Nevada Revised Statutes 677.241 – Power of licensee to obtain benefits of federal programs or enter into contract with private insurer; regulations
1. Subject to the prior approval of the Commissioner, a licensee may, by a majority vote of its board of directors:
Terms Used In Nevada Revised Statutes 677.241
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(a) Enter into a contract, incur an obligation and perform other acts necessary to obtain a membership or other benefit that is available to a thrift company or its customers, stockholders, conservators, receivers or liquidators pursuant to the provisions of:
(1) The Federal Deposit Insurance Act, 12 U.S.C. § 1811 et seq.;
(2) The National Housing Act, 12 U.S.C. § 1701 to 1743, inclusive; or
(3) A contract for the insurance of deposits that is issued by a private insurer and approved by the Commissioner and the Commissioner of Insurance.
(b) Subscribe for and acquire any stock, debentures, bonds or other types of securities of the Federal Deposit Insurance Corporation.
2. The Commissioner shall adopt regulations prescribing the requirements that must be complied with before a contract issued pursuant to subparagraph (3) of paragraph (a) of subsection 1 will be approved by the Commissioner.