Nevada § 673.5931 Conditions under which savings bank may reorganize before actual dissolution

Nevada Statutes

§ 673.5931 — Conditions under which savings bank may reorganize before actual dissolution

Nevada § 673.5931

Title 55BANKS AND RELATED ORGANIZATIONS; OTHER FINANCIAL

Ch. 673Savings

Reopening and Reorganization

This text of Nevada § 673.5931 (Conditions under which savings bank may reorganize before actual dissolution) 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.

Bluebook

Nev. Rev. Stat. § 673.5931 (2026).

Text

1.When any savings bank is authorized to dissolve and has taken the necessary steps to effect dissolution in accordance with the laws of this State or the laws of the United States, but before actual dissolution, a majority of the directors or managers of the savings bank, upon authority in writing of the owners of two-thirds of its stock or two-thirds of the members’ interests and with the approval of the Commissioner, may execute articles of incorporation or organization as provided in this chapter for the organization of a new savings bank. The articles must further set forth the authority derived from the stockholders or members of the savings bank.

2.Upon the filing of articles of incorporation or organization in the same manner as provided for the organization of new savings banks,

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1. When any savings bank is authorized to dissolve and has taken the necessary steps to effect dissolution in accordance with the laws of this State or the laws of the United States, but before actual dissolution, a majority of the directors or managers of the savings bank, upon authority in writing of the owners of two-thirds of its stock or two-thirds of the members’ interests and with the approval of the Commissioner, may execute articles of incorporation or organization as provided in this chapter for the organization of a new savings bank. The articles must further set forth the authority derived from the stockholders or members of the savings bank.
2. Upon the filing of articles of incorporation or organization in the same manner as provided for the organization of new savings banks, the reorganized savings bank is a savings bank under the laws of this State. Upon reorganization, all assets, real and personal, of the dissolved savings bank, by operation of law, vest in and become the property of the reorganized savings bank, subject to all liabilities of the savings bank existing before the reorganization.