Nevada Revised Statutes 463.175 – Exemption of bank or trustee of employee stock ownership plan acting as fiduciary from certain requirements; limitation
1. As used in this section:
Terms Used In Nevada Revised Statutes 463.175
- 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.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Executor: A male person named in a will to carry out the decedent
- Fiduciary: A trustee, executor, or administrator.
- Inter vivos: Transfer of property from one living person to another living person.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Trustee: A person or institution holding and administering property in trust.
(a) ’Bank’ means a national banking association that is authorized to do business in this State, a banking corporation formed or regulated under the laws of this State or a trust company formed or regulated under the laws of this State.
(b) ’Employee stock ownership plan’ means a type of profit-sharing plan that invests primarily in the employer’s stock.
(c) ’Fiduciary’ means an executor, an administrator, a special administrator, a trustee of an inter vivos trust, a trustee of a testamentary trust, a trustee of an employee stock ownership plan, an escrow agent, a depositary or any combination thereof.
2. The Commission may, selectively or by general regulation, at any time and from time to time, exempt a bank or trustee of an employee stock ownership plan acting as a fiduciary from all or any portion of the requirements of NRS 463.160, 463.162, 463.167, 463.170, and 463.490 to 463.645, inclusive, and from the regulations adopted thereunder.
3. The Commission may, upon the recommendation of the Board or upon its own undertaking, grant, deny, limit, condition, restrict, revoke or suspend any exemption or application for exemption pursuant to subsection 2 for any reasonable cause.
4. An exemption granted pursuant to subsection 2 is a revocable privilege, and no person may acquire any vested rights therein or thereunder.