The System, or the Board of Regents, as it may determine, has the beneficial interest in the corporation while any obligations evidenced by its bonds or other securities remain outstanding and the System or the Board of Regents, as it may determine, may obligate itself to take full legal title to the property of the corporation upon the retirement of its securities.
NRS 396.807
Beneficial interest of System and Board of Regents in nonprofit corporation
Known as the University Securities Law
The act spans §§ 396–396 (367 sections).
(Added to NRS by 1967, 1343; A 1969, 1448; 1993, 358)
Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.