661.035 - Amendment of articles of incorporation to increase or reduce authorized stock; approval by Commissioner. - Nevada Statutes

661.035  Amendment of articles of incorporation to increase or reduce authorized stock; approval by Commissioner.

      1.  A banking corporation may, with the approval of the Commissioner, amend its articles of incorporation to authorize an increase or reduction in its authorized stock.

      2.  The Commissioner shall not approve an amendment of the articles of incorporation that reduces the authorized stock of the corporation unless the Commissioner finds that the security of the existing creditors of the corporation will not be impaired.

      (Added to NRS by 1971, 974; A 1983, 1732; 1987, 211, 1907; 1995, 478; 1997, 981)