659.075 - Payment of initial stockholders’ or members’ equity; sale of stock or solicitation of contributions to bank in process of organization. - Nevada Statutes

659.075  Payment of initial stockholders’ or members’ equity; sale of stock or solicitation of contributions to bank in process of organization.

      1.  Subject to subsection 2, the initial stockholders’ or members’ equity of a bank must be fully paid in, in cash, before it is authorized by the Commissioner to commence business. The full payment in cash must be certified to the Commissioner under oath by the president or manager of the bank.

      2.  Except for any commission or fee not otherwise prohibited by this subsection, the stock sold by or contributions to any bank in the process of organization must be accounted for to the bank in the full amount paid. No commission or fee may be paid to any person, association or corporation for selling the stock of or soliciting contributions to any bank in the process of organization. The Commissioner shall refuse such a bank the authority to commence business if commissions or fees have been paid, or have been contracted to be paid by the bank, or by anyone in its behalf, to any person, association or corporation for securing subscriptions for, or selling stock in, or procuring contributions to, the bank.

      (Added to NRS by 1971, 971; A 1983, 1727; 1987, 1903; 1991, 616; 1995, 476; 1997, 978)