through the use of any means of communication, if all directors attending the meeting can communicate with each other during the meeting.Source Laws 2007, LB368, § 63.
NE Code § 21-2964 (2021)
2021 Nebraska Revised Statutes|Chapter 21 - Corporations and Other Companies|21-2964 - Action without meeting.

21-2964.  Action without meeting.(1) Unless prohibited by the articles of organization or bylaws, any action that may be taken by the board of directors may be taken without a meeting if each director consents to action in a record.(2) Consent under subsection (1) of this section may be withdrawn by a director in a record at any time before the limited cooperative association receives a record of consent from each director.(3) The record of consent for any action may specify the effective date or time of the action.Source Laws 2007, LB368, § 64.
NE Code § 21-2965 (2021)
2021 Nebraska Revised Statutes|Chapter 21 - Corporations and Other Companies|21-2965 - Meetings and notice.

21-2965.  Meetings and notice.(1) Unless otherwise provided by the articles of organization or bylaws, the board of directors may establish a time and place for regular board meetings and notice of the time, place, or purpose of those meetings is not required.(2) Unless otherwise provided by the articles of organization or bylaws, special meetings of the board of directors shall be preceded by at least three days' notice of the time, date, and place of the meeting. The notice shall contain a statement of the purpose of the special meeting and the meeting shall be limited to the matters contained in the statement.Source Laws 2007, LB368, § 65.
NE Code § 21-2966 (2021)
2021 Nebraska Revised Statutes|Chapter 21 - Corporations and Other Companies|21-2966 - Waiver of notice of meeting.

21-2966.  Waiver of notice of meeting.(1) Unless otherwise provided in the articles of organization or bylaws, a director may waive any required notice of a meeting of the board of directors in a record before, during, or after the meeting.(2) Unless otherwise provided in the articles of organization or bylaws, a director's participation in a meeting is waiver of notice of that meeting, unless the director objects to the meeting at the beginning of the meeting or promptly upon the director's arrival at the meeting and does not thereafter vote for or assent to action taken at the meeting.Source Laws 2007, LB368, § 66.
NE Code § 21-2967 (2021)
2021 Nebraska Revised Statutes|Chapter 21 - Corporations and Other Companies|21-2967 - Quorum.

21-2967.  Quorum.(1) Unless otherwise provided in the articles of organization or bylaws, a majority of the fixed number of directors on the board of directors constitutes a quorum for the management of the affairs of the limited cooperative association.(2) If a quorum is in attendance at the beginning of the meeting, any action taken by the board of directors present is valid even if the withdrawal of directors originally present results in the number of directors being less than the number required for a quorum.Source Laws 2007, LB368, § 67.
NE Code § 21-2968 (2021)
2021 Nebraska Revised Statutes|Chapter 21 - Corporations and Other Companies|21-2968 - Voting.

21-2968.  Voting.Each director has one vote for purposes of decisions made by the board of directors.Source Laws 2007, LB368, § 68.
NE Code § 21-2969 (2021)
2021 Nebraska Revised Statutes|Chapter 21 - Corporations and Other Companies|21-2969 - Committees.

21-2969.  Committees.(1) Unless otherwise provided by the articles of organization or bylaws, a board of directors may create one or more committees and appoint one or more individuals to serve on a committee.(2) Unless otherwise provided by the articles of organization or bylaws, an individual appointed to serve on a committee need not be a director or member of the limited cooperative association. An individual serving on a committee has the same rights, duties, and obligations as a director serving on a committee.(3) Unless otherwise provided by the articles of organization or bylaws, each committee may exercise the powers as delegated by the board of directors except that no committee may:(a) Approve allocations or distributions except according to a formula or method prescribed by the board of directors;(b) Approve or propose to members action requiring approval of members; or(c) Fill vacancies on the board of directors or any of its committees.Source Laws 2007, LB368, § 69.
NE Code § 21-2970 (2021)
2021 Nebraska Revised Statutes|Chapter 21 - Corporations and Other Companies|21-2970 - Standards of conduct and liability.

21-2970.  Standards of conduct and liability.(1) A director shall discharge his or her duties as a director, including his or her duties as a member of a committee:(a) In good faith;(b) With the care an ordinarily prudent person in a like position would exercise under similar circumstances; and(c) In a manner he or she reasonably believes to be in the best interests of the limited cooperative association.(2) In discharging his or her duties, a director shall be entitled to rely on information, opinions, reports, or statements, including financial statements and other financial data, if prepared or presented by:(a) One or more officers or employees of the limited cooperative association whom the director reasonably believes to be reliable and competent in the matters presented;(b) Legal counsel, public accountants, or other persons as to matters the director reasonably believes are within the person's professional or expert competence; or(c) A committee of the board of directors of which he or she is not a member, if the director reasonably believes the committee merits confidence.(3) A director shall not be considered to be acting in good faith if he or she has knowledge concerning the matter in question that makes reliance otherwise permitted by subsection (2) of this section unwarranted.(4) A director shall not be liable for any action taken as a director or any failure to take any action if he or she performed the duties of his or her office in compliance with this section.Source  Laws 2007, LB368, § 70;  Laws 2008, LB706, § 1.
NE Code § 21-2971 (2021)
2021 Nebraska Revised Statutes|Chapter 21 - Corporations and Other Companies|21-2971 - Conflict of interest.

