Nevada Revised Statutes 463.173 – Restrictions on person denied license or found unsuitable
1. A person who has had his or her application for a license denied or who has been found unsuitable by the Commission:
Terms Used In Nevada Revised Statutes 463.173
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- 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) Is not entitled to profit from his or her investment in a:
‘ (1) Corporation other than a publicly traded corporation, as that term is defined in NRS 463.487;
(2) Partnership;
(3) Limited partnership;
(4) Limited-liability company; or
(5) Joint venture, which has applied for or been granted a license.
(b) Shall not retain his or her interest in a corporation, partnership, limited partnership, limited-liability company or joint venture beyond that period prescribed by the Commission.
(c) Shall not accept more for his or her interest in a corporation, partnership, limited partnership, limited-liability company or joint venture than the person paid for it or the market value on the date of the denial of the license or the finding of unsuitability.
2. The Board or Commission may proceed pursuant to NRS 463.141 to enforce the provisions of subsection 1.