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Can you summarize NVRS 667?
BANKS AND RELATED ORGANIZATIONS; OTHER FINANCIAL INSTITUTIONS > Liquidation and Reorganization
Short Summary
This legal document, governed by the Nevada Revised Statutes, pertains to the voluntary liquidation and sale of assets of a bank. It outlines the procedures and requirements for a bank to go into voluntary liquidation, including obtaining approval from the Commissioner and publishing a notice of closure. The document also states that during voluntary liquidation, the bank is subject to examination by the Commissioner and must provide reports as requested. Additionally, it allows a bank in the process of voluntary liquidation to sell and transfer its assets to another state or national bank, subject to approval by the Commissioner and the bank’s board of directors or managers. The approval of voluntary liquidation or asset sale by the Commissioner authorizes the cancellation of the bank’s articles of incorporation or organization. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Banks in the state of Nevada
What does it govern?
Voluntary liquidation and sale of assets of a bank
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Nevada