21-2971.  Conflict of interest.Except as otherwise provided in section 21-2970, the Nebraska Model Business Corporation Act governs conflicts of interests between a director or member of a committee of the board of directors and the limited cooperative association.Source  Laws 2007, LB368, § 71;  Laws 2014, LB749, § 275. Cross References  Nebraska Model Business Corporation Act, see section 21-201.
NE Code § 21-2972 (2021)
2021 Nebraska Revised Statutes|Chapter 21 - Corporations and Other Companies|21-2972 - Right of director to information.

21-2972.  Right of director to information.A director may obtain, inspect, and copy all information regarding the state of activities and financial condition of the limited cooperative association and other information regarding the activities of the limited cooperative association reasonably related to the performance of the director's duties as director but not for any other purpose or in any manner that would violate any duty to the limited cooperative association.Source Laws 2007, LB368, § 72.
NE Code § 21-2973 (2021)
2021 Nebraska Revised Statutes|Chapter 21 - Corporations and Other Companies|21-2973 - Other considerations of directors.

21-2973.  Other considerations of directors.Unless otherwise provided in the articles of organization or bylaws, a director, in determining the best interests of the limited cooperative association, may consider the interests of employees, customers, and suppliers of the limited cooperative association and of the communities in which the limited cooperative association operates and the long-term and short-term interests of the limited cooperative association and its members.Source Laws 2007, LB368, § 73.
NE Code § 21-2974 (2021)
2021 Nebraska Revised Statutes|Chapter 21 - Corporations and Other Companies|21-2974 - Appointment and authority of officers.

21-2974.  Appointment and authority of officers.(1) A limited cooperative association has the offices provided in its articles of organization or bylaws or established by the board of directors consistent with the articles of organization or bylaws.(2) The articles of organization or bylaws or the board of directors shall designate one of the officers for preparing all records required by section 21-2910 for the authentication of records.(3) Officers have the authority and shall perform the duties as the articles of organization or bylaws prescribe or as the board of directors determines is consistent with the articles of organization or bylaws.(4) The election or appointment of an officer does not of itself create a contract with the officer.(5) Unless otherwise provided in the articles of organization or bylaws an individual may simultaneously hold more than one office in the limited cooperative association.Source Laws 2007, LB368, § 74.
NE Code § 21-2975 (2021)
2021 Nebraska Revised Statutes|Chapter 21 - Corporations and Other Companies|21-2975 - Resignation and removal of officers.

21-2975.  Resignation and removal of officers.(1) The board of directors may remove an officer at any time with or without cause.(2) An officer may resign at any time in a record giving notice to the limited cooperative association. The resignation is effective when the notice is given unless the notice specifies a later time.Source Laws 2007, LB368, § 75.
NE Code § 21-2976 (2021)
2021 Nebraska Revised Statutes|Chapter 21 - Corporations and Other Companies|21-2976 - Indemnification.

21-2976.  Indemnification.Indemnification of any individual who has incurred liability, is a party, or is threatened to be made a party because of the performance of duties to, or activity on behalf of, the limited cooperative association is governed by the Nebraska Model Business Corporation Act.Source  Laws 2007, LB368, § 76;  Laws 2014, LB749, § 276. Cross References  Nebraska Model Business Corporation Act, see section 21-201.
NE Code § 21-2977 (2021)
2021 Nebraska Revised Statutes|Chapter 21 - Corporations and Other Companies|21-2977 - Members' contributions.

21-2977.  Members' contributions.The articles of organization or bylaws may establish the amount, manner, or method of determining any member contribution requirements for members or may authorize the board of directors to establish the manner and terms of any contributions for members.Source Laws 2007, LB368, § 77.
NE Code § 21-2978 (2021)
2021 Nebraska Revised Statutes|Chapter 21 - Corporations and Other Companies|21-2978 - Forms of contribution and valuation.

