Nevada § 86.5416 Reorganization of company by majority in interest of members during receivership

Nevada Statutes

§ 86.5416 — Reorganization of company by majority in interest of members during receivership

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

Whenever a majority in interest of the members of the limited-liability company have agreed upon a plan for the reorganization of the company and a resumption by it of the management and control of its property and business, the company may, with the consent of the district court:

1.Upon the reconveyance to it of its property and franchises, mortgage the same for such amount as may be necessary for the purposes of reorganization; and

2.Issue bonds or other evidences of indebtedness, or additional member’s interests of one or more classes, or both bonds and member’s interests, or certificates of investment or participation certificates, and use the same for the full or partial payment of the creditors who will accept the same, or otherwise dispose of the same for the purposes of the reorg

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Whenever a majority in interest of the members of the limited-liability company have agreed upon a plan for the reorganization of the company and a resumption by it of the management and control of its property and business, the company may, with the consent of the district court:
1. Upon the reconveyance to it of its property and franchises, mortgage the same for such amount as may be necessary for the purposes of reorganization; and
2. Issue bonds or other evidences of indebtedness, or additional member’s interests of one or more classes, or both bonds and member’s interests, or certificates of investment or participation certificates, and use the same for the full or partial payment of the creditors who will accept the same, or otherwise dispose of the same for the purposes of the reorganization.

Nevada § 86.5416 (Reorganization of company by majority in interest of members during receivership) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.