This text of Nevada § 666.020 (Powers of Nevada depository institution or its holding company after acquisition of or merger with out-of-state depository institution; applicable laws; powers of Commissioner) is published on Counsel Stack Legal Research, covering Nevada primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
1. A Nevada depository institution or its holding company that acquires an out-of-state depository institution, a Nevada depository institution that is the resulting depository institution after merging with an out-of-state depository institution, or a Nevada depository institution that otherwise establishes or acquires a branch outside of this state, may, in accordance with applicable state and federal law:
(a)Continue to operate the out-of-state depository institution or branch;
(b)Convert any existing main office or branch outside of this state into a branch of the Nevada depository institution;
(c)Establish or acquire additional branches of the Nevada depository institution in any state where the out-of-state institution could have done so if it had not been acquired or merged;
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1. A Nevada depository institution or its holding company that acquires an out-of-state depository institution, a Nevada depository institution that is the resulting depository institution after merging with an out-of-state depository institution, or a Nevada depository institution that otherwise establishes or acquires a branch outside of this state, may, in accordance with applicable state and federal law:
(a) Continue to operate the out-of-state depository institution or branch;
(b) Convert any existing main office or branch outside of this state into a branch of the Nevada depository institution;
(c) Establish or acquire additional branches of the Nevada depository institution in any state where the out-of-state institution could have done so if it had not been acquired or merged;
(d) Continue or establish its principal office or principal place of business outside this state notwithstanding the provisions of NRS 660.015 and 662.245 ; and
(e) Subject to the approval of the Commissioner, exercise any power and engage in any activity outside of this state to the same extent as the out-of-state depository institution could have if it had not been acquired or merged, even if the Nevada depository institution is not authorized to exercise those powers or engage in those activities in this state.
2. The Commissioner shall not approve the exercise of any power or the engagement in any activity pursuant to paragraph (d) or (e) of subsection 1 if the Commissioner determines that the exercise of that power or the engagement in that activity would be inconsistent with safe and sound banking practices.
3. Except as otherwise provided in paragraph (d) of subsection 1, a branch outside this state of a Nevada depository institution shall comply with, and have all rights and powers prescribed in, the laws of this state relating to depository institutions.
4. This section does not affect the authority of the Commissioner to examine, supervise and regulate a Nevada depository institution operating or seeking to operate a branch outside this state.