Nevada Revised Statutes 661.240 – Additional limitation on making distribution; definition
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1. No distribution may be made by a bank if the distribution would reduce its stockholders’ or members’ equity below its initial stockholders’ or members’ equity.
Terms Used In Nevada Revised Statutes 661.240
- 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.
2. As used in this section, ‘distribution’ means a direct or indirect transfer of money or property other than its own shares or interests or the incurrence of indebtedness by a corporation or limited-liability company to or for the benefit of its stockholders or members with respect to any of its shares or interests. A distribution may be in the form of a declaration or payment of a dividend, a purchase, redemption or other acquisition of shares or interests or a distribution of indebtedness, or in any other form.