Print - Nrs_ Chapter 78 - Private Corporations

8/3/2019 Print - Nrs_ Chapter 78 - Private Corporations

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11 NRS: CHAPR 78 - PRIVATE CORPOTIOS

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HPTER 7 - PRIVATE ORPORATIONS

GEER PROVISIOS

Dentions; construction.Appcabiliy of chapter; eect on corporaons esting before April

Lmitations on incorporation nder chapter; compliance with other

lawsReserved power of State o amend or repe chapter; chapter pt of

corporation's charer.Form required for ng of recordsCorporate records: Microming; maging; retrn

Filing of records wrtten in anguage other han Engish.Procedure to submit repacement page to Secretary of State beforeacual ling of record

Correction of inaccurate or defecve record led with the Secrey ofSae; cancellation of lings

Corporate records: Manner of storage; conversion nto cle and legiblepaper form; admissbiliy n evidence

Records or sgnatures mainained by corporation

FORMATO

Filing requiremensArtices of incorporation: Required provisonsArtices of incorporation: Optional provisions.

Ne of corporaon: Distinguishable ne required; avalabity ofname of revoked, merged or oherwise termnatedcorporation; regations

Name of corporation: Reservation; njunctive reliefArcles of incorporation: Approval or certicaon required before

lng of certain arcles or amendmentsPenalty for purporting o do busness corporation wthou ling

arcles of ncorporation; enforcement; regulationsCommencement of corporae estence

Acceptable evdence of incorporation

POWERS

General powersAdopon and use of corporae seal or stamp

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NRS: CHAPR 78 -PRIV ATE CORPOTIOS

Specc powesRloa companes: Powes

Raoa companes: Rghs-o-way gane by he State countes anmuncpales; lmtatons; eveson on abanonment; uteso companes

Rloa companes: Flng an econg o cete maps an poles

REGISTERED OFFICE AD REGISTERED AGETRegstee agent eue; aess o egstee oce; powes o bank

o copoaton who s egstee agent; penaly ononcomplce; sevce upon egstee agen n leu ocopoaton

Resgnaton o egsee agent o temnaton o commecleg stee agent

Mantenance o ecos a egstee oce; nspecton copyng oecos; cvl labty; penltes

Denal o euest o nspecon o ecos; eense o acton openltes o amages; auhoty o cout o compe pouctono ecos

DECORS AD OFFICERS

Boa o ectos: Numbe uacatonsBoa o ectos: Genea powesCommttees o boa o ectos: Desgnaon; powes; membeshp

Oces o copoaton: Selecton; ualcatons; tems; powes anues; lng of vances

Authoty o ectos an epesenatves o copoatonDectos an oces: Execse o powes; peomance o utes;

pesumptons an conseatons; ably to copoaton an

stockholesDecos an oces: Dues, pesumptons an powes when

cononte wth change o poentl change n conol ocopoaton

Resctons on tansactons nvovng neeste ectos o oces;compensaon o ectos

AU ST AD OTHR REQETS DEFATGCORPORATIOS

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Flng euemens; ees; powes an utes o Secetay o States o statement to be manne a egsee oce o pncpa place

o busness; euemen o assst n cmnal nvesgaton;aue to comply; egulaons

Atonal lng euemens o cean copoatons: Cea;staemen; ees

Cecate o authoton o tansact busnessDeaultng copoatons: Iencaton; enstaement o copoaton



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NRS: CHAPR 78 - PRIVATE CORPOTIOS

sessments n stck: evy d cectin; sae ae deau in payment.Puchase by cpatin its wn stck at assessmen sae when n

he avaiabe puchase.Teasuy shaes: enitin; imitatns; eemen and dspsa.isbutins t stckhdesiabty dects unaw dstibuns.

"vestment cmpy and "pen-end investment cmpy dened;edempn shaes by pen-end nvestment cmpany.

ETGS ECTOS VOTG D OTCE

Stckhdes and dects meetings: catin; authiy t ca.iects meengs: Quum; cnsent tins aken whut

meeting; paticipan by eephne simia methdSckhdes meetings: Quum; cnsent actins aken whut

meeting; pticipan by eephne simia methd.Atins at meetings nt eguay caed: Racatin and appvaiects: ectin; ems; cassicatin; vting pwe.iects: Remva; ing vacances.

Faue t hd eectin diecs n egua day des nt dissve

cpatinecn dects by de cut upn aiue egu eecn.

Appicatin by stckhde de cut appinting custd eceive; equiements custdan; auhity cusdian;adptin eguans by Seceay Sate.

Vtng ighs stckhdes; deteminatin stckhdes entied tnce and t ve at meeting.

Vting ghts: Pesns hding stck in duciay capacity; pesnswhse stck is pedged; jnt wnes sck.

Stckhdes pesCumuative vting.Vting tuss.

Ntice t stckhdesWaive nce.

ACQUSTO OF COTROLLG TEREST

Appicabiity; mpsitn sicte equiements; ptectn cpatin and is stckhdes.

entins."Aquing pesn dened."Aqusitin dened"Cn shaes dened

"Cning ntees dened."Fai vaue dened"Ineested sckhde dened"Issung cpatin dened

eivey es statement by acquiing pesn; cntents staement.

Vng ighs acquiing pesn; meeng stckhdes; statements



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to comp notce o meetingApprov o voting rghts o acquiring personRedemption o contro sharesRights o dissenting stockhoders

DT AD RESTATEMET OF ARTICLES OF CORPORATIO

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Amendment o artices beore issuance o votng stockScope o amendmentsAmendment o artices aer ssuance o stock: rocedureRestatement o artices

COMBATIOS WIT TEESTED STOCKOLDERS

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Dentions"fate dened"Associate dened"Benecia owner dened

"Combination dened"Common sares dened"Contro, "controing, "controed b d "under common contro

with dened presumption o contro"Date o anouncement dened"Date o consummaton dened."nterested stockhoder dened"Market vaue dened"Preerred sares dened."Resdent domestic corporaton dened."Securities Exchange t dened"Sare dened"Subsdiar dened

"Votng shares denedAppcabiit: GenerAppcabiit: Eecton not to be governed b provisonsAppcabiit: Combnation with invertent interested stockhoder

Appicabit: Combinaton wit nterested stockhoder as o certindate

Combination prohibited within ears aer stockhoder becomesinterested excepton acton on proposa

Autorid combinatons: Genera requirementsAthorid combinatons: Consideration to be receved b disinterested

oders o common sharesAtorid combinatons: Consideration to be receved b disinterested

oders o cass or series o shares other tan common saresAthorid combinations: Required orm and dstributon oconsideraton

thord combinations: Restricons on benecia ownershp oaddtiona voting shares b interested stockhoder



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78.570N 78.59078.60078.6051 78.615

278.635 78.645

78.650 78.660N78.67578.69578.700N78.715


SALE OF ASSETS; DISSOLUTIO AD WDG U

Sae ease r echange assets hrit; vte stckhders.Sae prpert and anchise under decree cur

Prcedure r dissutin bere pamen capta and beginnng busness.

Prcedure r dssun aer issuance sck r beginnng busness.

Cnnuatin crpratin aer dssun r winding up busness;

imtatin n actins b r agains dissved crpratin.Tusees dssved crpratin Pwers direcrs.

Tustees dissved crpratin Authrt t sue and be sued; jintand severa respnsbiit.

Tusees r receivers r dissved crprans Appintment; pwers.Juisdictin distrct cur

Dues rustees r recevers; pamen and disrbutin t credtrsand stckhders.

Abatemen pendng acns; substitun dssutin trusees rreceivers

Dissutin r reure charter b decree curt; ing

SOLVECY; RECEIVERS AD TRUSTEES

erganin under edera aw Pwers crpratin.Appicatin creditrs r stckhders insvent crpratin r

injunctin d appntment recever r trustee; hearingAppntmen recever r rustee insvent crpratin Pwers

Prper and prvieges insvent crpran ves n appntedreceiver.

Crpratin ma resume cntr upn pament debts d recept capta cnduct busness; rder curt dissvingcrpratin and reiting chater.

Sckhders' appcatin r injunctin d appintment receiverwhen crpratin mismanaged

ergantin crpratin b majrit stckhders duringreceivershp

Pwers dstrict curt.ecever t ake pssessin crprate assets upn curt rder.Invenr, is debs and reprts b receiverCredtrs pr caims; when pticipan barred; nce.Credtrs caims t be in wrting under ah; examnatin caimants.Actin n creditrs caims; appea disawed caims.Substutin recever as pt; abatemen actinsSes encumbered r deterrating prpert.

Cmpensatin, css and epenses receiverDisrbutin mne t creditrs and stckhdersActs majrt receivers eectua; remva and vacancesEmpees ens r wages when crpratin insvent.

