232B.100 - Termination of agency: Winding up affairs; limitation upon contracts; disposal of property, assets and liabilities. - Nevada Statutes

232B.100  Termination of agency: Winding up affairs; limitation upon contracts; disposal of property, assets and liabilities.

      1.  An agency may continue in existence until July 1 of the year immediately succeeding the effective date of its termination for the purpose of winding up its affairs, unless the agency has been consolidated with another.

      2.  The powers and duties of an agency are not abrogated or otherwise limited during the period between its termination and the following July 1, but no agency may enter into or let any contract, the performance of which extends beyond July 1 of the year immediately following the year in which it is terminated.

      3.  The Director of the Department of Administration is responsible for disposing of any property of a terminated agency. All assets and liabilities of an agency which has been consolidated with another must be taken over by the successor agency. Money in the State Treasury which is held in a special fund for an agency which has been terminated reverts to the State General Fund on July 1 of the year immediately following the year in which the agency was terminated.

      (Added to NRS by 1979, 1838; A 1993, 1493)