661.145 - Directors or managers: Qualifications. - Nevada Statutes

661.145  Directors or managers: Qualifications.

      1.  No person is eligible to serve as a director or manager of any bank, organized or existing under the laws of this State, unless the person:

      (a) Is a bona fide owner of stock of the bank or its holding company;

      (b) Holds stock of the bank or its holding company in a revocable trust; or

      (c) Has a member’s interest in the bank.

      2.  The stock or interest owned or held pursuant to subsection 1 must have a total fair market value of at least $1,000. A determination of the value of the stock or interest must be based on its value on the date it was purchased or on its value on the date the owner or holder of the stock or interest became a director, whichever is greater. The stock or the member’s contribution must be fully paid and not pledged.

      3.  For the purposes of this section, “holding company” has the meaning ascribed to it in NRS 666.005.

      (Added to NRS by 1971, 978; A 1987, 211; 1995, 482, 1549; 1997, 79, 984, 1023)