RECORPORATIO; REEWAL AD REVIVAL OF CRTERS



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11 NRS: CHAPR 78 PRIVATE CORPOTIOS

(a) "Appov d "vote as descrg con by e decors or stocolds me e vote of dctors person or by consent or of socoders person, byproxy or by cosen

(b) "es "ces of cooon nd "ccate of incooraon snonos d, ess the context ose reqes, ince ccates edpsut to N 1 1 1 , , , , nd 78-730 d y ces of mger conveion exchge or domesticaon ed prsnt oN to 92A.24Q cse, or9 Uess the conextoerse reques, ese es cde restated ces d ccates of cooon.(c) "Drs d "stees snonymous

(d) "Pca oce mes e oce, or out of State, whe the pcexecue oces of a doesc or fo cooraon e ocated.

(e) "Receer cdes ceivers nd stees appoint by a cort as povd chapt or c32ofNRS

( "Rord mes foaon at s nsced on a tne mm or isstored eecoic or o medim d is reievabe perceabe fo

(g) "Restered agent e meing ascred to i N(h) "Regser oce e e oce ta at e seet ddress of e

rested ag

(i) "Si mes to afa siatre to a cordG) "Sate mes a word, sbo or k ecuted or ose doped or a cord cpt or sy pocessed in whoe or p by a pson e prest ent to d hsef or hsef d adopt or acct a record The cdes, out ton eecoc satre as de N 711

) "Socoder of record mes a pson whose ne appes on e sock edgerof e cooon

(I) "Seet addss of a rested agt mes e actal physca ocaon State at which a rested agt is avable for serice of pcess

2 en s d powers en chapter e not sict by e use ofspec or by y t of sp pows conted chapter.

[t 471771925;NCL 16] [831771925; A 1931 415; 1931 NC 1682RS A 965, 26; 1977, 184; 1989 871; 1991, 1207;1993, 944; 1995, 2093;1997, 695;19 15;2l. I I , 2722 ; Q48 ; )NRS 78.05 Appcab of chapter; eect on corporaons esng before

Ap 51 he povisos of chapt app to(a) Cooons orged State on or Octob 1 199, exc

(1) Where e prosos of , nd of RS e cosstt e pisios of chapt;

(2) Cooraos expssy cded by e psios of chapter;d

(3) Cooraos goved by e pvsos of N 8Ito csivend 82 ofRS(b) Cooros whose chs e ewed or red in e er provided N(c) Cooraos orged d stl exisng der chapter before October 1

1991 or y prior act or y mendment o(d) Cose cooos ess oerse proded in cofRS.



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(e) ce coaie e ce coie coaieee coie oad coi d pbic coi ow exig dfo befo Octob 1991 de y oe act o law of State bect ypec poviio cocg y cl of coo cott e pviioof capt wc cae e pec poviio co app

2 Ne e tece of coatio fo o exig befoe pl 1925 oay abity cae of aco t piviege o vid exig favo of oagat y c coao o p 1 1925 e ated abidged t away o

ad by capte o by y cge i e eqt fo e foao ofcotio povid by capt o by e edmt o e of y aw dewic c pio ig coao wee foed o ceated

[1177:1925 1935 146 1937 4 1945 196 1943 NC 1600]S 1989948 1991 1207 1995 2094)

NRS 7800 Lmtaons on ncorporaon uner chapter; complance wthother laws

1 ce coie ce co coie eecopi d coe ay be foed de capt bt c acotio may ot:

(a) Tact y c be Sate l t coied lawcocg o aecg e t to gage c be() ge e law of y o ate o coy i wic may itd gage

be by o cooag de capte2 No t coy avig d lo ociatio coy o coaio

oged fo e poe of codcg a bg bie may be oged de capt.

[ 4:177:1925 1929 413 1931 415 1949 158 1955 402]S 1975 1 1983 1 17 1997 1014)

NRS 7805 Reserve power of State to amen or repeal chapter; chapter

part of cooraon's charter Ti capte y be meded o eaed at eplea of e elate d coo ceaed de capte o avgitef of y of e pviio of capt d tockold of c coaoal be bod by c dmet bt c edmet o e al ot e away oa ay edy agt y coao, o oce fo y liab wic alave be pio c Ti capt ad dt eeof al be a pof e c of ev coao exct o f a e e ae applicable dapppiate e objec of e coao.

[2:177:1925 NC 601]

NRS 78.0 Form requre for lng of recors

1 Eac cod d e Sec of State pat o capte mt be oo accoied by a fo pc by e Secety of State.2. Te Sec of State ay ee e a ecod wic doe ot co

bo 1 o wic doe ot cota of e foao eqd by tate fo ge od.

3 f e pvio of e fo peced by e Sec of Sae coct epoio of ay ecod at i bed fo g e fo:



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(a) The povio of e fon conol for poe repec to e foaont i q by tatte to appe e rord order for e rord to be ed; nd

() Ule oe pided e cord, e proiio of e rord cono every oer ai

4 The Sec of State may by reglaon provide for e ec g ofrecord e Oce of e Sec of State

(Added to S by 2003 20 Specia Seio 26)NRS 7807 Corporate recors: Mcrog; magng; retu The Secreof State may micro or age y record wich i ed e Oe of e Sec of

Sate repec to a cooon prnt o chapt d may r e orecord e cooraon

(Added to S by 1977, 572; A 2003 3077; 2003 20 Spec Seio 2NRS 7808 Flng of recors wrtten n language oter tan Engs No

record whch i a lngage oer n Enh may be or bmited for g e Oce of e Secrery of State prnt to e proviio of chapter e it iacconed by a ved lation of at cord e Engih lngage

(Added to S by 1995, 1 1 2; A 2003 307NRS 780 Proceure to submt repacement page to Secreta of State

before actual lng of recor Before e ice of toc cootor, d ere ince of toc n ocer, of a cooon may auorie e Sec of State g reple y page of a record med for g on eed bai, beforee act g, d to accept e page a if were pt of e o record

(Added to S by 1997, 2807; A 11 )NRS 78.05 Correcon of naccurate or efecve recor le wt te

Secreta of State; cancellaon of lngs.L A cooraon ay coect a record ed e Oce of e S of Sate

pect e cooon if e record cont accte decron of acoote acon or if e record wa defecve ed, aeted, eaed, v oracowledg

2 To coect a cord, e cooon m:(a) Pre a cae of coon wh

() Sta e e of e cooraon(2) Decre e record, cding, out iaon i g date(3) Spece e ccrcy or deft

(4) Set for e accate or defecive porion of e record n acce orcoted fo d

(5) by oer of e cooraon or, ifno toc ha been iued by

e cooraon by e cooraor or a dcr of e cooration(b) De e ccate e Secret of State for g(c) Pay a g fee of$175 to e Secret of State3 A cae of coon i eectve on e eece dae of e rord coect

except to pero relyg on e ncocted cord d advely ected by ecoon to oe pero, e ccate i eecve when

4 If a cooraon ha de a g e Secrety of State d e Sec ofwleg.st.nv.usivisioLegaLibrrySS08h 096


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State not poceed e nd ped e g to e pbi ecord ecooon ay ccel e g by

(a) Fng a tatement of cnceaon e S of Sate; d(b) Payg e red fee prunt o ubecon 7 ofNRS 78785

(Added to RS by 1997, 693; A 1 , .l,12;3 ; 2s2; 22)NRS 78.07 Coorate records: Manner of storage; conversion into clear

and legible paper form; admissbii in evidenceL Except oe povid y f or tate w, y cord aed by acooon reg core of be cdg wout itaon toc dgerboo of accot d inute boo ay be t on by me of or be e fo ofny foaon poceing ytem or oer foaon toge devie or med

2 A cooraon hl convt a reaonable e y record ept e deced ubecon 1 ce d lee paper fo upon e reque ofny pon led to pt e ord mta by e cootion put yprovion of chapter

3 A ce d ee pap fo podced om record t e erdeced ubecon dmile in evidence nd accted for o poe to

e e extt a o pap ecord e e foaon provided at epaper fo pory e record acctely(Added to NRS by 2003 307{NRS 7808 Records or sgnatres maintained by cooraon

I No cord or ate mtn by a cooon I quied be creaedgenerated t coicated reed tored or oe poceed or ued byeecoi me or eeco fo

2 The cootion y ree o ct or condt y ncon or creategenerate end coicate recee tore o oere proce e or acct yrecord or ate by eecoi me or eeco fo

(Added to NRS by 2003 307{FOTON

NRS 78.00 Fg reqirements.L One or more pero ay etabih a cooon for e acon of y w

bue or promote or condt y legiate objt or poe pt dubjt to e reqment of chapt by ig d g e Oce of eSec of State e of cooon

2 The ce of cooon mut be povided NRS 78035 d eSec of State l reqe to be e fo preced f y ce

defece in repect e Secret of State hal em for coecon[31771925; A 1931 415; 931 NC 1602]S A 963 70; 1979 394; 19811888; 1989 948; 1991 1208; 1995 2095; 11 2003 308; 202640)

NRS 7805 ces of ncooraon: Requred provsions. The le ofcooraon t et fo

L The of e cooraon A ne appeg to be t of a nat peron dwleg.st.nv.usivisioLegaLibrrySS08h 1/96


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cong a en e or mst not be us a coote ne exct do word or words s "cooted, "ed, "nc., "td., "Coy,"Co, "Cooto "Co., or oer word w des not beg aperson.

