NRS 692C.400 Extraordinary distributions to shareholders: Conditional declaration.
73 words·~1 min read·
/nv/chapter-692c-holding-companies/692c-400·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
NRS 692C.400 Extraordinary distributions to shareholders: Conditional declaration. Notwithstanding any other provision of law, an insurer may declare an extraordinary dividend or distribution which is conditional upon the Commissioner’s approval thereof, and such a declaration shall confer no rights upon shareholders until:
1. The Commissioner has approved the payment of such dividend or distribution; or
2. The Commissioner has not disapproved such payment within the 30-day period referred to in NRS 692C.390 .