NRS 78.170 Defaulting corporations: Identification; reinstatement of corporation which is unit-owners’ association; penalty.
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NRS 78.170 Defaulting corporations: Identification; reinstatement of corporation which is unit-owners’ association; penalty.
1. Each corporation which is required to make a filing and pay the fee prescribed in NRS 78.150 to 78.185 , inclusive, and which refuses or neglects to do so within the time provided shall be deemed in default.
2. Upon notification from the Administrator of the Real Estate Division of the Department of Business and Industry that a corporation which is a unit-owners’ association as defined in NRS 116.011 or 116B.030 has failed to register pursuant to NRS 116.31158 or 116B.625 or failed to pay the fees pursuant to NRS 116.31155 or 116B.620 , the Secretary of State shall deem the corporation to be in default. If, after the corporation is deemed to be in default, the Administrator notifies the Secretary of State that the corporation has registered pursuant to NRS 116.31158 or 116B.625 and paid the fees pursuant to NRS 116.31155 or 116B.620 , the Secretary of State shall reinstate the corporation if the corporation complies with the requirements for reinstatement as provided in this section and NRS 78.180 and 78.185 .
3. For default there must be added to the amount of the fee a penalty of $75. The fee and penalty must be collected as provided in this chapter.