Nebraska Statutes 21-1948. Purchase of memberships
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(a) A public benefit or religious corporation may not purchase any of its memberships or any right arising therefrom.
Terms Used In Nebraska Statutes 21-1948
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(b) A mutual benefit corporation may purchase the membership of a member who resigns or whose membership is terminated for the amount and pursuant to the conditions set forth in or authorized by its articles or bylaws, but no payment shall be made in violation of sections 21-19,127 and 21-19,128.