NRS 693A.505
Unlawful acquisition of securities: Voting of securities prohibited

  • injunctive and other relief.

1.

No security which is the subject of any agreement or arrangement regarding acquisition, or which is acquired or to be acquired, in contravention of NRS 693A.500 or of any regulation or order of the Commissioner may be voted at any shareholders’ meeting or may be counted for quorum purposes, and any action of the shareholders requiring the affirmative vote of a percentage of shares may be taken as though such securities were not issued and outstanding, but no action taken at any such meeting may be invalidated by the voting of such securities unless:

(a)

The action would materially affect control of the new stock insurer or an institution that owns a majority of the voting securities of the new stock insurer; or

(b)

A court of competent jurisdiction has so ordered.

2.

If a new stock insurer or the Commissioner has reason to believe that any security of the new stock insurer or an institution that owns a majority of the voting securities of the new stock insurer has been or is about to be acquired in contravention of NRS 693A.400 to 693A.540, inclusive, or of any regulation or order of the Commissioner, the new stock insurer or the Commissioner may apply to the First Judicial District Court in and for Carson City for an order to enjoin any offer or acquisition made in contravention of NRS 693A.500 or any regulation or order of the Commissioner to enjoin the voting of any security so acquired, to void any vote of such a security already cast at any shareholders’ meeting, and for such other equitable relief as the nature of the case and the interest of the policyholders, creditors and shareholders of the new stock insurer, or the public, may require.

Source: Section 693A.505 — Unlawful acquisition of securities: Voting of securities prohibited; injunctive and other relief., https://www.­leg.­state.­nv.­us/NRS/NRS-693A.­html#NRS693ASec505.

693A.400
Definitions. 693A.405
“Closed block” defined. 693A.410
“Consideration” defined. 693A.415
“Converting mutual” defined. 693A.420
“Eligible member” defined. 693A.425
“New stock insurer” defined. 693A.430
“Policyholder” defined. 693A.435
Procedure for conversion. 693A.440
Resolution by board of directors 693A.445
Application for conversion: Filing and contents 693A.450
Public hearing on application. 693A.455
Action by Commissioner on application. 693A.460
Meeting and vote of policyholders 693A.465
Abandonment of plan of conversion. 693A.470
Issuance and notice of final order approving application 693A.475
Authority of Commissioner to engage services of experts 693A.480
Confidentiality and publication of pertinent information and documents. 693A.485
Continuation of corporate existence of converting mutual. 693A.490
Purchase of stock by directors, officers, employees, agents or trustees. 693A.495
Receipt of fee, commission or other consideration for aiding, promoting or assisting in plan of conversion. 693A.500
Offers to acquire and acquisition of voting securities of new stock insurer or institution that owns majority of voting securities of new stock insurer. 693A.505
Unlawful acquisition of securities: Voting of securities prohibited 693A.510
Unlawful acquisition of securities: Seizure or sequestration of securities. 693A.515
Unlawful acquisition of securities: Imposition of administrative penalty for violation. 693A.520
Unlawful acquisition of securities: Imposition of administrative penalty against director, officer or agent. 693A.525
Unlawful acquisition of securities: Orders by Commissioner. 693A.530
Regulations and orders of Commissioner. 693A.535
Judicial review of final order of Commissioner. 693A.540
Enforcement of provisions by Commissioner.
Last Updated

Jun. 24, 2021

§ 693A.505’s source at nv​.us