Nebraska Statutes 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.
Terms Used In Nebraska Statutes 21-2982
- Company: shall include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Organization: means a limited cooperative association, limited cooperative association governed by a law other than the Nebraska Limited Cooperative Association Act, a general partnership, a limited liability partnership, a limited partnership, a limited liability company, a business trust, a corporation, a cooperative, or any other person having a governing statute. See Nebraska Statutes 21-29,117
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: shall include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
- Trustee: A person or institution holding and administering property in trust.
(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.