NAC355.300. Authorized sources of money; agreements with public or private investors; restriction on acceptance of certain investments.

     1. The Corporation may obtain money from:

     (a) The State Permanent School Fund which is transferred to the Corporation by the State Treasurer pursuant to NRS 355.280.

     (b) Subject to the requirements of subsections 2 and 3, investments from the Nevada System of Higher Education and other public entities and investments from private individuals, organizations and businesses.

     (c) Gifts, grants and donations from any source.

     2. If the Corporation obtains an investment from a public or private investor pursuant to subsection 1, the Corporation must enter into an agreement with the investor which states:

     (a) The amount of the investment;

     (b) Any restrictions on the liquidity of the investment;

     (c) The manner in which distributions from investments will be made; and

     (d) The management fees and expenses to be paid by the investor.

     3. Before entering into an agreement pursuant to subsection 2, the Corporation must consult with legal counsel concerning whether the agreement would cause the Corporation to lose its exemption from the federal income tax. The Corporation may not accept an investment from a public or private investor pursuant to paragraph (b) of subsection 1 if the acceptance of the investment will cause the Corporation to lose its exemption from the federal income tax.

     4. The Corporation shall maintain a record of each agreement entered into pursuant to

subsection 2 and make the record available to a member of the public upon request.

     (Added to NAC by St. Treasurer by R128-11, eff. 2-20-2013)