State Codes and Statutes

State Codes and Statutes

Statutes > Nebraska > Chapter21 > 21-2987

21-2987. Voluntary dissolution by the board and members.In order to voluntarily dissolve:(1) A resolution to dissolve shall be approved by a majority vote of the board of directors unless a greater vote is required by the articles of organization or bylaws;(2) The board of directors shall mail or otherwise transmit or deliver in a record to each member:(a) The resolution required by subdivision (1) of this section;(b) A recommendation that the members vote in favor of the resolution, unless the board determines because of conflict of interest or other special circumstances it should not make such a recommendation;(c) If the board makes no recommendation, the basis of that decision; and(d) A notice of the meeting in the same manner as a special members' meeting;(3) Subject to section 21-2939, the resolution to dissolve shall be approved by at least a two-thirds vote of patron members voting at the meeting and at least two-thirds vote of investor members voting at the meeting; and(4) Unless otherwise provided in the resolution, the limited cooperative association is dissolved upon approval under subdivision (3) of this section. SourceLaws 2007, LB368, § 87.