645.670 - Effect on limited-liability company, partnership or corporation of revocation or suspension of license of manager, partner or officer; termination of suspension or reinstatement of license.
645.670 Effect on limited-liability company, partnership or corporation of revocation or suspension of license of manager, partner or officer; termination of suspension or reinstatement of license. In the event of the revocation or suspension of the license issued to a manager of a limited-liability company, a member of a partnership or to any officer of a corporation, the limited-liability company, partnership or corporation shall not conduct business unless the manager or member whose license has been revoked is severed and his or her interest in the limited-liability company or partnership and his or her share in its activities brought to an end, or if a corporation, the offending officer is discharged and has no further participation in its activities. The discharged or withdrawing manager, member or officer of such a limited-liability company, partnership or corporation may reassume his or her connection with, or be reengaged by the limited-liability company, partnership or corporation, upon termination of the suspension or upon reinstatement of his or her license.
[Part 20:150:1947; 1943 NCL § 6396.20]—(NRS A 1975, 1553; 1979, 1551; 1985, 1271; 1997, 170)