Nevada Administrative Code
Chapter 662 - Banks: Powers and Miscellaneous Provisions
Section 662.030 - Long-term capital notes or debentures: Consideration of application
Current through September 16, 2024
The Commissioner will not consider a bank's application for or approve the issuance of its long-term capital notes or debentures unless:
1. The bylaws or articles of incorporation of the bank grant authority to its board of directors to issue the capital notes or debentures; or
2. The holders of two-thirds of the bank's capital stock have approved such an issuance at a stockholders' meeting. Before such a meeting, the bank shall mail or deliver to each stockholder a notice containing a statement that the proposal will be submitted at the meeting and a copy of the proposed debenture or agreement.
Banking Div., Long-term Capital Notes or Debentures Rule No. 1 subsec. 3, eff. 12-14-78-NAC A by Admstr. of Financial Institutions, eff. 6-29-84; A by R098-23A, eff. 6/6/2024
NRS 658.105, 662.115
