673.070 - Incorporation of domestic associations: Procedure; applicability of chapter 78 - Nevada Statutes

673.070  Incorporation of domestic associations: Procedure; applicability of chapter 78 of NRS; limitations on advertising for savings and loans.

      1.  Savings and loan associations, except banks, trust companies, licensed brokers, small loan companies, thrift companies and credit unions, whose principal and primary business is to borrow, loan and invest money, shall be incorporated under the provisions of this chapter. For that purpose all of the provisions of chapter 78 of NRS (Private Corporations) which are not in conflict with this chapter are hereby adopted as parts of this chapter, and all the rights, privileges and powers and all the duties and obligations of such domestic corporations and of the officers and stockholders thereof shall be as provided in chapter 78 of NRS except as otherwise provided in this chapter.

      2.  A person, firm, partnership, association or corporation except a savings and loan association incorporated under this chapter shall not conduct or carry on the business of soliciting or advertising for savings deposits and loaning of such savings. This subsection does not apply to banks, trust companies, licensed brokers, thrift companies, credit unions and licensees under chapter 675 of NRS.

      [Part 1:51:1931; A 1933, 78; 1931 NCL § 970]—(NRS A 1963, 460; 1975, 372; 1977, 488)