662.099 - Investment in development corporation, corporation for economic revitalization and diversification, corporation for community development or similar corporation.
662.099 Investment in development corporation, corporation for economic revitalization and diversification, corporation for community development or similar corporation. A state bank may purchase for its own account the stock and other securities of:
1. A development corporation organized under the provisions of chapter 670 of NRS;
2. A corporation for economic revitalization and diversification organized under the provisions of chapter 670A of NRS, if the bank is a member of the corporation, and to the extent of its loan limit established under NRS 670A.200, on the same terms and under the same conditions as a national bank may purchase them; and
3. Subject to any conditions imposed by the commissioner, a development corporation, a corporation for economic revitalization and diversification, a corporation for community development, or a similar corporation organized in another state if the Commissioner determines that the laws pursuant to which the corporation is organized are substantially similar to the provisions of chapter 670 or 670A of NRS.
(Added to NRS by 1975, 1827; A 1979, 583; 1983, 1279; 1997, 988)