Nevada § 86.5414 Company may resume control upon payment of debts and receipt of capital to conduct business; order of court dissolving company and forfeiting charter

Nevada Statutes

§ 86.5414 — Company may resume control upon payment of debts and receipt of capital to conduct business; order of court dissolving company and forfeiting charter

Nevada·Title 7 BUSINESS ASSOCIATIONS; SECURITIES; COMMODITIES·Ch. 86 Limited-Liability· INSOLVENCY; RECEIVERS AND TRUSTEES

1.Whenever a receiver shall have been appointed pursuant to NRS 86.5412 and it shall afterwards appear that the debts of the limited-liability company have been paid or provided for, and that there remains or can be obtained by further contributions sufficient capital to enable it to resume its business, the district court may, in its discretion, a proper case being shown, direct the receiver to reconvey to the company all its property, franchises, rights and effects, and thereafter the company may resume control of and enjoy the same as fully as if the receiver had never been appointed.

2.In every case in which the district court shall not direct such reconveyance, the court may, in its discretion, make a decree dissolving the company and declaring its charter forfeited and void.

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1. Whenever a receiver shall have been appointed pursuant to NRS 86.5412 and it shall afterwards appear that the debts of the limited-liability company have been paid or provided for, and that there remains or can be obtained by further contributions sufficient capital to enable it to resume its business, the district court may, in its discretion, a proper case being shown, direct the receiver to reconvey to the company all its property, franchises, rights and effects, and thereafter the company may resume control of and enjoy the same as fully as if the receiver had never been appointed.
2. In every case in which the district court shall not direct such reconveyance, the court may, in its discretion, make a decree dissolving the company and declaring its charter forfeited and void.

Nevada § 86.5414 (Company may resume control upon payment of debts and receipt of capital to conduct business; order of court dissolving company and forfeiting charter) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.