Until a certificate of authority is issued to a corporation to transact business on the stock plan and for three years thereafter, no shares of stock shall be issued by the corporation or sold or transferred by the promoters, incorporators, or other persons engaged in soliciting subscriptions or in organizing or promoting the corporation, without approval of the Department of Insurance, for an amount in excess of the original subscription price as stated in the application required by section 44-208.01. Except to the extent provided in this section, sales and transfers of shares of stock by the record owner or owners shall not be subject to sections 44-208.01 to 44-208.08.

Source

Terms Used In Nebraska Statutes 44-208.06

  • 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.
  • Department: shall mean the Department of Insurance. See Nebraska Statutes 44-103