1. As used in this section:
(a) “Bank” means a national banking association that is authorized to do business in this State, a banking corporation formed or regulated under the laws of this State or a trust company formed or regulated under the laws of this State.
(b) “Employee stock ownership plan” means a type of profit-sharing plan that invests primarily in the employer’s stock.
(c) “Fiduciary” means an executor, an administrator, a special administrator, a trustee of an inter vivos trust, a trustee of a testamentary trust, a trustee of an employee stock ownership plan, an escrow agent, a depositary or any combination thereof.
2. The Commission may, selectively or by general regulation, at any time and from time to time, exempt a bank or trustee of an employee stock ownership plan acting as a fiduciary from all or any portion of the requirements of NRS 463.160, 463.162, 463.167, 463.170, and 463.490 to 463.645, inclusive, and from the regulations adopted thereunder.
3. The Commission may, upon the recommendation of the Board or upon its own undertaking, grant, deny, limit, condition, restrict, revoke or suspend any exemption or application for exemption pursuant to subsection 2 for any reasonable cause.
4. An exemption granted pursuant to subsection 2 is a revocable privilege, and no person may acquire any vested rights therein or thereunder.
(Added to NRS by 1973, 846; A 1981, 1081; 1997, 63; 2017, 362)
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