Nevada § 81.925 Reserve accounts; allocation of indivisible reserve account upon dissolution or sale

Nevada Statutes

§ 81.925 — Reserve accounts; allocation of indivisible reserve account upon dissolution or sale

Nevada·Title 7 BUSINESS ASSOCIATIONS; SECURITIES; COMMODITIES·Ch. 81 Miscellaneous· Formation and Operation

1. A worker cooperative may use:

(a)A divisible reserve account; or

(b)An indivisible reserve account. 2. An account used pursuant to subsection 1 may be used to pay the expenses of a worker cooperative, including, without limitation, wages. 3. Upon the dissolution or sale of a worker cooperative, an indivisible reserve account of the worker cooperative must be allocated to an indivisible reserve account of another worker cooperative or nonprofit corporation.

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1. A worker cooperative may use:
(a) A divisible reserve account; or
(b) An indivisible reserve account.
2. An account used pursuant to subsection 1 may be used to pay the expenses of a worker cooperative, including, without limitation, wages.
3. Upon the dissolution or sale of a worker cooperative, an indivisible reserve account of the worker cooperative must be allocated to an indivisible reserve account of another worker cooperative or nonprofit corporation.

Nevada § 81.925 (Reserve accounts; allocation of indivisible reserve account upon dissolution or sale) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.