NRS 81.925 Reserve accounts; allocation of indivisible reserve account upon dissolution or sale.
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/nv/chapter-81-miscellaneous-organizations/81-925A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
NRS 81.925 Reserve accounts; allocation of indivisible reserve account upon dissolution or sale.
1. A worker cooperative may use:
(a)A divisible reserve account; or
(b)An indivisible reserve account.
2. An account used pursuant to subsection 1 may be used to pay the expenses of a worker cooperative, including, without limitation, wages.
3. Upon the dissolution or sale of a worker cooperative, an indivisible reserve account of the worker cooperative must be allocated to an indivisible reserve account of another worker cooperative or nonprofit corporation.