Neb. Rev. Stat. §§ 70-704

Current with changes through the 2024 First Special Legislative Session

Section 70-704 - Corporate powers

Each corporation shall have power:

(1) To sue and be sued, complain, and defend, in its corporate name;

(2) to have perpetual succession unless a limited period of duration is stated in its articles of incorporation;

(3) to adopt a corporate seal, which may be altered at pleasure, and to use it or a facsimile thereof, as required by law;

(4) to generate, manufacture, purchase, acquire, and accumulate electric energy and to transmit, distribute, sell, furnish, and dispose of such electric energy;

(5) to acquire, own, hold, use, exercise and, to the extent permitted by law, to sell, mortgage, pledge, hypothecate, and in any manner dispose of franchises, rights, privileges, licenses, rights-of-way, and easements necessary, useful, or appropriate;

(6) to purchase, receive, lease as lessee, or in any other manner acquire, own, hold, maintain, sell, exchange, and use any and all real and personal property or any interest therein for the purposes expressed herein;

(7) to borrow money and otherwise contract indebtedness, to issue its obligations therefor, and to secure the payment thereof by mortgage, pledge, or deed of trust of all or any of its property, assets, franchises, revenue, or income;

(8) to sell and convey, mortgage, pledge, lease as lessor, and otherwise dispose of all or any part of its property and assets;

(9) to have the same powers now exercised by law by public light and power districts or private corporations to use any of the streets, highways, or public lands of the state or its political subdivisions in the manner provided by law;

(10) to have and exercise the power of eminent domain for the purposes expressed in section 70-703 in the manner set forth in sections 76-704 to 76-724 and to have the powers and be subject to the restrictions of electric light and power corporations and districts as regards the use and occupation of public highways and the manner or method of construction and physical operation of plants, systems, and transmission lines;

(11) to accept gifts or grants of money, services, or property, real or personal;

(12) to make any and all contracts necessary or convenient for the exercise of the powers granted herein;

(13) to fix, regulate, and collect rates, fees, rents, or other charges for electric energy furnished by the corporation;

(14) to elect or appoint officers, agents, and employees of the corporation and to define their duties and fix their compensation;

(15) to make and alter bylaws not inconsistent with the articles of incorporation or with the laws of this state for the administration and regulation of the affairs of the corporation;

(16) to sell, lease, or license its dark fiber pursuant to sections 86-574 to 86-578; and

(17) to do and perform, either for itself or its members or for any other corporation organized under the Electric Cooperative Corporation Act or for the members thereof, any and all acts and things and to have and exercise any and all powers as may be necessary, convenient, or appropriate to effectuate the purpose for which the corporation is organized. Notwithstanding any law, ordinance, resolution, or regulation of any political subdivision to the contrary, each corporation may receive funds and extend loans pursuant to the Nebraska Investment Finance Authority Act.

Neb. Rev. Stat. §§ 70-704

Laws 1937, c. 50, § 4, p. 203; C.S.Supp.,1941, § 70-804; R.S.1943, § 70-704; Laws 1951, c. 101, § 109, p. 498; Laws 1980, LB 954, § 63; Laws 1987, LB 23, § 2; Laws 2001, LB 827, § 16; Laws 2002, LB 1105, § 478; Laws 2024, LB 61, § 3.

Amended by Laws 2024, LB 61,§ 3, eff. 7/19/2024.