NAC677.290. Sales or transfer.

     1. Every sale, transfer, encumbrance or pledge of shares as a security interest, or other hypothecation, of a company’s voting stock and every sale, transfer, encumbrance or pledge of shares, or other hypothecation, of more than 10 percent of a company’s issued nonvoting stock must be acquiesced in by the Commissioner before such sale, transfer, encumbrance or pledge, or other hypothecation, becomes effective.

     2. A sale, transfer, encumbrance or pledge of a share as a security interest, or other hypothecation of a company’s nonvoting stock that results in any natural person, company or other entities owning more than 10 percent of a thrift company’s issued nonvoting stock must be acquiesced in by the Commissioner before such sale, transfer, encumbrance or pledge, or other hypothecation, becomes effective.

     [Dep’t of Commerce, Thrift Companies Reg. § 9, eff. 1-4-76; A 2-7-76; 1-4-78]—(NAC A by Admstr. of Financial Institutions, eff. 6-29-84)