Nevada Revised Statutes 661.035 – Amendment of articles of incorporation to increase or reduce authorized stock; approval by Commissioner
Current as of: 2022 | Check for updates
|
Other versions
1. A banking corporation may, with the approval of the Commissioner, amend its articles of incorporation to authorize an increase or reduction in its authorized stock.
Terms Used In Nevada Revised Statutes 661.035
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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. The Commissioner shall not approve an amendment of the articles of incorporation that reduces the authorized stock of the corporation unless the Commissioner finds that the security of the existing creditors of the corporation will not be impaired.