Nevada Revised Statutes 81.925 – Reserve accounts; allocation of indivisible reserve account upon dissolution or sale
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1. A worker cooperative may use:
Terms Used In Nevada Revised Statutes 81.925
- 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.
(a) A divisible reserve account; or
(b) An indivisible reserve account.
2. An account used pursuant to subsection 1 may be used to pay the expenses of a worker cooperative, including, without limitation, wages.
3. Upon the dissolution or sale of a worker cooperative, an indivisible reserve account of the worker cooperative must be allocated to an indivisible reserve account of another worker cooperative or nonprofit corporation.