669.280 - Authority of Commissioner to take disciplinary action and to close and liquidate business. - Nevada Statutes

669.280  Authority of Commissioner to take disciplinary action and to close and liquidate business.

      1.  The violation of any of the provisions of this chapter by the officers or directors, or the managers or members acting in a managerial capacity, of any trust company is sufficient cause for the Commissioner to close the trust company, liquidate its business and revoke its license.

      2.  If a trust company or any person authorized to act on the behalf of the trust company refuses to allow the Commissioner or the Commissioner’s deputies to inspect all books, records, papers and effects of the business of the trust company, the Commissioner may revoke its license and proceed to wind up the affairs of the trust company.

      (Added to NRS by 1969, 1189; A 1983, 1762; 1987, 1947; 1999, 849)