Nevada Revised Statutes 666.135 – Approval of transfer of control required; grounds for disapproval
1. Any transfer of stock or trust certificates of a bank holding company by sale, gift or otherwise, which will result in giving the person who receives the shares voting control of the bank holding company must be approved by the Commissioner before the transfer.
Terms Used In Nevada Revised Statutes 666.135
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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. The Commissioner shall not approve a transfer if the Commissioner determines that the person who will gain control has been removed from a position as a director, officer or employee of a bank holding company, bank or other financial institution pursuant to an order of a state or federal agency.
3. The Commissioner may disapprove the transfer if in the Commissioner’s opinion the person who will gain control does not meet the requirements for an officer, director or stockholder set forth in subsection 3 of NRS 666.115.