NRS 78A.020 Filing requirements; required and optional provisions of articles of incorporation.

280 words·~1 min read·/nv/chapter-78a-close-corporations/78a-020·

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

1. A close corporation must be formed in accordance with NRS 78.030 to 78.055 , inclusive, subject to the following requirements:

(a)All of the issued stock of the corporation of all classes, exclusive of treasury shares, must be represented by certificates and must be held of record by a specified number of persons, not to exceed 30.

(b)All of the issued stock of all classes must be subject to one or more of the restrictions on transfer pursuant to NRS 78A.050 .

(c)The corporation shall not offer any of its stock of any class that would constitute a public offering within the meaning of the Securities Act of 1933, 15 U.S.C. §§ 77a et seq.

2. The articles of incorporation of a close corporation must:

(a)Set forth the matters required by NRS 78.035 except that the articles must state that there will be no board of directors if so agreed pursuant to NRS 78A.070 .

(b)Contain a heading stating the name of the corporation and that it is a close corporation.

3. The articles of incorporation of a close corporation may set forth the qualifications of stockholders by specifying the classes of persons who are entitled to be holders of record of stock of any class, the classes of persons who are not entitled to be holders of record of stock of any class, or both.

4. To determine the number of holders of record of the stock of a close corporation, stock that is held in joint or common tenancy or by community property must be treated as held by one stockholder.