Nevada Revised Statutes 662.046 – Dealing in investment securities prohibited
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1. As used in this section ‘dealing in investment securities’ does not include the purchasing and selling of securities without recourse solely upon order and for the account of customers.
Terms Used In Nevada Revised Statutes 662.046
- 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.
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
2. Banks shall not engage in the business of dealing in any investment securities, either directly or through subsidiary corporations, except as otherwise provided in chapters 657 to 671, inclusive, of NRS for investment in public securities or private securities.
3. Any provision contained in the articles of incorporation issued to any banking corporation before July 1, 1971, which is in conflict with this section is revoked.