Upon the Commissioner's determination that, as a result of an acute emergency, the
business and affairs of an organization cannot otherwise be conducted in a safe and
sound manner, the Commissioner may forthwith take possession of the business and property
of the organization within this state or, if a domestic organization, its business
and property wherever situated. The provisions of chapter 696B of NRS (conservation, rehabilitation, liquidation) shall be applicable in any case in which
the Commissioner takes possession of an organization pursuant to this section as though
the organization were an insurer of which the Commissioner had taken possession pursuant
to chapter 696B of NRS (conservation, rehabilitation, liquidation), except that no such provision shall
be applicable which the Commissioner has declared inapplicable pursuant to this section. The Commissioner shall have power to declare inapplicable any such provision upon
determination by the Commissioner that the same is inappropriate or unnecessary to
protect the interests of the public or the stockholders or creditors of the organization,
in view of the acute emergency and the nature of the organization.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.