539.505 - Bond fund: Investment and transfer of surplus money.
539.505 Bond fund: Investment and transfer of surplus money.
1. Surplus money in the bond fund may be placed at interest or invested in approved interest-bearing securities.
2. If, after a full redemption of any bond issue, a surplus then remains in the bond fund, such surplus may, by resolution of the board of directors, be transferred to the general fund.
[Part 23:64:1919; A 1921, 118; 1927, 309; 1929, 286; 1955, 27]—(NRS A 1981, 492)