2. Te foaon reqd pursn to N 7m3. Te ner of ses e cooon s aoed ss d, f more one

cass or seres of stock s aor, e csses, e sees and e numb of ses ofeac cass or seres wc e cooon s ao to sse, ss e ces

aoe e bod of drectors to d de a resoon e casses,ses dnums of e cass or sees povded NS 78-195 nd 78-196.4. Te nes and addresses, eter sdence or busess, of e st board of

drectors or stees, ge y desd provsons ae e t to cngee number of dectorspvded NS 78.15.

5 Te ame d dress, e resdce or busness, of eac of e cootorssg e es of cooton.

[t 4:177:1925; A 929,3; 193,415; 949, 158; 1955,402]S A 1957,75;1967, 769; 1981, 1888; 985, 1785; 1987, 81, 574, 1054; 1991, 1208; 1993, 945; 1995,2095; 11 ; 2 2;

NRS 78.07 es of orporao: Opoal provsos Te es ofcooton ay aso conta y pvso,not con to e aws of Sate1. or egemt of e busess d for e condct of e of e

cooon;2. Creag,deg,g or gag e powers of e cooon or e ts,

pows or des of e decrs, e ocs or e stocolds, or y cass of estocoders,or e oders of bonds or o obgaos of e cooon; or

3. Govg e dson or dson of e pots of e cooraon.(Added to NS by 1987, 80; A 199,1210; 1993,945; 200 3171)NRS 780 Name o oorao: Dsgshable ame reqred avalabty

of ame of revoked merged or otherise terated orporao reglaos1 Te ame proposed for a cooraon mst be dsgsable on e recos of e Secretry of State om e nes ofo cal persos foed, orged,rested or qed pust to e provsos of le at on e e Oce of e Secretry of State d nes at e resved e Oce of e Sec ofState pust e povsos of te. f a proposed s not so dsngsable,

e Secretry of State sal e cs of cooon con e pposedne to e cootor, ss e acowdg const of e od of e nme on e or resed to use e se or e qest s neaccoanes e cles of cooon.

2. or e poses of secon and N a popos ne s notdsgsab om a ne on or resed so because one or e oerconts dsctve g, a dsctve k a ad k or a ade ne, or ycombaon of ese

3. Te of a cooton wose cer be revoked, w as mergedand s not e sg eny or wose estence oerse tted s avaable foruse by any oer pson.

. Te Secrery of State ay adop regatos at tpret e reqts ofwleg.st.nv.usivisioLegaLibrrySS08h 6


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11 NRS: CHAPR 78 - PRIVATE CORPOTIOS

secon_(Added NS by 195, ; A 198, 056; 1991, 1210; 1993, 95; 99, 280;11

NRS 78.040 Name of ooraon: Reseraon njnve relef1_ The Secety of State, wh eqested so to do, shl ese, fo a peod of 90

days, e t se ny ne avable nde NS 8-039,fo e se of ny pposedcooon ng e peiod, a e so eseed not avabe fo se o esaon

by y oe cl peson fog, ogg,esteg o qg e Oce of e Sece of State pst to the povisios of wot e acowedg cost of e peson at whose eqest the seaon was e

2_ The se by y o c peson of a vioaon of sbsecon oNS 8-039 may be enjoed, ev e ecod nde wich e i psonfo,oged,esteed o qd beenby e Secet of Stae

[a:1:1925; dded 1931, 15; 1931 C 1603_01 [b:1:1925; add 1931,5; 1931 CL 1603_02](NS A 1963, 199, 395; 1981, 2; 198, 056; 1993,96; 11;

NRS 78.045 Arles of nooraon: Approval or eraon reqred

before ng of eran arles or amendmens1_ The Secet of Sta shl not acct fo g y cles of cooon ony ccate of endmt of les of cooaon of y cootion foed psnt o e a of Sate wich povides t e nme of e cooaonconts e wod "b o "st, ess:

(a appes om e ices o e ccate of endmt that e cooaon poposes to c on bsess as a bg o st coy, excsive o conon is bsess as a b, savgs d o assocaon o coy;nd

( The les o ccate ofadment st appved by e Cossione ofFnnc Insons_

2_ The Secet of State shl not acct fo g y cles of cooon ony ccate of mendmt of les of cooaon of y cooon foedpst to e povsos of capte appes om e ces o e cate ofmendment at the bsess be cied on by e cootion sbject sson

by e Coission of snce o by e Coissione of Fnci Isons,less e ces o ccate of endmt appoved by e Cossone who speise e bsiness of e cooon_

3. ct as oese povided sbsecon , e Sec of Stae shl notaccept fo g ny es of cooaon o y ccate of endmt of es ofcooaon of y cooon foed pst to e aws of State e e of

e cooaon conts e wods "engine, "eneeed, "eneeing, "pofession

ene, "esteed enge o "esed engn less:(a The State Bod of Pofessional ees d Lnd Seyos ces at epincs of e cooaon icsed to pacce eneeing psnt e aws of State; o

( The State Bod of Pofessional ees d Lnd Seyos ces at ecootion exempt om e pohions of N 62520.

_ ct as oese povded sbsecon , e Sec of Stae sl notwleg.st.nv.usivisioLegaLibrrySS08h 6


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accept fo g y les of cooaon o y ccate of endmt of les ofcooaon of y coon foed pusnt to e aws of State te me of

e cooaon conts e wods "cc "cte "estd cect"icesed cec "egistd int desie "gisted inteio desi, "sidendes "ste esd desie "iensed esid desie o "esidendesi uess e State Bod of cte Inteo Des d Resdent Desces at

(a) Te pincs of e cooaon odes of a cate of egsan to

pacce cecte o esidtal des o to pace as a gstd ntio desie asappicable pusut to e aws of Sate; o(b) Te cooaon is qed to do busess State pusun to 5. Te Secet of Sta sl not acct fo ing y icles of cooon o

ny ccate of endmt of les of cooaon of y cootion foned pusunt o e aws of Sate wic povides t e ne of e cooaonconts e wod "accotnt "accog "accotncy "aito o "auditngunless e evda State Bod of Accountncy ces at e cooaon

(a) Is esteed pusnt to te pisios of2 of RS; o() H e eva State Bod of Accotncy d pe of p a

staement at e cooaon is not engag e pacce of accoung nd is

no oeg to pacce accoung State.6. Te Secet of Sta sl not acct fo ing y les of coon ony ccate of dment of les of cootion of y cooon foed oexisg pusunt o e aws of State wi povides at te of e cooaonconts e wods "comonntest co "co ssocan "tessociaon "uioes' socan o "omeownes' ssociaon o it appes e les of incooaon o ccate of endmt at e puose of ecooon s opte as a uoes assocan psunt to 1 oof RS uess e Adisato of e Real Estate Dision of e Dent ofBusess d dusy ces t e cooon

(a) Resed e Ouds fo Os n Comonteest Coues

nd Condo Hotes pust to RS 116.31158 o 116B.625; nd() Pad to e Admsato of e Re Esate Diision e fees equed pusn to 1111 o11.7. Te povsios of sbsecos 3 d 4 do not app to y cooatio wose

secs pbc aded nd egated by e Secues Excnge Act of 934 wcdoes not egage e pce of pofessna geeg cect o esdendesi o intio desi as appicable.

8. Te Cossione of Fnci Instos nd e Coisson of sunceay appove o dsappove e ces oadments efed to em pust epovisios of secon.

[4.51771925; dded 1949 520; 1943 C 16031S A 1977 056; 1979

102; 1983 467 1696; 1987 1873; 1993 128; 995 1112; 1997 1058; 1 21;200 111; 2003 20Specia Session 28; 2005 2623; 2007 2 2279)NRS 7807 Peaty for prporg to do bsess as oorao wot

g ares of orporato eforemet regaos1 Evey peso oe a cooaon oged d exsg pusnt to e aws

of oe state o e Disict of Coa a possessn of e U States o awleg.st.nv.usivisioLegaLibrrySS08h 4/96


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fore conywho s porng to do busiess i State as a cooton d whofas or negects to le e Sec of State ces of icooraon ssubjt a e of not less $1,000 but not mo $10000 to be covd n aco of coetent jrsdcon.

2 When e Secret of State s advsed a a person s sbject o e edesced i subsecon e Secret of State ayas soon as pcablenst edsct atoey of e conty i whch e pson's prnc place of busiess s locaedor e Atoey Genor boto ste poceigs to cov e e. If e dsct

atoey or e Atoey G prevs i a proceedig to recov e e desced isubson 1, e dsct attoey or e Attoey General s en to over e costsof e proceedng, icdig out on, e cost of y ivesgaon d

reasonable atoey's fees3. The Secret of State ay dopt glaons to t e pvsons of

secon.(Added to S by1NRS 78050 ommeemet of oorate estee.

