Why Nebraska Should Adopt the Revised Model Business Corporation Act

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Authors
Santoni, Roland J.
Issue Date
1995
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INTRODUCTION|During the past two years, significant support has developed for Nebraska to adopt the Revised Model Business Corporation Act ("R.M.B.C.A."). In January 1993, State Senator Douglas Kristensen introduced L.B. 688 which would have repealed the Nebraska Business Corporation Act ("N.B.C.A.") and adopted the R.M.B.C.A. A subcommittee of the Nebraska State Bar Association's Business, Banking, Insurance and Commercial Law section was formed to study the R.M.B.C.A. and recommend whether or not the Nebraska Bar Association should support Senator Kristensen's initiative. In order to give the subcommittee sufficient time for its study, no legislative action was taken on L.B. 688 in 1993. In August of 1993, the subcommittee voted to recommend that the Nebraska State Bar Association support adoption of the R.M.B.C.A. and in October of 1993, the House of Delegates voted to support adoption of the R.M.B.C.A. In January of 1994, Senator Kristensen introduced L.B. 1042, but this bill was not reported out of the Banking, Commerce and Insurance Committee during the 1994 legislative session. It is expected that Senator Kristensen will introduce a bill in January 1995 to repeal the N.B.C.A. and adopt the R.M.B.C.A. Approximately twenty-one states have adopted statutes similar to the present version of the R.M.B.C.A. Sixteen of these states, including Iowa, have statutes that follow the R.M.B.C.A. closely enough to be said to have adopted it....
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28 Creighton L. Rev. 149 (1994-1995)
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Creighton University School of Law
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