88A.650 - Defaulting trusts: Conditions and procedure for reinstatement. - Nevada Statutes

88A.650  Defaulting trusts: Conditions and procedure for reinstatement.

      1.  Except as otherwise provided in subsections 3 and 4 and NRS 88A.345, the Secretary of State shall reinstate a business trust which has forfeited or which forfeits its right to transact business pursuant to the provisions of this chapter and shall restore to the business trust its right to carry on business in this State, and to exercise its privileges and immunities, if it:

      (a) Files with the Secretary of State:

             (1) The list required by NRS 88A.600; and

             (2) The information required pursuant to NRS 77.310; and

      (b) Pays to the Secretary of State:

             (1) The filing fee and penalty set forth in NRS 88A.600 and 88A.630 for each year or portion thereof during which its certificate of trust was revoked; and

             (2) A fee of $300 for reinstatement.

      2.  When the Secretary of State reinstates the business trust, the Secretary of State shall issue to the business trust a certificate of reinstatement if the business trust:

      (a) Requests a certificate of reinstatement; and

      (b) Pays the required fees pursuant to NRS 88A.900.

      3.  The Secretary of State shall not order a reinstatement unless all delinquent fees and penalties have been paid, and the revocation of the certificate of trust occurred only by reason of the failure to file the list or pay the fees and penalties.

      4.  If a certificate of business trust has been revoked pursuant to the provisions of this chapter and has remained revoked for a period of 5 consecutive years, the certificate must not be reinstated.

      5.  Except as otherwise provided in NRS 88A.660, a reinstatement pursuant to this section relates back to the date on which the business trust forfeited its right to transact business under the provisions of this chapter and reinstates the business trust’s right to transact business as if such right had at all times remained in full force and effect.

      (Added to NRS by 1999, 1568; A 2001, 3189; 2003, 20th Special Session, 108; 2007, 1334, 2431, 2698)