NRS 658.115 Summary orders of Commissioner.
355 words·~2 min read·
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NRS 658.115 Summary orders of Commissioner.
1. The Commissioner shall make summary orders in writing as provided in subsections 2 to 5, inclusive.
2. If a bank, a member of its board of directors or any manager, officer, employee, member or stockholder violates the articles of incorporation or organization of the bank or any law related to banking, or, in the opinion of the Commissioner, is conducting its business in an unauthorized or unsafe manner, the Commissioner shall forthwith issue an order, in writing, directing the discontinuance of the unauthorized or unsafe practices.
3. If it appears to the Commissioner that the stockholders’ or members’ equity of any bank has been reduced below the requirements of law, or that the articles of incorporation of the bank have been unlawfully amended to reduce the authorized stock of the bank in violation of NRS 661.035 , the Commissioner shall forthwith issue an order directing the bank to make good the deficiency forthwith or within a time specified in the order.
4. If it appears to the Commissioner that the total reserves or reserves on hand of any bank are below the amount required by law to be maintained, or that a bank is not keeping its reserves on hand as required by chapters 657 to 671 , inclusive, of NRS, the Commissioner shall forthwith issue an order directing the bank to make good its reserves forthwith, or within the time specified within the order, or that it keep its reserves on hand as required by this title.
5. If it appears to the Commissioner that any bank to which chapters 657 to 671 , inclusive, of NRS are applicable does not keep its books or accounts in such a manner as to enable the Commissioner readily to ascertain its true condition, the Commissioner shall issue an order requiring the bank, or the officers or managers thereof, or any of them, to open and keep its books or accounts as he or she may, in the Commissioner’s discretion, determine and prescribe for the purpose of keeping accurate and convenient records of the transactions and accounts of the bank.