Nebraska Statutes 44-255. Plan of exchange; corporate status
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The stock company acquired under a plan of exchange and the acquiring corporation shall be in all respects separate and distinct corporations, with neither corporation having any liability to the creditors or policyholders, if any, or shareholders of the other for any acts or omissions of the officers, directors, or shareholders of either or both of such corporations.
Source
- Laws 1973, LB 296, § 8;
- R.S.1943, (1988), § 44-133.08.
Terms Used In Nebraska Statutes 44-255
- 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.
- Stock company: shall mean a company with a capital stock that charges a fixed premium and is required to maintain the reserve provided by Chapter 44. See Nebraska Statutes 44-103