21-2978.  Forms of contribution and valuation.(1) Unless otherwise provided in the articles of organization or bylaws, the contributions of a member may consist of tangible or intangible property or other benefit to the limited cooperative association, including money, services performed or to be performed, promissory notes, other agreements to contribute cash or property, and contracts to be performed.(2) The receipt and acceptance of contributions and the valuation of contributions shall be reflected in the limited cooperative association's required records pursuant to section 21-2910.(3) Unless otherwise provided in the articles of organization or bylaws, the board of directors shall value the contributions received or to be received. The determination by the board of directors on valuation is conclusive for purposes of determining whether the member's contribution obligation has been fully met.Source  Laws 2007, LB368, § 78;  Laws 2008, LB848, § 19.
NE Code § 21-2979 (2021)
2021 Nebraska Revised Statutes|Chapter 21 - Corporations and Other Companies|21-2979 - Contribution agreements.

21-2979.  Contribution agreements.(1) A contribution agreement entered into before formation of the limited cooperative association is irrevocable for six months unless:(a) Otherwise provided by the agreement; or(b) All parties to the agreement consent to the revocation.(2) Upon default by a party to a contribution agreement entered into before formation, the limited cooperative association, once formed, may:(a) Collect the amount owed as any other debt; or(b) Unless otherwise provided in the agreement, rescind the agreement if the debt remains unpaid more than twenty days after the limited cooperative association demands payment from the party in a record.Source Laws 2007, LB368, § 79.
NE Code § 21-2980 (2021)
2021 Nebraska Revised Statutes|Chapter 21 - Corporations and Other Companies|21-2980 - Allocation of profits and losses.

21-2980.  Allocation of profits and losses.(1) Subject to subsection (2) of this section, the articles of organization or bylaws shall provide for the allocation of net proceeds, savings, margins, profits, and losses between classes or groups of members.(2)(a) Unless the articles of organization or bylaws otherwise provide, patron members shall be allocated at least fifty percent of the net proceeds, savings, margins, profits, and losses in any fiscal year. The articles of organization or bylaws shall not reduce the percentage allocated to patron members to less than fifteen percent of the net proceeds.(b) For purposes of this subsection, the following rules apply:(i) Amounts paid or due on contracts for the delivery to the association by patron members of products, goods, or services are not considered amounts allocated to patron members; and(ii) Amounts paid, due, or allocated to investor members as a stated, fixed return on equity are not considered amounts allocated to investor members.(3) Unless otherwise provided in the articles of organization or bylaws, in order to determine the amount of net proceeds, savings, margins, and profits, the board of directors may set aside a portion of the revenue, whether or not allocated to members, after accounting for other expenses, for purposes of:(a) Creating or accumulating a capital reserve; and(b) Creating or accumulating reserves for specific purposes, including expansion and replacement of capital assets and other necessary business purposes.(4) Subject to subsection (5) of this section and the articles of organization or bylaws, the board of directors shall allocate the amount remaining after the allocations under subsections (1) through (3) of this section:(a) To patron members annually in accordance with the ratio of each member's patronage during the period to total patronage of all patron members during the period; and(b) To investor members, if any, in accordance with the ratio of each investor member's limited contribution to the total initial contribution of all investor members.(5) For purposes of allocation of net proceeds, savings, margins, profits, and losses to patron members, the articles of organization or bylaws may establish allocation units based on function, division, district, department, allocation units, pooling arrangements, members' contributions, or other methods.Source  Laws 2007, LB368, § 80;  Laws 2008, LB848, § 20.
NE Code § 21-2981 (2021)
2021 Nebraska Revised Statutes|Chapter 21 - Corporations and Other Companies|21-2981 - Distributions.

21-2981.  Distributions.(1) Unless otherwise provided by the articles of organization or bylaws and subject to subsection (2) of this section, the board of directors may authorize, and the limited cooperative association may make, distributions to members.(2) Unless otherwise provided by the articles of organization or bylaws, distributions to members may be made in the form of cash, capital credits, allocated patronage equities, revolving fund certificates, the limited cooperative association's own securities or other securities, or in any other manner.Source Laws 2007, LB368, § 81.
NE Code § 21-2981.01 (2021)
2021 Nebraska Revised Statutes|Chapter 21 - Corporations and Other Companies|21-2981.01 - Distributions to members; redemption or repurchase authorized; how treated.

21-2981.01.  Distributions to members; redemption or repurchase authorized; how treated.Property distributed under subsection (2) of section 21-2981, other than cash, may be redeemed or repurchased as provided in the articles of organization or bylaws but no redemption or repurchase may be made without full and final authorization by the board of directors, which may be withheld for any reason in the board's sole discretion. The redemption or repurchase will be treated as a distribution under section 21-2981.Source Laws 2008, LB848, § 21.
NE Code § 21-2981.02 (2021)
2021 Nebraska Revised Statutes|Chapter 21 - Corporations and Other Companies|21-2981.02 - Limit on distributions.

