Nevada Revised Statutes 704.7568 – ‘Dispose of a generation asset’ defined
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‘Dispose of a generation asset’ means to:
Terms Used In Nevada Revised Statutes 704.7568
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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.
- 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
1. Sell, lease, assign, transfer or divest an interest in a generation asset, in whole or in part, to another person; or
2. Perform any promise, covenant or obligation to sell, lease, assign, transfer or divest an interest in a generation asset, in whole or in part, to another person pursuant to the terms of a contract or agreement executed before, on or after April 18, 2001, unless, before April 18, 2001:
(a) All terms and conditions of the contract or agreement were satisfied; and
(b) All parties to the contract or agreement fully performed all promises, covenants and obligations under the contract or agreement.