If three or more directors or acting directors of any domestic organization are present at any meeting of its board duly convened during an acute emergency affecting such domestic organization, they shall constitute its emergency board of directors which, notwithstanding any contrary provision of law or of its charter, may, subject to the limitation prescribed in this chapter, by a majority of those present, take any action which may be necessary to enable such domestic organization to meet the exigencies of the acute emergency and conduct its business during such period.

Terms Used In Nevada Revised Statutes 693B.050

  • Acute emergency: means a period in which, by reason of loss of life, epidemic disease, destruction or damage of property, contamination of property by radiological, chemical or bacteriological means, or disruption of the means of transportation and communication, resulting from an attack, it is impossible or impracticable for the business of insurance in this state to be conducted in strict accord with the provisions of law or charters applicable thereto. See Nevada Revised Statutes 693B.010
  • Board: means the board of directors, board of trustees, committee or similar body having control of the affairs of an organization. See Nevada Revised Statutes 693B.010
  • Charter: means the certificate of organization or incorporation of an organization together with its bylaws, or the agreement establishing a fund or association together with its constitution and bylaws. See Nevada Revised Statutes 693B.010
  • Domestic organization: means any organization which is domiciled in this state, including, insofar as the provisions of this chapter may appropriately apply thereto, any welfare or pension fund or United States branch of an alien insurer. See Nevada Revised Statutes 693B.010
  • Organization: means any insurer, rating organization, service or advisory organization, joint underwriting association or other organization which is subject, in whole or in part, to the insurance laws of this state. See Nevada Revised Statutes 693B.010
  Previous section
Next section  
 Chapter 693B Contents