1. No distribution may be made by a bank if the distribution would reduce its stockholders’ or members’ equity below its initial stockholders’ or members’ equity.
2. As used in this section, “distribution” means a direct or indirect transfer of money or property other than its own shares or interests or the incurrence of indebtedness by a corporation or limited-liability company to or for the benefit of its stockholders or members with respect to any of its shares or interests. A distribution may be in the form of a declaration or payment of a dividend, a purchase, redemption or other acquisition of shares or interests or a distribution of indebtedness, or in any other form.
(Added to NRS by 1997, 980)
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