Nevada Revised Statutes 693B.020 – Adoption of bylaws for emergency: Procedure; provisions; approval
1. With the approval of the Commissioner, any domestic organization may at any time adopt, in the same manner as in the case of ordinary bylaws, emergency bylaws to become operative during a period of acute emergency. Emergency bylaws may contain provisions with respect to the number of directors capable of acting which shall constitute its board, the number of such directors which shall constitute a quorum at a meeting of the board, the number of votes necessary for action by such board, the manner in which vacancies on the board shall be filled, the line of succession of its officers, and the interim management of the affairs of the organization.
Terms Used In Nevada Revised Statutes 693B.020
- Acute emergency: means a period in which, by reason of loss of life, epidemic disease, destruction or damage of property, contamination of property by radiological, chemical or bacteriological means, or disruption of the means of transportation and communication, resulting from an attack, it is impossible or impracticable for the business of insurance in this state to be conducted in strict accord with the provisions of law or charters applicable thereto. See Nevada Revised Statutes 693B.010
- Board: means the board of directors, board of trustees, committee or similar body having control of the affairs of an organization. See Nevada Revised Statutes 693B.010
- Charter: means the certificate of organization or incorporation of an organization together with its bylaws, or the agreement establishing a fund or association together with its constitution and bylaws. See Nevada Revised Statutes 693B.010
- Commissioner: means the Commissioner of Insurance or other person designated to exercise the powers of that office during an acute emergency. See Nevada Revised Statutes 693B.010
- Domestic organization: means any organization which is domiciled in this state, including, insofar as the provisions of this chapter may appropriately apply thereto, any welfare or pension fund or United States branch of an alien insurer. See Nevada Revised Statutes 693B.010
- Organization: means any insurer, rating organization, service or advisory organization, joint underwriting association or other organization which is subject, in whole or in part, to the insurance laws of this state. See Nevada Revised Statutes 693B.010
2. Such provisions, if approved by the Commissioner, need not comply with the requirements of the charter of such domestic organization.
3. Except as provided in NRS 693B.120, the provisions of NRS 693B.040 to 693B.100, inclusive, 693B.120 and 693B.130 shall not be applicable during a period of acute emergency to any domestic organization operating in accordance with emergency bylaws approved by the Commissioner to the extent that the procedure set forth in such emergency bylaws relate to subject matter contained in NRS 693B.040 to 693B.100, inclusive.