Nevada Revised Statutes 661.015 – Organization: Minimum initial stockholders’ or members’ equity required; insurance of deposit accounts by Federal Deposit Insurance Corporation
Current as of: 2022 | Check for updates
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No bank may be:
Terms Used In Nevada Revised Statutes 661.015
- 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.
1. Organized unless its initial stockholders’ or members’ equity is $300,000 or more, or such greater amount as may be required by the Commissioner. The full amount of the initial stockholders’ or members’ equity of any bank must be paid in cash, exclusive of all organization expenses, except as otherwise provided in chapters 657 to 671, inclusive, of NRS, before it may be authorized to commence the business of banking.
2. Organized or authorized to do banking or banking and trust business unless its deposit accounts are insured by the Federal Deposit Insurance Corporation.