21-2981.02.  Limit on distributions.(1) A limited cooperative association shall not make a distribution if, after the distribution:(a) The limited cooperative association would not be able to pay its debts as they become due in the ordinary course of the association's activities; or(b) The limited cooperative association's assets would be less than the sum of its total liabilities.(2) A limited cooperative association may base a determination that a distribution is not prohibited under subsection (1) of this section on financial statements prepared on the basis of accounting practices and principles that are reasonable in the circumstances or on a fair valuation or other methods that are reasonable in the circumstances.(3) Except as otherwise provided in subsection (4) of this section, the effect of a distribution allowed under subsection (2) of this section is measured:(a) In the case of distribution by purchase, redemption, or other acquisition of financial rights in the limited cooperative association, as of the date money or other property is transferred or debt is incurred by the association; and(b) In all other cases, as of the date:(i) The distribution is authorized, if the payment occurs within one hundred twenty days after that date; or(ii) The payment is made, if payment occurs more than one hundred twenty days after the distribution is authorized.(4) If indebtedness is issued as a distribution, each payment of principal or interest on the indebtedness is treated as a distribution, the effect of which is measured on the date the payment is made.(5) For purposes of this section, distribution does not include reasonable amounts paid to a member in the ordinary course of business as payment or compensation for commodities, goods, past or present services, or reasonable payments made in the ordinary course of business under a bona fide retirement or other benefits program.Source Laws 2008, LB848, § 22.
NE Code § 21-2981.03 (2021)
2021 Nebraska Revised Statutes|Chapter 21 - Corporations and Other Companies|21-2981.03 - Prohibited distribution; director liability; member or holder of financial rights liability; actions authorized; statute of limitation.

21-2981.03.  Prohibited distribution; director liability; member or holder of financial rights liability; actions authorized; statute of limitation.(1) A director who consents to a distribution made in violation of section 21-2981 is personally liable to the limited cooperative association for the amount of the distribution which exceeds the amount that could have been distributed without the violation if it is established that in consenting to the distribution the director failed to comply with section 21-2970 or 21-2971.(2) A member or holder of financial rights which received a distribution knowing that the distribution to the member or holder was made in violation of section 21-2981.02 is personally liable to the limited cooperative association but only to the extent that the distribution received by the member or holder exceeded the amount that could have been properly paid under section 21-2981.02.(3) A director against whom an action is commenced under subsection (1) of this section may:(a) Implead in the action any other director that is liable under subsection (1) of this section and compel contribution from the person; and(b) Implead in the action any person that is liable under subsection (2) of this section and compel contribution from the person in the amount the person received as described in such subsection.(4) An action under this section is barred if it is not commenced within two years after the distribution.Source Laws 2008, LB848, § 23.
NE Code § 21-2982 (2021)
2021 Nebraska Revised Statutes|Chapter 21 - Corporations and Other Companies|21-2982 - Member's dissociation; power of estate of member.

21-2982.  Member's dissociation; power of estate of member.(1) A member does not have a right to withdraw as a member of a limited cooperative association but has the power to withdraw.(2) Unless otherwise provided by the articles of organization or bylaws, a member is dissociated from a limited cooperative association upon the occurrence of any of the following events:(a) The limited cooperative association's having notice in a record of the person's express will to withdraw as a member or to withdraw on a later date specified by the person;(b) An event provided in the articles of organization or bylaws as causing the person's dissociation as a member;(c) The person's expulsion as a member pursuant to the articles of organization or bylaws;(d) The person's expulsion as a member by the board of directors if:(i) It is unlawful to carry on the limited cooperative association's activities with the person as a member;(ii) Subject to section 21-2947, there has been a transfer of all of the person's financial rights in the limited cooperative association;(iii) The person is a corporation or association whether or not organized under the Nebraska Limited Cooperative Association Act; and:(A) The limited cooperative association notifies the person that it will be expelled as a member because it has filed a statement of intent to dissolve or articles of dissolution, it has been administratively or judicially dissolved, its charter has been revoked, or its right to conduct business has been suspended by the jurisdiction of its organization; and(B) Within ninety days after the person receives the notification described in subdivision (2)(d)(iii)(A) of this section, there is no revocation of the certificate of dissolution or no reinstatement of its charter or its right to conduct business; or(iv) The person is a limited liability company, association, whether or not organized under the act, or partnership that has been dissolved and whose business is being wound up;(e) In the case of a person who is an individual, the person's death;(f) In the case of a person that is a trust, distribution of the trust's entire financial rights in the limited cooperative association, but not merely by the substitution of a successor trustee;(g) In the case of a person that is an estate, distribution of the estate's entire financial interest in the limited cooperative association, but not merely by the substitution of a successor personal representative;(h) Termination of a member that is not an individual, partnership, limited liability company, limited cooperative association, whether or not organized under the act, corporation, trust, or estate; or(i) The limited cooperative association's participation in a merger or consolidation, if, under the plan of merger or consolidation as approved under section 21-29,122, the person ceases to be a member.Source  Laws 2007, LB368, § 82;  Laws 2008, LB848, § 24.