1. pon e g of e ces of icooraon psut to d epamt of e ng feese Sec of State shl ssue the cooraon a ccate

at e cescong e reqed statt of facs, have be ed From e date e ces ed, e cooraton s a body coorate, by e set for i ecles of icooraonsubject to e forfere of ch or dssoon as pvdedi chapt

2. Ne icoor nor a drector desated i e ces of icooraonereby becomes a subscr or stocod of e cooon.

3 he g of e ces of icooraon does not by se constecommencemt of busiess by e cooraon.

[ 5:177:925 NCL 1604S A 1989948 1991, 121 1993946 2007.

NRS 78055 Aeptable evdene of norporao. A copy of y les oficooraon led prsunt to chaper, and ced by e Secrery of State nder e oa se of e Sec of State, or respt to a cooon orged befo ctob 1, 1991 a copy of e copy o ed e con clk or mcroed by the cony clerk nder e conty sea, ced by e clerk, st bereceved ncos and paces as pa face evdce of e facts erei staed, and ofe exstence nd ncooraon of e cooton en ned

[ 5:1771925 NC 16](S A 1963, 70 19911211)

PORS

NRS 7800 Geera powers1. Any cooraon orged der e povsons of chapter:(a) H e tspges d pows confed by chapter() H sh rtspges d pows ay be confe upon cooraons by

ny oer esg aw.(c) My at y e exercse ose rts pges d pows when not

icosstent e provsons of capter, or e poses d objects forwleg.st.nv.usivisioLegaLibrrySS08h 6


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whch e cooraon s orged(d) Uness oerse provded i s cls, has peet estce2 Every cooraon, by ve of ts exstence as such, s en(a) To have successon by ts coorate name nl dssoed d ts s wond

up accordig to law(b) To s d be sued i y co of law or (c) To mae concts(d) To appont suh oers d agents as e rs of e cooraon reqe, d

allow em stabl cosaton(e) To mae bylaws not nconssent e Conson or laws of e UnedStates, or of State, for e gement, reglaon d govt of s s d

prop, e nsf of s sc, e nsacon of s busness, d e callig dholdig of meegs of ts stocods

( To d up and dssolve self, or be wond up or dssolved, i e ernoned i chapr

(g) Uness otherse pvded i e cles, to gage i y lawl ac[ 1192 NC 16 911192 NC 69]- A 1969 991991 1211 ;

NRS 7805 Adopon and use of orporate sea or stampI . Eve cooton, by of s esence as such, shl have power to adoptand use a coon sea or st, d ter e se at pere

2 The use of a seal or st by a cooraon on any coorate record s notnecess The cooton ay use a seal or st, t deses, but such se or nonsest not n y way ec e le of e cord

[ 192 NC 16 + [192 A 193 1- A 196 21971 1 100; ONRS 78070 Spe powers Subject to such ltaons, y, as ay be

conted i s cls of icooraon, ev cooton e follog pows

L To boow money and conc debts wh necess for e sacon of s bsiess, or for e exercse of s coorate rts, pges or ncses, or for yoer lawl pose of s icooon d to ssue bonds, prossory notes, bls ofexchge, debentres, and oer oblgaons and evdences of ndebtedness, payable at aspecd e or es, or payable upon e happeg of a sped event or eents,

whe secd by morgage, pldge or oer sec, or sec, for oney bowed, or i pamen for prop phased or acqed, or for y o lawobect

2 To gartee, phase, hold, tae, obt, recee, subscre for, o se,dspose of, sell exchange, lease, ld, ass, morgage, pledge, or ose que,sf or dea i or bonds or oblgaons of, or shs, seces or iterests i or

ssued by, y person, govt govt agency or polal subdvson ofgovent, and o exercse l e rts, powers d prleges of oers of sh iteresticdig e r to vote, any

3 To prchase, hold, sell, pldge d sfer shs of s o sc, d seerefor ts pper or money

4. To conduct bsiess, have one or mo oces, d hold, phase, lase,morgage, convey d tae by devse or buestr d pson prop i Sate,

wleg.st.nv.usivisioLegaLibrrySS08h 6/96


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d i y of e sev sttestres possessons d ddences of e UnedStese s of CombPo Rco d y fore cons

5. o do evg necess d pper for e ccoshment of e objectsemed i cles of icooon or necessy or icdent to e poecon dbene of e cooon d n gener to cy on y w bsness necess oricdt o e t of e objecs of e cooronwheer or not e busiesss s n ntre to e objects set forh i e cles of icooonexc t

() A cooron creted nd e provsons of chpt does not possess e

pow of ssg bsnoes or o edences of debt for cuon of money; d(b) hs cper does not uore e foon of bg coorons to ssue orcrcte money or ccy wn Stteor outsde of Stteor t exct efederl cencyor e notes of bs uoed der e ws of e Ued Sttes.

6. o e donons for e pubc wefe or for chblescenc or eductonposes

. o r ito y retonsh o person i connecon y wces.

8 o ronce i s les of icooon or by con by e bod of dectorsy iterest or eectcy to pe i spec busiess oppoes or specedcsses or ctegores of busiess oppoes t e psented e cooon or

one or more of s oersdctors or stocods.[911925; A 19 415; 949 158; 195 18]S A 195969; 96146;196911; 19856; 19911212; 19994; 199696; 23 38; 2 244)

NRS 7875 Raroad ompaes: Powers erce of d i ddon toe powers whch rod coes orged nd chper e ened o exercsebunot i on of y of e powers ted by chperee rod coyy

1. Cuse such exnon d seys for e poposed d o be mde ybe nessry to he secon of he most dgs route for e rodd for suchposes by er oersgens d eoyees ent upon e ds or wrs of

y psonsbut subject o spons fordges whch ey do o.2 Receeholdtke d conveyby deed or oerse ntrl pson orcoud dosuch vont ts d donons ofr estte d oer pper of everydescron my be mde to d d encoge e conscon mience dccodon of e rrod.

. Phse d by vont nts d donons recee d tke by socs eneers seyors d gens ter upon d te possesson o d holdd use n y mn hey my deem propersuch ds d re estte d oerprop e decrs y d necess d proper for e conscon dmitce of e rod d for e stonsdos d o coodons d poses deemed necessy to cosh he object for whch e cooron s

fo.4. Ly out s rod or ros not exceig 2 fee wded consct d ierod suchk d such ppendges my be ded necessry for econv se of he coy y e ets exconsdhesdrnsculvs or oerse d pce er sne d ve or oer mtd y

tke mch more d whenever ey yproper my be nessry for eposes fosd i e er h proded for e pper conscon d

wleg.st.nv.usivisioLegaLibrrySS08h /96


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sec of e o5. Cosct e road across, aong or on y se of wat, watcorse,

oadste, bay, navgabe s se, avue or hway, or acss y way, cal,dch or me whch e ute of s rod iersects, csses or rns ong, i such as to aord secy for lfe d proper. he cooon sh restore e seor watercose, rod, seet, avenue, hway, road, cal, dch or me siersected to s foer state, as ne as may be, or n a suct not to havead necess ts seess or njred ts nces

6. Cross, iersect joi d ts raoad y oer raoad, eer before or coscted, at y poit upon s route, ad upon e onds of such oer oadcopy, e necess outs, sdigs d swches, d oer conveces, ice of e objects of s conecos; d ev coy whose raoad s, or be h, itersected by y new oad i fog such iersos d coneco,ad nt e faces aforesad If e two cooraos cnot aee upon e o ofcopsaon be ade erefor, or e poits or e of sh crossigs,iersectos d conecos, e se mst be asc d deed bycossons, to be appoited as s provded h i respect to e tg oflds, but secon s not to aect e rts d chses heretofore ed.

7. Phase lads, er, sne, ave or o mat o be sed i e

coscon d tennce of s ad, or tke em i e er provded by chapt. The road copy ay chnge e lie of s road, i whole or i p,whenever a majory of e dectors deee, as s provded he, but no suchchge may v e gen route of a oad, as contelated i e cls oficooraon of e coy.

8. Recee by prchase, donaon or oerse, y ds, or oer ppery, of ydescron, d hold ad convey i y e dectors may k proper, esme as nat persos t or cold do, at ay be necess for e coscond ece of s rod, or for e erecon of dos, outs, workshops,wehouses or for any oer poses necessry for e conveence of oadcopes, i order to nsact e bsiess sa for road coes.

9. Tke, spor cy d convey persos d pper on e oad, by eforce d power of ste, of or y mechca power, or by y cobiaosof , d ceve tolls or coesaon erefor.

10. t d ai necess d conveent bdigs, staos, depots dres d aciy for e accoodaon d se of e passengs, et dbsiess, obtai d hold e lnds ad oer proper necessry erefor, d acqueddo ds d rts-of-way d buld d opte eos or brches of s lieof raoad

11. Reglate e d n wch passengers ad pper spored,d e ls d coesaon to be pd efor, e ls presced by law.

12. Reglate e force d spe of e ocomotves, cars, or oer hiery

sed d eloyed on e oad, and establsh, execute ad force need dprop res d regaos y d coee for e agement of ts busiesssacos usu nd prop for road coes

13. Pchae, hold, sel ad sfer ses ofs o stock, bonds, debents, oroer seces ss by , exct at:

(a) No cooraon ay use s ds or prop for e prchase of s on shresof stock wh such se wold cause ay nent of e capa of e cooraon; d



19/96


() Shs of s o stock belong to e cOoon must not be vot upon,drec or idec, nor conted as outstndng for the pose of y stocods'quo or vote.

