NAC648.520. Operation of corporation upon death or disability of or cessation of affiliation with corporation by qualified person.

     1. If the person who is affiliated with a corporation and who possesses the qualifications required for the license issued to the corporation dies, becomes disabled or ceases to be affiliated with the corporation, the corporation may continue to conduct its operations, but not for more than 120 days. If after 120 days the corporation has not affiliated with another qualified person, it shall cease to do business. For the purposes of this subsection, a person licensed as a qualified agent of a corporation ceases to be affiliated with it when he or she is no longer fulfilling his or her obligations under a contract which has been made between him or her and the corporation and approved pursuant to NAC 648.250.

     2. If the corporation has affiliated with another qualified person, it may continue to do business until the next regularly scheduled meeting of the Board, at which meeting the Board will approve or disapprove the affiliation of the qualified person with the corporation. If the Board does not approve the affiliation of the person, it may permit the corporation more time in which to affiliate with another qualified person who holds a license from the Board. The additional time may not extend beyond the next regularly scheduled meeting of the Board.

     [Priv. Investigator’s Lic. Bd., § 10, eff. 1-15-74; A 8-21-81]—(NAC A by R047-12, 10-23-2013)