21-175 Conversion. - Nebraska Statutes

21-175. Conversion.(ULLCA 1006) (a) An organization otherthan a limited liability company or a foreign limited liability company mayconvert to a limited liability company, and a limited liability company mayconvert to an organization other than a foreign limited liability companypursuant to this section, sections 21-176 to 21-178, and a plan of conversion,if:(1) the other organization'sgoverning statute authorizes the conversion;(2) the conversion is not prohibitedby the law of the jurisdiction that enacted the other organization's governingstatute; and(3)the other organization complies with its governing statute in effecting theconversion.(b)A plan of conversion must be in a record and must include:(1) the name and formof the organization before conversion;(2) the name and form of the organization after conversion;(3) the terms and conditionsof the conversion, including the manner and basis for converting interestsin the converting organization into any combination of money, interests inthe converted organization, and other consideration; and(4) the organizationaldocuments of the converted organization that are, or are proposed to be, ina record. SourceLaws 2010, LB888, § 75.Operative Date: January 1, 2011