Public-domain · open source
OpenJurist

NRS 81.925

Reserve accounts; allocation of indivisible reserve account upon dissolution or sale

(Added to NRS by 2019, 912)

1. A worker cooperative may use:

(a) A divisible reserve account; or

(b) An indivisible reserve account.

2. An account used pursuant to subsection 1 may be used to pay the expenses of a worker cooperative, including, without limitation, wages.

3. Upon the dissolution or sale of a worker cooperative, an indivisible reserve account of the worker cooperative must be allocated to an indivisible reserve account of another worker cooperative or nonprofit corporation.

Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.