NRS 463.173 - Restrictions on person denied license or found unsuitable.

NV Rev Stat § 463.173 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

1. A person who has had his or her application for a license denied or who has been found unsuitable by the Commission:

(a) Is not entitled to profit from his or her investment in a:

(1) Corporation other than a publicly traded corporation, as that term is defined in NRS 463.487;

(2) Partnership;

(3) Limited partnership;

(4) Limited-liability company; or

(5) Joint venture,

which has applied for or been granted a license.

(b) Shall not retain his or her interest in a corporation, partnership, limited partnership, limited-liability company or joint venture beyond that period prescribed by the Commission.

(c) Shall not accept more for his or her interest in a corporation, partnership, limited partnership, limited-liability company or joint venture than the person paid for it or the market value on the date of the denial of the license or the finding of unsuitability.

2. The Board or Commission may proceed pursuant to NRS 463.141 to enforce the provisions of subsection 1.

(Added to NRS by 1985, 2133; A 1993, 2000)

Previous Section

NRS 463.172 - Power of Chair to approve transfer of interest in license, registration, finding of suitability or approval to or from inter vivos trust; approval of Chair required before amendment to inter vivos trust effective.

Next Section

NRS 463.174 - Board to maintain list of unsuitable and unlicensed persons; removal of name from list.