14. Acqe, own d operate motor vehcles, d nsporaon facs, dspor persons d prop along nd over e ses d ways of State, fore nsporaon, for he, of passgers, pper d et, e drec or u asubsd coy or coanes, subect al levt povsons of aw concg p, cses, ncses and e regaon of such fo of nsporaon by motor

vehces or oer agces. Whenev e k of a d crosses a oad or hway, such raad or hway may be ced nder, ov or on a level e ck, as may be mosteedent, d i cases wh bent or cutng mkes a chnge i e ie ofsuch oad or hway desabe, w a vew to a mo easy scent or desct, ecopy may take such addonal nds d mat, needed for the conscon ofsuch ad or hway, on sh new ne, as may be deed rse by e road.Uness e nds d so tk e prchas, or von gven for e poseaforesad, cosaon efor mst be asc i e povded by aw.

[(a):77:125; added 145, 16; 143 NC 1608.01-S A 3, 2762)

NRS 78080 Raroad compaes: Rghtsofway grated by the Statecoes ad mcpaes mtaos reverso o abadomet des ofcompaes

1 he rtofy s hby en d nted to a ad cones that e noworged, or ay be orged d e pvsons of chapt, or der e aws ofany oer state or ttory, or nder y act of Conss, to locate, consct dmthe ads, or y p or pe eof, over d ro any of e s oroverowed nds beongng to State, or any o pubc nds whch now or maybe e prop of e Stae, at e e of consg e oad.

2. Sch road coes e heby auoed to srey and k rou eands of e State, to be hed by em for e k of e spece raoads, 200 fe i

wd, for e whoe leng e roads may be locat over e nds of e State; d e rt s hereby gven d nted to e coes to ocate, occupy d hod al necess ses d ods for waterig pes, dots or oer bdigs, for econven se of e se, ong e ie of e oad or roads, so f as e pacesconv for e se may fl on the nds beongig to the State, c es of ny icooted c or toor 3 es whe e se sal be tken, onpayig e State e ve of e sme.

3. No one depot, watg pace, mchie or workshop, or oer bdngs for econv se of sch roads, shal cover ov 6 acs eac and e stes or paces on eands of State shl not be ne each oer 5 es aong e ie of e oads.

4 he t s heby er en d nted to the cones to tke om any of

e nds beongig to State al sh at of e, wood, stone or oer awhatever, as y be necess or conventom e to e, for e st consonor eqment of the road or ros, or any p th

5. If y oad, at y e a ocaon, sl be dsconued or abdoned bye coy or coanes, or e locaon of y p of be so chged no tocover e nds of e State us preos occ, then e nds so abdon or eshalto State.



20/96


6. Wh e locaton of e ute of eer of e roads or ses or pes fordotswatg pcesce or workshops or oer bdngs for e conveent seof e ses be seecte secret of e coy shal e Dectorof e State Den of Consaon nd Natl Resoes d to e SateConoerd to e cord of e conty i wch e nds so selected satedtoeach of e ocersa coect pot of e ocaon of e raor stes or placesbeforesuch seecon sh become operae.

7 When ny sch cony sfor s poses aforesdreqre y of e nds

beong to y of e coes ces or tos i Sta e coty c d oocs respectve havig chge of such nds may nt d convey such nd tosuch coy for a cosaon wch sh be ae upon betwe em or maydonate d convey e se wout y coensaon; d ey shal not ae upone se d prcee se may be tken by e coy pvded i oer cses of nds by condon.

. Before y cooraon icooraed or orged oerse der e laws of State sh be ened to ny of e rts ted by chapter sh e i eoce of e conty cord of each conty i wch e road or y pt onor brch of s be saea copy of ccate or cles of icooraon orof e act or law by whch was created w e ced st of s ocers i e

nd fo reqed by law[9(b):177:1925; added 1945196; 1943 NC 160.02-S A 1957653)

NRS 78.85 Ralroad ompaes: Flg ad reordg of ered maps adproes

1. Every rrod cony i State sha 90 days s oad locate:

(a) Case be ade a ap d proe er nd of e nd k d obtnedfor e use eofd the bodes of e sever coes throu wch e may;

(b) Fe e ap nd poe ereof i e ce of e Sret of State nd a

duplcate eof e Publc Ues Cosson of Nevda; d(c) Cause to be e e maps of e ps eof ocated i dert cones drecord such aps i e oce of e recorder of e co n wch ose ps of eoad ocated.

2 The aps nd proes st be c by e cef enee acg presdentnd secre of e coy copes of e aps and pes so c d

recorded as qred by subsecon 1 st be kt i e oce of e coy subectto on by l iterested persons

[9(d):177:1925; added 1945 196; 1943 NC 160-S A 1997 963; 1751)

RGISTRD OFFI AND RGISTRD AGNTNRS 78. Regstered aget requred address of regstered oe powers

of bak or oorao who s regstered aget peaty for oomplaesere upo regstered aget leu of oporao

1 Every cooton st have a restered agen who resdes or ocat iSate Notndig e pvsons ofN each restd agt mst have a



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seet ddress for cevig serce of pcess, whch s e ster oce of ecooon i State. If e rested agent s i e bsiess of acg as a resteredagent for mo one bsiess en, e physca see address of e gser ocest be n a locaon for wch such se s no p by y oca ordnce Therestd agt may have a sate g addss sch as a post oce box, wchay be det om e set addss

2 f e gser agent s a bk or cooraon t ay(a) ct as e sca or sfer agt of y state, nc, body poc or

cooton d n at capac may cee and dsbse money.() Trsfer, rester d conts ccates of stock, bonds or oer evdencesof idebtedness d act as agent of y cooraon, fore or domesc, for y posereqd by saute, or oerse

(c) ct s stee nd y morgage or bond ssued by y mnca, bodypoc or cooraon and acct d execute y oer nca or coorae st noticonsstent e laws of Sate

(d) Recee dge ny sg nd of y cooon, upon such s maybe aed on beteen e cooraon d ose deng t

3 Ev cooton orged pst to chapter wch fas or reses tocop e reqements of secon s sbject a e of not ess $1 nor

more $, to be recoved costs by e Stae, before y cort of coeentjsdcon, by acon a law prosecuted by e toey Gen or by e dsctattoey of e conty i whch the on or poceig cover e e s prosecuted

ega process d any dd or noce auored by law to be served upon acooton ay be seed upon e rested agent of e cooraon i enerprovded n subsecon 2 of NRS 12 I ay dd, notce or ega pocess, oer a suons d cot, cnot be served upon e restered agent, t may beserv i e anner povded iN . Theseners odes of serce ei addon to y o serce auorzed by law.

[1192 1929, 13 NCL 16] 91192 NCL 16] 199, 62 1969, 1 19, 1 199, 99, 9, 191 1991, 1213 1993, 9 199,

29 2007 21)NRS 7807 Resigao o registered age or terao o oeria

registered age.1 f a restered agent ress prsunt NRS or a comca restered

agent es s sg as a coerca gsted agent prst toN ecooton, before e ee date of e resaon or on, s e eSec of State a statement of chnge of gser agent prsunt NRS 7.

2 cooraon at fas coy subsecon 1 sh be deem i defat ds sbject e provsons ofNRS 1 d 1

3 used i secon "coerca regstd agt e meg ascred to

t nN(dded NRS by 199, 61 96, 9 1969, 11 199, 99 1991, 21 1993,99 11; 2003 31 2003 2 SSs2; 20 22

NRS 78.05 Maiteae o reords at registered oe ispeo adopyg o reords v aby peaes.

1 cooraon shal ke a copy of e folog records at resed oce:wleg.st.nv.usivisioLegaLibrrySS08h 21/96


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(a) A copy ced by e Sec of State of ts les of icooon, nd mendnts ereo;

() A copy ced by oc of e cooon ofbyaws d endmentsereto d

CA stock ledg or a dpate stock dger, resed n, cong e mes,habetcarg, ofpersons who e stocolds of e cooton, showige pces of resdce, f o, nd e n of shs hed by respectve. e of e stock lger or dpcate stock dger, e cooraon ay ke a statement

seg ot e of e csdn of e sck lger or dpcate stock ledger, nd eprest d coete g or seet addss wh the stock lger or dpcate stockdgspeced i secon s kept.

2. A stock edger, dpcae sck lger or statemt setg ot e ne of ecstodn of e stock ledg or dpcate sck ledger descr i pph (c) ofsbsn st be ted by e restered agent of the cooran for 3 yersfoog e saon or on of e resred agen or e dssoon of ecooton by e Secret of State.

