Nevada Revised Statutes 159.101 – Exercising rights under stock ownership of protected person
1. A guardian of the estate may exercise the rights of the protected person which accrue pursuant to the ownership of the protected person of common or preferred stock, including, but not limited to, the right to:
Terms Used In Nevada Revised Statutes 159.101
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
(a) Vote for officers or directors;
(b) Approve or disapprove mergers or consolidations;
(c) Exercise stock options;
(d) Appoint proxies;
(e) Consent to dissolutions; and
(f) Exercise all rights which the protected person might exercise, if legally qualified, regarding the management of the corporation. If the stock owned by the protected person in a corporation exceeds 20 percent of the total issued and outstanding stock having voting rights, the guardian must have prior approval of the court to consent to any merger, consolidation or dissolution of the corporation or the sale or encumbrance of its assets where the consent of the stockholders is required by law.
2. Whenever the estate of a protected person includes corporate stock, the guardian may hold it in the name of a nominee without mention of the guardianship in the stock certificate, if any, or the stock registration books, if:
(a) The guardian’s records and all reports or accounts rendered by the guardian clearly show the ownership of the stock by the estate of the protected person and the facts regarding its holding; and
(b) The nominee deposits with the guardian a signed statement showing ownership of the stock by the estate of the protected person, endorses any stock certificate in blank and does not have possession of the stock certificate or access to the certificate except under the immediate supervision of the guardian.
3. The guardian is personally liable for any loss to the estate of the protected person resulting from any act of the nominee in connection with stock held pursuant to subsection 2.