(a) A mutual benefit corporation may purchase its memberships if after the purchase is completed:

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Terms Used In Nebraska Statutes 21-19,128

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.

(1) The corporation would be able to pay its debts as they become due in the usual course of its activities; and

(2) The corporation’s total assets would at least equal the sum of its total liabilities.

(b) Corporations may make distributions upon dissolution in conformity with sections 21-19,129 to 21-19,145.