3 ny person who been a stocoder of cord of a cooraon for at ast 6 mons medae precig e ded, or y pson hodig, or etoaored i rng by e holde o at st 5 pent ofof otstndig shes,

pon at least 5 days dend s ed to spect n pson or by agent oratoey, dg sl bsiess hos, e cords req by sbsecon d kecopes eo Holders of vog st ccates rrestng shres of ecooon st be gd as stocolds for e pose of sbsecon Everycooton at negects or ses to ke e records reqed by sbsn open forspon, as reqd n sbsecton, shl forfet to e State the sm of $25 forevery day of sch negct or s

4. If y cooon negcts or reses to ke y proper en i estock ledger or dcate copy eo or neglects or reses o p spon of

e rords qred by sbsecon pon dend by a pson led to spt e,or reses to pe copes be ade ereo, as pvd i sbsecon 3,e

cooton s able e person i for dages restng e personere5. Wh e cooraon kes a saten i ener provded for i pph

(c) of sbsecon , e ifoaton conaied eon mst be en o y stocolderof e cooon ddig e ifoaonwh e dd s ade dg bsiesshos. Every cooran at neglts or reses to ke a staemt avab, as isbson red, shl forfet o e Sate e s of $25 for ev day of sch neglector res

6. ev istnce where atoey or o agent of e scoder seeks ert of ispon, e ded mst be acconed by a pow of attoey sed by e stocod aorg e atoey or o agent to nspect on behf of e

stocoder7. The rt to copy rords nder sbsecon 3 ncdes, f asonable, e r toke copes by photoaphc, erophc or other mes

8. The cooraon ay ose a reasoable cge to cov e costs of abor dat d e cost of copes of y records provded to e stocod.

[8077:925; A 95, 332]S A 959, 29; 96327; 965978; 99 24 ;997, 697;;22)wleg.st.nv.usivisioLegaLibrrySS08h 226


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NRS 78.07 Dena of equest fo nspeon of eods; defense to aon fopenales o damages; autho of ourt to ompel poduon of eods

L A ipecon auoe byNmay be e to a tocoler or oerperon upon e re of e ocoler or o peron to h to e cooraonan av at e ipecon not e for a poe wch n e ntt of abuie or objec oer e bie of e cooraon at e coer oroer peron not at y e o or oere for ale y t of ocoler of yome or fore cooraon or ae or abe y peron i procg y uch

recor of toco for y uch poe.2. a efene y acon for pe or age n 7805 at e

peron uig at any e o, or o for e, y t of ocoer of ecooton, or y oer cooraon, or a or abete y peron i pcgay uch toc for ay uch poe, or t e peron ng ee ipecon for a poe wch i e itt of a bie or object oer e bne of ecooton

3. T econ oe not a e power or jcon of y co coel eprouon for eon of e boo of a cooraon i ay proper cae.

(Ae to by 1997, 693)

DTORS AND OFFIRSNRS 78.5 Boad of etos: Numbe and quaatons The buie of

evy cooon mt bege n e econ of a bo of rector ortee, of whom t be nat pon who e at eat 18 ye of age. Acooton m have at leat one cr, a ay prove i cle oficooraon or n byaw for a xe nber of tor or a vabe nmber ofrector, for en n wch e nb of cor ay be icreae orece. Unle oere pove i e cle of icooraon, cr nee notbe tocol.

[ 31:177:1925 NCL 1630 A 1965, 012 1981, 384 1987, 577 1993,

949 1995, 1 1 13 2003 3083)NRS 78.0 Boad of detos: Genea powersL ubjt o to uch aon a may be pve by chapt, or e ce

of icooraon of e cooon, e bo of ector conol over e of e cooon.

2. Exct a oe pov i ubon ubjt e byaw, y,opte by e toco, e ector may e e byaw of e cooonUne oere prote by any byaw aopte by e tocoer, e rector mayaopt, amen or rea y byaw, icig y byaw aopte by e toco. Theacle of icooraon ay t e auo to aopt, or real byaw

excely to e ecr3. The elon of a po for e acevemt of coorate goa erepon of e ecor

[ 31:177:925 NCL 1630] A 991, 1217;21)NRS 78.5 ommttees of boad of detors: Desgnaon; powers;

membeshpwleg.st.nv.usivisioLegaLibrrySS08h 26


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L Unlss s oerse pved i e es of icooraon, e bod ofdrectors may desate one or mo coees whh, to the exent pvd i eresoon or soons or i e bylaws of e cooraon, have d may exese epows of e bod of dectors i emgemt of e busiess d of ecooon

2 ach cotee st icde at east one dctor Uness e ces oficooraon or e bylaws povde oerse, e bod of dectors may appoit natpersons who not dectors to serve on coees.

3 The bod of dectors ay desate one or more dectors as ate mebersof a comee reple y memb who s dsqed or absent om a meeg of ecoe he bylaws of e cooon ay provde at, ess e bod of dectorsappoits ate mebers psut to subsecton, eber or s of acoe psent at a meeg d not dsqed om vog, wheer or not ememb or mebers conste a quorm, ay ous appoit oer mber ofe boad of dectors to act a e eg n e place of absent or dsqedmemb of e coe.

[32192 A 1929 13 NCL 1631 A 19 11 1991 21 1993949; 2 1 J NRS 78.0 Oers of orporaon: Seeon quaaons terms powersand dues ng of vaanes

1 v cooraon st have a presdent, a st d a srer, or eequant o

2 very cooon ay aso have one or mo ve psdents, assstat ssd assstt easu, d such oer ocs d agents s may be deemed necess

3 oers st be natra psons d must be chosen i suchner, hold theoces for sh es nd have such pows d dus as ay be prescred by ebylaws or d by e bod of dcrs ny nat pson may hod to ormore oces

n oer holds oe a e expon of or her t a successor s

chos or e ocer' s resaon or remov befo e eaon of or her A fare to elct ocs does not requre e cooraon to be dsso. nyvaccy occg i an oe of e cooraon by dea, saon, remov oroerse, mst be ed as e bylaws provde, or i e absence of such a provson, bye bod of decors.

[361192 A 193 291 1931 NCL 163]- A 196 12 991 1211993 950; 2009 1673NRS 785 Authoty of dretors and representaves of ooraonL The statement i e es of icooraon of e objects, poses, pows d

auoed busiess of the cooraon constttes, as beween e cooon nd s

drectors, oers or sckolders, auoaon e dectors ad a laon upone act auory of the resentatves of e cooraon. h tons y beassered n a proceedig by a stockolder or e tate to joi e dong or conuaonof auoed bsiess by e cooraon or s oers, or bo i cases wh dpes have not acqd rts ereby, or to dssoe e cooraon, or i a proceedigby e cooraon or by e stockolders sg n a rrestave sut agast e ocersor dcrs of e cooraon for volaon of e auo.



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2. o on upon e bsess, poses or pows of e cooion or upone powers of e sockolds, oers or decors, or en of eise of suchpows, coned or ied by e icles may be assed as beeen ecooion or ny sockold d ny d person.

3 Any conac or conveyce, oise lal, made e me of a cooon,which is auoed or raed by e dcrs, or is done e scope of eauo, ac or app, giv by e direcors, bds e cooion, nd ecooon acires s d, whe e conc is sied or is who or

p ecuo.[P 31(a):77:1925; dded 1949, 158; 1943 CL 163001]S A 1961, 94;1993, 950; )NRS 788 Drectors and ocers: xercse of powers performance of

des presmpons and consderaons labty to corporaon and stockholdersL Direcors d ocs shal exercse eir powers good f d a iew o

e ess of e cooraon.2 pfog e spece dues, direcors d ocers enled o re on

foaion, opios, rors, boos of co or saemens, incdg nclsaemens d oer nci daa, a e pr or psened by

(a) ne or mo dors, os or emplyees of e cooran reasonabbeieved o be liabe nd coeen e as pr or presened;() Cose public acconns, cial adisers, von adviss, vesen

bs or oer persos as o mas reasoab believed o be e pr's orpress pfessio or er coeence; or

(c) A comee on which e direcor or ocer g eon does no sere,esabished accordnce N 12, as o as e coesdesaed auor d aers on wih e coiee s reasoably beeved o codence, bu a dor or ocer s no led o rely on such foan, opis, rors,boos of accon or saems e dr or oer owedge concg e

ma ueson a would cause nce ereon o be nwed.3 Direcors d ocs, diding upon mas of bsiness, e presm o ac good fa, on foed bss d a view o e eress of e cooraon.

4. Drs d ocs, exercsg he spece pows a view eeress of e cooon, ay cosider:

(a) The eress of e cooraon' s eyees, suppis, crrs d csoers;(b) The onomy of e Sae d aon;(c) The eress of e co d of socie; d

(d) The long- as wel as shor-e eress of e cooon nd ssockolde, cdg e poss a ese eress may be bes sered by econued ddce of e cooon

5. Dcrs d ocers no red o cosder e eec of a pposedcooe acon on y pc oup havg es e cooraon as adon facor.

6. The povsios of subsecos 4 d 5 do no crea or auore ny cases ofacon agns e cooraon or is decors or ocers.

7 xc as oerse provided N 35230, 0660, 50, 452200, 45220, nd 6 or ess e ces of incooraon or adm o, wleg.st.nv.usivisioLegaLibrrySS08h 26


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each case ed o or aer ctob 1, 3, pvde for eat dividu abi, adector or o s o dd abe to e cooo or its stockoders orcredors for y dages as a res of y act or fae to t or h capac as adector o oer ess it s pove at:

(a) The decor's o oer's act or f to act costted a beach of or herduc dues as a decor or oc d

() The breach of those dues vo eoal mscoduct, aud or a owgvioao of aw.

