§ 673.221 — Unlawful acts; penalty

Nevada § 673.221

• Jurisdiction: Nevada
• Title 55: BANKS AND RELATED ORGANIZATIONS; OTHER FINANCIAL
• Ch. 673: Savings

Text

1. It is unlawful for an officer, director, employee or capital stockholder of a savings bank:
(a) To solicit, accept or agree to accept, directly or indirectly, from any person other than the savings bank or an affiliate of the savings bank, any gratuity, compensation or other personal benefit for any action taken by the savings bank or for endeavoring to procure any such action.
(b) To have any interest, direct or indirect, in the purchase at less than its face value of any evidence of a deposit account or other indebtedness issued by the savings bank, excluding stock certificates and junior capital notes.
2. It is unlawful for any stockholder with more than 5 percent of the outstanding capital stock of a savings bank or any director or principal officer, to have any interest, direct or indirect, in the proceeds of a loan or of a purchase or sale made by the savings bank, unless the loan, purchase or sale complies with the provisions of NRS 673.3244 or is otherwise authorized expressly by this chapter or by a resolution of the board of directors of the savings bank. The resolution must be approved by a vote of at least two-thirds of all the directors of the savings bank, and an interested director may not take part in the vote. The loan must also conform to federal regulations for the insurance of accounts.
3. Any violation of the provisions of this section is a misdemeanor.

Legislative History

(Added to NRS by 1961, 782 ; A 1967, 1014 ; 1977, 510 ; 1979, 1291 ; 2017, 1932 )