Nebraska Statutes 44-2907. Association; board of directors; number of directors; make bylaws
The board of directors of an association formed pursuant to sections 44-2901 to 44-2918 shall be comprised of not fewer than five nor more than twenty-one persons and a majority of them must be residents of the State of Nebraska. A person convicted of a felony may not be a director and all directors must be of good moral character and known professional, administrative or business ability, such business ability to include a practical knowledge of insurance, finance, or investment. Unless otherwise provided in the articles of incorporation, the board of directors shall make all bylaws. If the number of, or qualifications for, directors shall be amended in the articles or bylaws, such change shall not affect the incumbent directors for the term of office for which they were elected.
Terms Used In Nebraska Statutes 44-2907
- Director: shall mean the Director of Insurance. See Nebraska Statutes 44-103
- Person: shall include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801