(Addedto NS by 1991, 1184; A 1993, 95 ; 19 15 ;2031;203)NRS 78. Dretors ad oers: Des presmpos ad powers whe

ofroted wth hage or poteal hage ool of oorao1 . Ect as oese povided subseco or e cles of cooo,

dectors d ocs cooted a chage or pot chge cool of ecootio have:

(a) The dues osed upo by subseco 1 ofS 7.13; d(b) The bet of e presos estabshed by sbseco 3 of at seco

2. f dcors d oers te aco o ss a chge or pott cge cool of a cooo which edes e exercse of e rt of stockolde vote

fo or move dectors(a) The dectors mst ave reasoabe ods to beieve at a reat to cooatepocy d eectiveess ests d

() The aco te whh pedes e excse of e stockods' ts mst bereasoabe ato to at reat f ose fts e fod, e drs d ocs have e beet of e pesoesabshed by subso 3 of

3. The pvo of subseco 2 do ot app :(a) cos at o at e e ofe exese of stockods vog rts or

() The adopo o sig of pas,rges or smes at dey ts,pveges, power or auo a hoder of a sped ber or aco of ses or

aco of vog power.4. The provsos of subsecos ad 3 do ot pe decors or oers toabroga y t cofeed by satte o e cles of coorao.

5. rectors may resst a chge o poteal chage cool of e cootio e dctors by a majori vote of a uom dete that e chge or pote chages opposed to or ot e best test of e cooo:

(a) Upo cosido of the terests of e cooos stockods d y ofe mats set fo subso 4 ofS or

() Becase e ot or at of e debtedess d o obgaos to wche coorao or y scessor e pop of eer may become subject, coo the chage or pote chge coo povdes reasoabe ods to

beeve at, a oabe me:() The assets of e cooo or y scessor woud be o become ess its abes

) The cooo or y scessor wod be or become sot or(3) Ay vot or vot pceedg psut to e fed bpcy

aws cocg the coorao or y successor woud be commced by ay pso(dded to S by 11; 1



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NRS 78.40 Restos o tasaos volvg teested detos ooes ompesao of detos.

L con o o sacon s no vod o vodabl so bcas(a) T conac o nson s bw a cooaon d:

(1) n o mo of s dcos o os o(2) Ano cooaon, o assocaon wc on o mo of s dcos

o os dcos o ocs o csd() con o sd do o o

(1) s psn a mg of bod of dcos o a co ofwc auos o appovs conac o son; o

(2) Jos sg of a cosn wc auos o appovs cona o sacon ps o subscon 2 of 1 o

(c) T vo o vos of a common o s dco cod fo posof auo o appng con o sacon, on of ccsncs spcd n subscon 2 xss.

2. T cmscs wc a con o o sacon s no vod o vodablps o subscon 1

(a) T fa of coon dcos, oc o acal s s o bod of dcos o co, d bod o co auos, appvs o

as conac o saon good f by a vo scn fo pposwou cog vo o vos of coon o sd dc o dcos.

() T f of coon dcos, oc o cal s s o o sockods, ad y appov o con o sacon n good fa by amajo vo of sockolds odg a ajo of vog pow. T vos of common o sd dos o ocs mus b cod y suc vo ofsockods

(c) T fa of coon dcos, oc o acal s s no o o dco o oc a son s bou bfo bod of dcosof cooon fo aon

(d) T conac o saon s f copoaon a m s auod

o appovd.3 Coon o s dcos may b cond dg psc of auo a a mg of bod of dcos o a co of wc auos,appvs o s a con o saco, ad vos of common o sddcos no cond a mg, a majo of dss dcos mayauo, appv o a conc o sacon.

4. T f a vo o vos of coon o s dco o dcos no cond fo poss of subscon 2 dos no po y auoao,appov o caon of a conc o sacon o b by cosnpsu o subscon 2 of 78.315, gdlss of w common o sddco ss suc tcosn o absas g om povdg cosn

5. Unss os povdd cs of cooon o byaws, bodof dcos, wou gd psoal s, may sabs cosaon ofdcos fo scs n y capay f bod of dcos sabss compsaon of ds psu o subsco, suc cosaon s psd ob fa cooon ss povn f by a pondc of dc.

[31():1771925 addd 195, 328]S 1959, 683 1969 1 13 1989, 872 19911218 1993 952 1997, 698 Q 241)



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ANNU ST AND OTHR RQNTS DFATGORPORATIONS

NRS 78.50 Fg reqremets fees powers ad dues of Sereta ofState

I . A cooraon orged pst to e aws of Sate sh, on or before eas day of e st mon e g of cs of cooon e Secreof State e e Sec of Stae a st on a fo hed by e Sec of

Stte cong:(a The me of e cooon;(b The nb of e cooraon fown;

(c The s d s of e presdt sec d easer or e eqalentereo d of l e dectors of e cootion;

(d The dress ei resdce or bsness of eh oc d dector sedfoog e of e ocer or decor;

(e The foaon reqd prs to S 7710; d( The sat of oc of e cooon cg t e st ,

copte d cate.2. The cooran shl er on or befo e st day of he mon

wch e ers date of cooon occrs each ye e Sec ofState on a fo hed by e Secret of State n st cong l of efoation rred sbsecon L

3 Each st reqd by sbsecon or 2 mst be acco by:(a A dection nder py of p t e cooton:

( Hs coied e pvsios ofc 76 ofS; d(2 Acowdges prsnt to N 3 it a caegory C feny to

og o ny fse or forged smt for g e Oe of e Sec ofSate.

( A statement as o wheer e cooraon a pbicly ded coy. If ecooon a pbc aded coy e cooon mst st C Index Key.

The Secret of State shl cde on e Sec of Sate s te webse eCen dex Key of a cooon pvd prst o paaph d scosdescg e wch a mber of e pb may obta foan concge cooraon om e Secies d Excge Commssn.

4 Upon g e st red by(a Sbsn 1 e cooraon sha pay to e Sec of State a fee of $125.

Sbsecion 2 he cooraon shl pay to e S of Sate f e otrresened by e tot nmber of shres provded for n e rcles

$75000 or less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..$125

Over $75000 d not over $200000 .. .. .. .. .. .. .. .. .. . . .. .. .. .. . . .. .. .. .. .. .. .. .. .. . 175Over $200000 d not over $500000 .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . 275Over $500000 d not over $1000000 .. .. . .. .. .. .. . .. .. .. .. . .. .. .. .. . .. .. .. . 375Over $1000000:

For e st $1000000 ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375For each addio $500000 or ion ereof . . . . . . . . . . . . . . . . . . . . . . . 275

The m fee wh may be chrged prst pph ( for g e nwleg.st.nv.usivisioLegaLibrrySS08h 26


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s s $1 1 100.

5. If a dctor or oc of a cooraon ress d e resaton s not ecedon e or ded st of dcors d oers e cooion or e sgdrector or oer shl pay to e Secrey of Sate a fee of $75 to e saon

6. The Secret of State sha 90 days efo e ast day for ng eh streqd y ssecon 2 pvide to each cooon whch s red to co e provsions of 1 to 1 csive d whch not ecom deqenta noce of e fee de ps to sson 4 ad a nd le e streqd y ssecon 2. Fre of y cooraon recee a noce does not excse om e p osed y aw

7. If e st to e ed pst e povsons of ssecon 1 or 2 s defectve y spect or e fee reqd y ssecon 4 s not pd e Secrety of State mayre e st for cocon or paymt

8. A st for a cooraon not defa wch s receved y e Sec ofSate more 90 days efore s de date shl e deemed amended st for eprevos ye d mst e accod y e apppate fee as pvd ssecon4 for ng A paent smied pst o ssecton does not sas ereqmets of ssection 2 for e ye to which e de date s appica.

[ 1180925; A 1929 22; 1931 408; 1931 NC 1804S A 1957 315;1959 684; 1977 401; 1979 185; 1983 689; 1985 233; 1989 976; 199 2460; 1993 952;1995 2096; 1997 2808 3126; 1999 639 1581 3018; 2001 215 1359 3172 3199; 2003 2 s 12; 224;

NRS 78.5 st or statemet to be mataed at registered oe orppal plae of busess requremet to assst rmal vesgao falureto omply reulaos

1 adon to y rords qred to e t at e rested oe prs to a cooon at s not a ply ded cooraon shal mnta at srested oe or pcal pe of sess Sate:(a A cent st of is oners of record; or

( A statt dag where sch a st s ta.2. Upon e reqst of e Sec of Stae e cooion shl:

(a Provde e Sec of State he nme d contct foaon of ecstoda of e st descred ssecon 1. The foaon red prst paph shl e t codeal y he Secrey of State.

