662.025 - Power to participate in Federal Deposit Insurance Corporation. - Nevada Statutes

662.025  Power to participate in Federal Deposit Insurance Corporation.  Subject to the approval of the Commissioner, and on the authority of a majority of its managers or board of directors, a bank may:

      1.  Enter into such contracts, incur such obligations and generally do and perform any or all such acts and things whatsoever as may be necessary or appropriate in order to take advantage of any or all memberships, loans, subscriptions, contracts, grants, rights or privileges which may at any time be available to inure to banking institutions, or to their depositors, creditors, stockholders, members, conservators, receivers or liquidators, by virtue of those provisions of the Federal Deposit Insurance Act, 12 U.S.C. §§ 1811-1831, which creates the Federal Deposit Insurance Corporation and provides for the insurance of deposits, or of any other provisions of that or any other act or resolution of the Congress to aid, regulate or safeguard banking institutions and their depositors, including any amendments to such acts, laws or resolutions or substitutions therefor.

      2.  Subscribe for and acquire any stock, debentures, bonds or other types of securities of the Federal Deposit Insurance Corporation and shall comply with the lawful regulations and requirements from time to time issued or made by the Federal Deposit Insurance Corporation.

      (Added to NRS by 1971, 980; A 1983, 1737; 1987, 1912; 1995, 485)