666.075 - Rebuttable presumption against control of bank; certain legal relationships and companies deemed not to be bank holding companies.
666.075 Rebuttable presumption against control of bank; certain legal relationships and companies deemed not to be bank holding companies.
1. There is a rebuttable presumption that a company which directly or indirectly owns, controls or has the power to vote less than 10 percent of the voting stock of, or members’ interests in, a bank does not control the bank.
2. An estate, trust, guardianship or conservatorship is not by virtue of its ownership or control of stock of, or members’ interests in, a bank, a bank holding company unless it is:
(a) A business trust; or
(b) A voting trust which by its terms or by law does not expire within 10 years after the date of its establishment.
3. A company is not a bank holding company by virtue of its ownership or control of stock or a member’s interest which:
(a) Was acquired in the ordinary course of securing or collecting a debt which the company previously contracted in good faith; and
(b) Is held only as long as is necessary to sell the stock on a reasonable basis.
(Added to NRS by 1983, 929; A 1983, 1838; 1984, 3; 1995, 494; 1997, 999)