NAC662.090. Long-term capital notes or debentures: Acquisition by bank.

     1. A bank chartered by the State of Nevada which issues long-term capital notes or debentures shall not acquire or hold any of these capital notes or debentures in carrying out its duties to invest any of its own assets or any money which it holds in trust or holds as a sinking fund depository for its own capital notes or debentures, except that these long-term capital notes or debentures may be held in trust where the trustor specifically authorizes in the trust instrument that they may be held in trust.

     2. If any such capital notes or debentures are acquired by a bank contrary to the provisions of this section, the capital notes or debentures must be sold immediately or charged to the profit and loss account.

     [Banking Div., Long-Term Capital Notes or Debentures Rule No. 1 subsec. 9, eff. 12-14-78]