21-2023 Emergency bylaws. - Nebraska Statutes

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Statutes > Nebraska > Chapter21 > 21-2023

21-2023. Emergency bylaws.(1) Unless the articles of incorporation provide otherwise, the board of directors of a corporation may adopt bylaws to be effective only in an emergency defined in subsection (4) of this section. The emergency bylaws, which shall be subject to amendment or repeal by the shareholders, may make all provisions necessary for managing the corporation during the emergency, including:(a) Procedures for calling a meeting of the board of directors;(b) Quorum requirements for the meeting; and(c) Designation of additional or substitute directors.(2) All provisions of the regular bylaws consistent with the emergency bylaws shall remain effective during the emergency. The emergency bylaws shall not be effective after the emergency ends.(3) Corporate action taken in good faith in accordance with the emergency bylaws:(a) Shall bind the corporation; and(b) May not be used to impose liability on a corporate director, officer, employee, or agent.(4) An emergency shall exist for purposes of this section if a quorum of the corporation's directors cannot readily be assembled because of some catastrophic event. SourceLaws 1995, LB 109, § 23.

State Codes and Statutes

Statutes > Nebraska > Chapter21 > 21-2023

21-2023. Emergency bylaws.(1) Unless the articles of incorporation provide otherwise, the board of directors of a corporation may adopt bylaws to be effective only in an emergency defined in subsection (4) of this section. The emergency bylaws, which shall be subject to amendment or repeal by the shareholders, may make all provisions necessary for managing the corporation during the emergency, including:(a) Procedures for calling a meeting of the board of directors;(b) Quorum requirements for the meeting; and(c) Designation of additional or substitute directors.(2) All provisions of the regular bylaws consistent with the emergency bylaws shall remain effective during the emergency. The emergency bylaws shall not be effective after the emergency ends.(3) Corporate action taken in good faith in accordance with the emergency bylaws:(a) Shall bind the corporation; and(b) May not be used to impose liability on a corporate director, officer, employee, or agent.(4) An emergency shall exist for purposes of this section if a quorum of the corporation's directors cannot readily be assembled because of some catastrophic event. SourceLaws 1995, LB 109, § 23.

State Codes and Statutes

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State Codes and Statutes

Statutes > Nebraska > Chapter21 > 21-2023

21-2023. Emergency bylaws.(1) Unless the articles of incorporation provide otherwise, the board of directors of a corporation may adopt bylaws to be effective only in an emergency defined in subsection (4) of this section. The emergency bylaws, which shall be subject to amendment or repeal by the shareholders, may make all provisions necessary for managing the corporation during the emergency, including:(a) Procedures for calling a meeting of the board of directors;(b) Quorum requirements for the meeting; and(c) Designation of additional or substitute directors.(2) All provisions of the regular bylaws consistent with the emergency bylaws shall remain effective during the emergency. The emergency bylaws shall not be effective after the emergency ends.(3) Corporate action taken in good faith in accordance with the emergency bylaws:(a) Shall bind the corporation; and(b) May not be used to impose liability on a corporate director, officer, employee, or agent.(4) An emergency shall exist for purposes of this section if a quorum of the corporation's directors cannot readily be assembled because of some catastrophic event. SourceLaws 1995, LB 109, § 23.