Nevada Administrative Code (Last Updated: January 6, 2015)

NAC677.190. Requirements for acquiescence.

Latest version.

The Commissioner will not acquiesce in the capital structure of a thrift company unless the structure:

     1. Is based on par value stock;

     2. Provides that the holders of all issued and outstanding common voting stock are assessable in accordance with the provisions of this chapter, or in accordance with any order, directive or demand of the Commissioner; and

     3. Provides that all borrowings, exclusive of thrift certificates, are subordinate to the claims of the thrift certificate holders.

[Dep’t of Commerce, Thrift Companies Reg. § 4 subsecs. 4.1-4.3, eff. 1-4-76; A and renumbered as subsec. 4.1, 1-4-78]—(NAC A by Admstr. of Financial Institutions, eff. 6-29-84)

                    
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