NAC677.260. Remedies if capital impaired, excess certificates issued or limitation of borrowing exceeded.  


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  •      1. If the capital of the company is impaired, or if the company has issued thrift certificates in excess of the limitation of subsection 1 of NRS 677.620 or if the company has exceeded the borrowings as limited by subsection 4 of NRS 677.620, the Commissioner may require that:

         (a) Money sufficient to cure the impairment or violation be transferred from the company’s undivided profit account to the capital or capital surplus account within 30 days after receipt of the order of the Commissioner to do so;

         (b) The company cease issuing thrift certificates until such time as the impairment or violation is cured; or

         (c) The holders of all common voting stock pay to the corporation on a pro rata basis enough money to cure the impairment or violation within 30 days after receipt of the order of the Commissioner to do so. The company must notify each common voting stockholder of the amount and terms of the assessment.

         2. If, within 30 days after the thrift company has received notice of the requirements of the Commissioner, the impairment or violation is not cured, the Commissioner may forthwith take possession of the property and business of the company until its affairs are finally liquidated as provided by law.

         3. This section does not limit any other remedies the Commissioner may have to cure impairments or violations.

     [Dep’t of Commerce, Thrift Companies Reg. § 6, eff. 1-4-76; A 1-4-78; 12-14-78]—(NAC A by Admstr. of Financial Institutions, eff. 6-29-84)