Nevada Revised Statutes 467.080 – License for contest or exhibition; application for license; fee; limited, restricted or conditional license; bond; Athletic Commission’s Agency Account; additional deposit; exceptions
1. The Commission may issue and revoke licenses to conduct, hold or give contests or exhibitions of unarmed combat in accordance with such terms and provisions as the Commission prescribes.
Terms Used In Nevada Revised Statutes 467.080
- 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.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
2. Any application for such a license must be in writing and correctly show and define the applicant. The application must be accompanied by an annual fee to be fixed by the Commission on a uniform scale.
3. The Commission may deny an application for such a license or grant a limited, restricted or conditional license for any cause deemed sufficient by the Commission.
4. Before any license is granted, the applicant must file a bond in an amount fixed by the Commission but not less than $10,000, executed by the applicant as principal, and by a corporation qualified under the laws of this state as surety, payable to the State of Nevada, and conditioned upon the faithful performance by the applicant of the provisions of this chapter. All money which the Commission receives pursuant to this subsection must be deposited with the State Treasurer for credit to the Athletic Commission’s Agency Account, which is hereby created in the State Agency Fund for Bonds.
5. If the Commission believes the requirement for a bond is inadequate, the Commission may require the promoter to make a deposit of money in an amount fixed by the Commission. The deposit must be made not less than 5 days before the contest or exhibition. It may be used to satisfy any obligation incurred by the promoter during the staging of the contest or exhibition upon order of the Commission. After satisfaction of all such obligations, the Commission shall release the remainder to the promoter.
6. The provisions of subsections 4 and 5 do not apply to amateur athletic clubs.