NRS673.250. Licenses for issuance or sale of stock; contents and conditions of licenses.

      1.  No association may sell or issue any of its common or preferred stock until it has first applied for and secured from the Commissioner a license authorizing it so to do as provided in NRS 673.080.

      2.  Every license must recite in bold type that the issuance of the license is permissive only and does not constitute a recommendation or endorsement of the stock permitted to be issued.

      3.  Before the sale of, or option to buy, any additional authorized but unissued common or preferred stock, the association must have the written approval of the Commissioner.

      4.  The Commissioner may impose conditions requiring the impoundment of the proceeds from the sale of any stock, limiting the expense in connection with the sale and such other conditions as are reasonable and necessary or advisable to ensure the disposition of the proceeds from the sale of the stock in the manner and for the purposes provided in the license.

      [14:51:1931; 1931 NCL § 970.13]—(NRS A 1957, 754; 1959, 57; 1961, 767; 1963, 465; 1979, 1292; 1983, 652, 1781; 1987, 1965)