NRS 673.2176 Notification of change in ownership of stock; application required after certain acquisitions; investigation; costs; waiver.

293 words·~1 min read·/nv/chapter-673-savings-banks/673-2176·

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

1. A savings bank shall immediately notify the Commissioner of any change or proposed change in ownership of the stock of the savings bank which would result in any person, including a business trust, obtaining 5 percent or more of the outstanding capital stock of the savings bank.

2. An application must be submitted to the Commissioner, pursuant to NRS 673.080 , by a person who acquires:

(a)At least 25 percent of the outstanding stock of the savings bank; or

(b)Any outstanding stock of a savings bank if the change will result in a change in the control of the savings bank.

Ê Except as otherwise provided in subsection 4, the Commissioner shall conduct an investigation to determine whether the character and responsibility of the applicant is such as to command the confidence of the community in which the main office of the savings bank is located. If the Commissioner denies the application, he or she may forbid the applicant from participating in the business of the savings bank.

3. The savings bank with which the applicant is affiliated shall pay such a portion of the cost of the investigation as the Commissioner requires. All money received by the Commissioner pursuant to this section must be placed in the Investigative Account for Financial Institutions created by NRS 232.545 .

4. A savings bank may submit a written request to the Commissioner to waive an investigation pursuant to subsection 2. The Commissioner may grant a waiver if the applicant has undergone a similar investigation by a state or federal agency in connection with the licensing of or his or her employment with a financial institution.