Nevada Revised Statutes 396.807 – Beneficial interest of System and Board of Regents in nonprofit corporation
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The System, or the Board of Regents, as it may determine, has the beneficial interest in the corporation while any obligations evidenced by its bonds or other securities remain outstanding and the System or the Board of Regents, as it may determine, may obligate itself to take full legal title to the property of the corporation upon the retirement of its securities.
Terms Used In Nevada Revised Statutes 396.807
- Board of Regents: means the Board of Regents of the University of Nevada. See Nevada Revised Statutes 396.005
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- System: means the Nevada System of Higher Education. See Nevada Revised Statutes 396.005