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Nebraska Revised Statutes Chapter 21. Corporations and Other Companies § 21-2939. Voting by patron members; voting by investor members

Current as of January 01, 2024 | Updated by Findlaw Staff

(1) Each patron member has one vote, but the articles of organization or bylaws may provide additional voting power to members on the basis of patronage under section 21-2941 and may provide for voting by district, group, or class under section 21-2956.

(2) If the articles of organization provide for investor members, each investor member has one vote, unless the articles of organization or bylaws otherwise provide. The articles of organization or bylaws may provide for the allocation of investor member voting power by class, classes, or any combination of classes.

(3) If a limited cooperative association has both patron and investor members:

(a) The aggregate voting power of all patron members shall not be less than fifty-one percent of the entire voting power entitled to vote, but the articles of organization or bylaws may reduce the collective voting power of patron members to not less than fifteen percent of the entire voting power entitled to vote; and

(b) The entire aggregate voting power of patron members shall be voted as determined by the majority vote of patron members voting at the members' meeting.

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Cite this article: FindLaw.com - Nebraska Revised Statutes Chapter 21. Corporations and Other Companies § 21-2939. Voting by patron members; voting by investor members - last updated January 01, 2024 | https://codes.findlaw.com/ne/chapter-21-corporations-and-other-companies/ne-rev-st-sect-21-2939/

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