NAC706.473. Certificate holders: Equity capital.

     1. Each certificate holder shall maintain an investment of not less than 20 percent equity capital in his or her operations and include proof of that investment in his or her annual report filed with the Authority.

     2. A certificate holder who fails to maintain adequate equity capital as required by subsection 1 shall, not later than 3 months after receiving notice from the Authority of that failure, file a plan with the Authority to maintain such equity capital within the next 12 months.

     3. Within 15 months after receiving notice from the Authority that he or she has failed to maintain adequate equity capital, a certificate holder must have an investment of not less than 20 percent equity capital in his or her operations.

     4. The Authority may revoke the certificate of a certificate holder who fails to comply with the provisions of this section.

     (Added to NAC by Taxicab Auth. by R064-02, eff. 7-31-2002)