666.305 - Approval of Commissioner required before taking certain actions affecting depository institution or holding company whose home state is Nevada; penalty; injunctive relief. - Nevada Statutes

666.305  Approval of Commissioner required before taking certain actions affecting depository institution or holding company whose home state is Nevada; penalty; injunctive relief.

      1.  Unless the Commissioner gives prior written approval, no person may:

      (a) Acquire, directly or indirectly, a depository institution or holding company whose home state is Nevada;

      (b) Vote the stock of a depository institution or holding company acquired in violation of paragraph (a);

      (c) Acquire, directly or indirectly, the voting or nonvoting securities of a depository institution or a holding company whose home state is Nevada if the acquisition would result in that person’s obtaining more than 20 percent of the authorized voting securities of the institution or company if the nonvoting securities were converted into voting securities; or

      (d) Merge or consolidate with a depository institution or a holding company whose home state is Nevada.

      2.  Any person who willfully violates any provision of this section or any regulation adopted by the Commissioner pursuant to this section is guilty of a misdemeanor. Each day during which the violation continues constitutes a separate offense.

      3.  The Commissioner may obtain injunctive relief to prevent any change in control or impending violation of this section.

      (Added to NRS by 1985, 2150; A 1987, 1934; 1995, 1559)