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Can you summarize NVRS 661?
BANKS AND RELATED ORGANIZATIONS; OTHER FINANCIAL INSTITUTIONS > Organizational Requirements
Short Summary
The provided legal document content covers various aspects of organizational requirements, reporting requirements, management and control, eligibility requirements, meetings and examinations, bonding requirements, liability for violation of banking laws, treatment of outstanding overdrafts, and declaration of dividends or distributions of net profits for state banks, banking corporations, banking companies, directors, managers, officers, employees, stockholders, members, depositors, and creditors. The requirements for stockholders’ or members’ equity in state banks include a minimum initial equity amount and the requirement for deposit accounts to be insured by the Federal Deposit Insurance Corporation. Failure to pay installments on stock or contributions may result in the sale of the stock or interest and forfeiture of the amount previously paid. Reporting requirements include changes in ownership or management and certain loans made by banks. The management and control of banking corporations and banking companies are governed by the selection of directors or managers from stockholders or members. Eligibility requirements for directors or managers include ownership or holding of stock or interest with a minimum fair market value. Meetings of directors or managers must be held at least quarterly, and examinations of bank books and records must be conducted regularly. Officers and employees of banks must provide a bond, and the bank may require an increase in the bond amount. Liability is imposed on individuals who knowingly and intentionally participate in violations of banking laws. Outstanding overdrafts are not considered as assets of the bank unless adequately secured and in the process of being collected. The declaration of dividends or distributions of net profits is subject to certain conditions, unless the bank maintains the required deposit insurance. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
State banks, banking corporations, banking companies, directors, managers, officers, employees, stockholders, members, depositors, creditors
What does it govern?
Requirements for stockholders' or members' equity in state banks, consequences of failure to pay installments on stock or contributions, reporting requirements for banks and financial institutions, management and control of banking corporations, eligibility requirements for directors or managers of banks, meetings and examinations of banks, bonding requirements for officers and employees, liability for violation of banking laws, treatment of outstanding overdrafts, declaration of dividends or distributions of net profits
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Nevada