NRS 116B.577 Funds of association to be deposited or invested at certain financial institutions.

217 words·~1 min read·/nv/chapter-116b-condominium-hotel-act/116b-577·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. Except as otherwise provided in subsection 2, an association, a member of the executive board or a community manager shall deposit or invest all funds of the association at a financial institution which:

(a)Is located in this State;

(b)Is qualified to conduct business in this State; or

(c)Has consented to be subject to the jurisdiction, including the power to subpoena, of the courts of this State and the Division.

2. Except as otherwise provided by the governing documents, in addition to the requirements of subsection 1, an association shall deposit, maintain and invest all funds of the association:

(a)In a financial institution whose accounts are insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or the Securities Investor Protection Corporation;

(b)With a private insurer approved pursuant to NRS 672.755 ; or

(c)In a government security backed by the full faith and credit of the Government of the United States.

3. The Commission shall adopt regulations prescribing the contents of the declaration to be executed and signed by a financial institution located outside of this State to submit to consent to the jurisdiction of the courts of this State and the Division.