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Can you summarize NVRS 668?
BANKS AND RELATED ORGANIZATIONS; OTHER FINANCIAL INSTITUTIONS > Prohibited Practices and Penalties
Short Summary
The legal document, part of the Nevada Revised Statutes, prohibits certain practices and imposes penalties related to insolvent banks and unfair preferences to creditors. It applies to presidents, directors, managers, cashiers, officers, and employees of any bank. These individuals are prohibited from knowingly preparing, signing, approving, or concurring in any account, statement, return, report, or document containing false or deceptive statements or failing to set forth the true financial condition of the bank. They are also prohibited from giving fraudulent, undue, or unfair preference to a creditor over other creditors, except when providing security for public money as specified by law. Violators of these provisions are guilty of a category D felony and will be punished as provided in NRS 193.130. Additionally, they are liable for all damages suffered by the bank, its stockholders, creditors, or depositors and may be subject to removal upon order of the Commissioner.
Whom does it apply to?
Presidents, directors, managers, cashiers, officers, and employees of banks
What does it govern?
Prohibited practices and penalties related to banks and other financial institutions
What are exemptions?
Providing security for public money as specified by law
What are the Penalties?
1. Guilty of a category D felony and shall be punished as provided in NRS 193.130. 2. Liable for all damages suffered by the bank, its stockholders, creditors, or depositors and subject to removal upon order of the Commissioner.
Jurisdiction
Nevada