For purposes of the Electric Cooperative Corporation Act, unless the context otherwise requires: (1) Corporation means a corporation organized pursuant to the act; (2) board means a board of directors of a corporation organized under the act; (3) member means the incorporators of a corporation and each person thereafter lawfully admitted to membership therein; (4) federal agency includes the United States of America and any department administration, commission, board, bureau, office, establishment, agency, authority, or instrumentality of the United States of America heretofore or hereafter ordered; (5) person includes any natural person, firm, association, corporation, business trust, partnership, limited liability company, federal agency, state, or political subdivision thereof, or any body politic; (6) acquire means and includes construct, acquire by purchase, lease, devise, gift, or other mode of acquisition; (7) obligations include bonds, notes, debentures, interim certificates or receipts, and all other evidences of indebtedness issued by a corporation; and (8) rural area means any area not included within the boundaries of any incorporated city, town, or village.

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Terms Used In Nebraska Statutes 70-702

  • Acquire: when used in connection with a grant of power or property right to any person shall include the purchase, grant, gift, devise, bequest, and obtaining by eminent domain. See Nebraska Statutes 49-801
  • Company: shall include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
  • 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.
  • Devise: To gift property by will.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • 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
  • United States: shall include territories, outlying possessions, and the District of Columbia. See Nebraska Statutes 49-801