Nevada Revised Statutes Title 55. Banks and Related Organizations § 677.545. Taking possession of business by Commissioner: Acquisition by or merger with another institution

1. Except as limited by subsection 2, if the Commissioner has taken possession of the property and business of a corporation licensed under this chapter pursuant to NRS 677.540, or a receiver, other than the State, has been appointed for and taken possession of the property and business of a corporation, the Commissioner may solicit offers from and authorize or require the acquisition of the corporation by or its merger with another institution or company in the following order of priority:

The Commissioner shall solicit written offers from all eligible institutions, regardless of the order of priority established by this subsection, and wait at least 30 days after solicitation before selecting the institution to be approved.

2. The selection of an institution must be made in accordance with the order of priority established in subsection 1 only if a selection affords the greatest financial recovery by the corporation's depositors of all offers received. The Commissioner may not accept any offer which affords the corporation's depositors a smaller financial recovery than they would receive if the corporation were liquidated. If the Commissioner receives one or more acceptable offers he or she may negotiate with the institutions submitting acceptable offers, following that order of priority, and accept that offer which would afford the greatest financial recovery by the corporation's depositors.