Nevada Revised Statutes 671.015 – ‘Passive investor’ defined
‘Passive investor’ means a person that:
Terms Used In Nevada Revised Statutes 671.015
- 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
1. Does not have the power to elect a majority of key individuals or executive officers, managers, directors, trustees or other persons exercising managerial authority of a person in control of a licensee;
2. Is not employed by and does not have any managerial duties of a licensee or person in control of a licensee;
3. Does not have the power to exercise, directly or indirectly, a controlling influence over the management or policies of a licensee or person in control of a licensee; and
4. Does either of the following:
(a) Attests to the characteristics set forth in subsections 1, 2 and 3 in a form prescribed by the Commissioner; or
(b) Commits to the characteristics set forth in subsections 1, 2 and 3 in a written document.