Nebraska Statutes 21-2985. Judicial dissolution
A district court may dissolve a limited cooperative association or order any action that under the circumstances is appropriate and equitable:
Terms Used In Nebraska Statutes 21-2985
- Action: shall include any proceeding in any court of this state. See Nebraska Statutes 49-801
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attorney: shall mean attorney at law. See Nebraska Statutes 49-801
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Fraud: Intentional deception resulting in injury to another.
- Organization: means a limited cooperative association, limited cooperative association governed by a law other than the Nebraska Limited Cooperative Association Act, a general partnership, a limited liability partnership, a limited partnership, a limited liability company, a business trust, a corporation, a cooperative, or any other person having a governing statute. See Nebraska Statutes 21-29,117
(1) In a proceeding by the Attorney General, if it is established that:
(a) The limited cooperative association obtained its articles of organization through fraud; or
(b) The limited cooperative association has continued to exceed or abuse the authority conferred upon it by law;
(2) In a proceeding by a member, if it is established that:
(a) The directors are deadlocked in the management of the limited cooperative association’s affairs, the members are unable to break the deadlock, and irreparable injury to the limited cooperative association is occurring or is threatened because of the deadlock;
(b) The directors or those in control of the limited cooperative association have acted, are acting, or will act in a manner that is illegal, oppressive, or fraudulent;
(c) The members are deadlocked in voting power and have failed, for a period that includes at least two consecutive annual members’ meetings, to elect successors to directors whose terms have expired; or
(d) The assets of the limited cooperative association are being misapplied or wasted; or
(3) In a proceeding by the limited cooperative association to have its voluntary dissolution continued under judicial supervision.