Nevada Banks and Related Organizations; Other Financial Institutions

Sec. § 661.085
Impaired stockholders’ or members’ equity: Duty of Commissioner to give notice; duty of officers and directors to require bank to make impairment good; power of Commissioner to take possession of bank.


1.

If the stockholders’ or members’ equity of any bank has become impaired, the Commissioner shall notify the officers and directors of the bank to require the bank to make the impairment good within 3 months after receiving notice from the Commissioner.

2.

The officers and directors of the bank who receive the notice shall immediately require the bank to make the impairment good.

3.

If, within 3 months after the officers and directors of the bank receive the notice from the Commissioner, the bank fails to make the impairment good, the Commissioner may forthwith take possession of the property and business of the bank until its affairs are finally liquidated as provided by law.
Source

Last accessed
Feb. 5, 2021