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NRS 86.5416 - Reorganization of company by majority of members during receivership.

NV Rev Stat § 86.5416 (2019) (N/A)
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Whenever members holding member’s interests entitling them to exercise at least a majority of the voting power of the limited-liability company shall have agreed upon a plan for the reorganization of the company and a resumption by it of the management and control of its property and business, the company may, with the consent of the district court:

1. Upon the reconveyance to it of its property and franchises, mortgage the same for such amount as may be necessary for the purposes of reorganization; and

2. Issue bonds or other evidences of indebtedness, or additional member’s interests of one or more classes, or both bonds and member’s interests, or certificates of investment or participation certificates, and use the same for the full or partial payment of the creditors who will accept the same, or otherwise dispose of the same for the purposes of the reorganization.

(Added to NRS by 2019, 2493)

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NRS 86.5415 - Members’ application for injunction and appointment of receiver when company mismanaged.
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