Nevada Revised Statutes 604A.645 – Change of control of licensee: Notice; application to Commissioner
1. A licensee shall immediately notify the Commissioner of any change of control of the licensee.
Terms Used In Nevada Revised Statutes 604A.645
- 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
2. A person who acquires stock, partnership or member interests resulting in a change of control of the licensee shall apply to the Commissioner for approval of the transfer. The application must contain information which shows that the requirements for obtaining a license pursuant to the provisions of this chapter will be satisfied after the change of control. If the Commissioner determines that those requirements will not be satisfied, he or she may deny the application and forbid the applicant from participating in the business of the licensee.
3. As used in this section, ‘change of control’ means:
(a) A transfer of voting stock, partnership or member interests which results in giving a person, directly or indirectly, the power to direct the management and policy of a licensee; or
(b) A transfer of at least 25 percent of the outstanding voting stock, partnership or member interests of the licensee.