78.3783 - “Acquisition” defined.

78.3783  “Acquisition” defined.

      1.  Except as otherwise provided in subsection 2, “acquisition” means the direct or indirect acquisition of a controlling interest.

      2.  “Acquisition” does not include any acquisition of shares in good faith, and without an intent to avoid the requirements of NRS 78.378 to 78.3793, inclusive:

      (a) By an acquiring person authorized pursuant to NRS 78.378 to 78.3793, inclusive, to exercise voting rights, to the extent that the new acquisition does not result in the acquiring person obtaining a controlling interest greater than that previously authorized; or

      (b) Pursuant to:

             (1) The laws of descent and distribution;

             (2) The enforcement of a judgment;

             (3) The satisfaction of a pledge or other security interest; or

             (4) A merger, exchange, conversion, domestication or reorganization effected in compliance with the provisions of NRS 78.622, 92A.200 to 92A.240, inclusive, or 92A.270 to which the issuing corporation is a party.

      (Added to NRS by 1987, 756; A 1991, 1236; 1995, 2099; 2001, 1372, 3199)