Section 677.540 - Taking possession of business by Commissioner: Conditions; resumption of business Whenever it appears to the Commissioner that:
1. The stockholders' equity of any licensee is less than its initial stockholders' equity;2. Any licensee has violated its articles of incorporation or any law of this state;3. Any licensee is conducting its business in an unsafe or unauthorized manner;4. Any licensee refuses to submit its books, papers and affairs to the inspection of any examiner;5. Any officer of any licensee refuses to be examined upon oath touching the concerns of the licensee;6. Any licensee has suspended payment of its obligations;7. Any licensee is in a condition that it is unsound or unsafe for it to transact business;8. Any licensee neglects or refuses to observe any order of the Commissioner made pursuant to this chapter unless the enforcement of the order is restrained in a proceeding brought by the licensee;9. Any licensee has accepted deposits in violation of the provisions of this chapter; or10. Any fact or condition exists which, if it had existed at the time of the original application for authority to organize and establish a corporation to engage in business under this chapter, it reasonably would have warranted the disapproval of the application by the Commissioner, the Commissioner may forthwith take possession of the property and business of the licensee and retain possession until it resumes business or its affairs are finally liquidated as provided in this chapter. The licensee, with the consent of the Commissioner, may resume business upon such conditions as the Commissioner may prescribe.
Added to NRS by 1975, 1836; A 1983, 1825; 1985, 2199, 2200; 1987, 2007; 1997, 1018Added to NRS by 1975, 1836; A 1983, 1825; 1985, 2199, 2200; 1987, 2007; 1997, 1018