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Nebraska Revised Statutes Chapter 21. Corporations and Other Companies § 21-2959. Removal of director

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

Unless the articles of organization or bylaws otherwise provide, the following rules apply:

(1) Members may remove a director with or without cause;

(2) A member or members holding at least twenty-five percent of the total voting power entitled to be voted in the election of the director may demand removal of a director by a signed petition submitted to the officer of the limited cooperative association charged with keeping its records;

(3) Upon receipt of a petition for removal of a director, an officer or the board of directors shall:

(a) Call a special members' meeting to be held within ninety days after receipt of the petition by the association; and

(b) Mail or otherwise transmit or deliver in a record to the members entitled to vote on the removal notice of the meeting which complies with section 21-2936;

(4) A director against whom a petition has been submitted shall be informed in a record of the petition within a reasonable time before the members' meeting at which the members consider the petition; and

(5) A director is removed if the votes in favor of removal are equal to or greater than the votes required to elect the director.

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Cite this article: FindLaw.com - Nebraska Revised Statutes Chapter 21. Corporations and Other Companies § 21-2959. Removal of director - last updated January 01, 2024 | https://codes.findlaw.com/ne/chapter-21-corporations-and-other-companies/ne-rev-st-sect-21-2959/

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