Nevada Revised Statutes 662.025 – Power to participate in Federal Deposit Insurance Corporation
Subject to the approval of the Commissioner, and on the authority of a majority of its managers or board of directors, a bank may:
Terms Used In Nevada Revised Statutes 662.025
- 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.
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
1. Enter into such contracts, incur such obligations and generally do and perform any or all such acts and things whatsoever as may be necessary or appropriate in order to take advantage of any or all memberships, loans, subscriptions, contracts, grants, rights or privileges which may at any time be available to inure to banking institutions, or to their depositors, creditors, stockholders, members, conservators, receivers or liquidators, by virtue of those provisions of the Federal Deposit Insurance Act, 12 U.S.C. § 1811-1831, which creates the Federal Deposit Insurance Corporation and provides for the insurance of deposits, or of any other provisions of that or any other act or resolution of the Congress to aid, regulate or safeguard banking institutions and their depositors, including any amendments to such acts, laws or resolutions or substitutions therefor.
2. Subscribe for and acquire any stock, debentures, bonds or other types of securities of the Federal Deposit Insurance Corporation and shall comply with the lawful regulations and requirements from time to time issued or made by the Federal Deposit Insurance Corporation.