( Provde noce to e Secrety of State 0 days a y chge e foaon contaed e st desc ssection 1.

3 . Upon e qest of y aw enforcemt agency e cose of a cnalvesgaon e Sec of Sate may reqe a cooraon to:

(a S e Secret of Sta 3 sess days a copy of e st qred e taed pst to ssecon 1 ; or( sw y teogato smied y he Secrety of State hat assst e

c vesgaon4. If a cooraon fas to co y reqement pst o ssecon 3 e

Sec of Sae may te y on necessy ncdg ot itaon esspson or vocaon of e coorate c



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5. The Secret of State sh not restae or reve a ch at ws revoked orsspded pursunt to subsecon 4 ess

(a) The cooraon coles e remts of subsecon 3 or() The law enfoement agency conducg e ivesgaton dvses e Sec of

State reistate or e e coote c6. The Secret of State may dopt gaos to t e pvsos of

secon.(Added to S by 15; A 282)NRS 78.5 Addonal lng eqements fo etan opoaons: tea;

statement; feesI . At e of subg y lst red psut 1, a cooraon

t meets e crtera set for i sbsecton 2 mst sub:(a) The statemt reqd prsun to subson 3, accoed by a decaon

der pena of p atestg e statent does not cont y msrresentaon of ft; d

() A fee of $100,000, to be dsuted i the er povded prsunt tosubson 4

2. A cooraon mst sub a staemt prsun to secon e cooon,

icdig s pt nd subsdres(a) Holds 25 pent or more of e shre of e ke State for yproduct sod or dsuted by e cooraon State; d

() H , dg e prevous 5-ye perod, a tot of e or mo ivesgaoscomenced agst e cooton, pt or s subsdes i ny sdton e U States, icdng state nd fed nvesgaos

(1) Whch conc y eged cont combnaon or cospracy i res ofde, as desced i subson 1 of , or whh conc s cesprohed by a substns law of oer sdcon; d

(2) Whch resuted i e cooraon beg ed or otherse ped or whchresued n e cooon beig qured dest y holdigs or beig able to

acq y holdngs s a condon for e setement, dsmssa or resoton of oseivesgaos 3. A cooraon at eets e cra set for i subsecon 2 shal subt a

statement whch ncdes e folog ifoton respect eh ivestgaon:(a) The rsdcon i whh the ivesgaon commenced

() A sof e ate of e ivesgaon e fcts d ccstncessodng e ivesgaton.

(c) f e ivesgaon sted i c or c gaton, a copy of pleadngsed i e ivesgaon by y p e lgaon.

(d) A s of e outcome of e ivesgaton, icdig specc nfoaonconcg wheer y e or p was os agst e cooraon d wheer

e cooraon was qured dest y holdngs or was be to acq y holdngsas a condon for e setemt, dsmssa or resoon of e nvesgaon.4. The fee collected prsunt subsecton 1 mst be dosted i e Atoey

Gens aon Budget Account d sed sole for e pose of nvesgagy eged conct, combiaton or cospacy i rest of e, descred isubson 1 ofN 58060.

(Added to S by 0927)wleg.st.nv.usivisioLegaLibrrySS08h 306


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NRS 78.55 erate of authoao to asat busess f a cooraon e e or lst i conce 1 pa eappropate fee for e , e ccele ceck or oer poof of pamt recee bye cooraon costes a ccate auo to sact bsiess State e last ay of e mon i wc e ers of ts icooraon occrs ie n succeen caen ye

[2180:125 A 13 1, 408 31 NC 1805]S A 5, 684 18, 62 183,689; 1993 953; 1 15 ; 2,31;2020 3)

NRS 7870 Defaug ooraos : Ideao restatemet ofoorao whh s utwers assoao peaty

I . Eac cooon wc qre to ke a pay e fee presce iRS 7850 to 78185, ncse, wc reses or neects to o so e meprove s be ee i efau

2. Upon noaton om e Aator of e Rea Estate Dson of eDent of usiess nusy at a cooraon wc a -oersassocaon as e i 111 or 1 1 fe to rest prsut to 111 or 1 1 or fae o pay e fees psu to 1111 or 11,e Secret of State s eem e cooon to be n efau f, er e cooraon

e to be i efa, e Amsator noes e Sec of State at ecooton restere psut 1111 or 1 pa e feesprsunt o RS 116.31155 or 116B.620, e Secret of State s reistate ecooon e cooraon coles e reqemts for statement asprove n secon 1 1.

3. For efa e must be ae o e ont of e fee a penaty of$75. Te feean p mst be colect as prove i capter

[4180:125 A 131, 408 31 NC 1807]S A 77, 401, 606 17, 85183, 60 185, 233 18, 76 11, 121 5, 113 200 3173 2003 2 200322 221)

NRS 78.75 Defaug ooraos: Dues of Seretary of State revoaoof harter ad forfeture of rght to trasat busess dstrbuo of assets1 . Te Secret of State s not, by pvn ten note to ts restere

aent, eac cooraon eeme n efaut prsut to RS 78.70. Te tnoe:(a Mst ice a statent ian e ont of e fee, pes ice

an costs r p(b At e request of e st aent, may be prove eecc.2 n e st ay of e st vers of e mon folo e mon i wc

e was qu, e c of e cooraon revoke s t to sactbusiess forfete.

3. Te Secr of State sa coe a coete lst con e nes of

cooons wose t o sact bsness been forfee4. Te Secrety of State s for no, by povi noce to srest at eac cooraon spece i subsecon 3 of e forfe of s crerTe tnoe:

(a Mst ice a statent ian e ot of e fee, ptes icean costs r np

(b At e quest of e st aent, ay be prove eeccwleg.st.nv.usivisioLegaLibrrySS08h 31/96


32/96


5. f e ch of cOIoon is vo nd e rt to nst busess isforfeed s pvid subsecon 2 e prop nd sses of e defgdomesc cOIorton st be held st by e drectors of e cOIorion forsolt cOIorons, d e se proceedgs my be respect ereto s ppicble to sot cOIoons Any pson terest my ste pcegs ty e forfere hs been decl, but, e Secr of Stte rensts ech, he poceedgs must t once be dsmissed d pper stored eocs of e cOIoon

6. Where e ssets e dsuted, ey st be ppl e follog n:() To e pmt of e g fee, pes ced d costs due e Stte;(b) To e pmt of e credors of e cOIoon; d(c) Any bnce g, o dsuon ong e stockolds[t 5: 180125; NC 1 808](S A 157 152; 15 5; 173 1026; 177 606;

17 185; 11 121; 5 1113; 2;2 s2;NRS 788 Defag ooraos: odos ad proedre for

restatemet1 . Ect s oerse provded subsons 3 nd 4 nd NRS 78152 e

Sec of Ste shl reste cOIoron whh hs forfe or whh forfeis st to sct busess psunt to e provsions of chpter d shl resto ecOIotion rt c on busess Ste, nd to exercise its cOIorepriveges d ms,

() Fes e Secrety of St:() The lst rured by NRS 78.150;(2) he stent red by NRS1 ppicble; nd(3) he foon qred prst d

(b) Pys to e Secre of Stte() he fee d p set for NRS1 d for ech ye or

poron erf dg wh fed ech reqed st e er;

(2) The fee se for NRS 78.53 pplicble; d(3) A fee of $300 for resttement2. When e S of Ste sttes e cOIoron, e Secrety of St shl

ssue to e cOIoron ccte of resttement e cOIoron:() Requests ccte of resttemt; d(b) Pys e reqd fees prst to subsecon 7 of 3. The Secre of Stte shl not ord resttement less delquent fees d

ps hve been pd, nd e vocon of e ch occd o by reson off py e fees nd pes

4. f cOIorte ch be revoed psut to e provsions of chpternd ed reoed for pod of 5 consecuve yes, e ch st not be

restted5. Ect s oerse provided NRS 78.185 sttement psut secon reltes bc to he dte on wich e cOIoron forfeed is t o sctbsess d e pvsios of chpter resttes e cOIoons tonst busess s such t hd t es remed foe d eect

[6180:125; A 127 42; NC 180S A 15 60; 173 1027; 175 477;177 402; 185 234 1871; 11 1220; 13 53; 15 1 1 14; 17 2808;



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373, 31 2003 20 Special Sessin 33 2007 1316, 2416, 2645)NRS 7885 Defag ooraos: Restaemet der od or ew ame

reglaos.1 Exct as se pvd i sbsectn 2, a cran appls resate

r reve s c bt ts has been legresed r acqd by er capersn f, rged, gser r qed prst e pvss f lewhse ne s n e ce f e Secretry f State r reserved i e e f

e Secretry f State pst t e prvss f e, e cran shll i sapplcan fr renstatement sb i g t e Sec f State sme nender wch deses ts crate exsence t be restated r reved f that name sdstigshable m s serv r erse n le, e S f Sateshal sate e cran nder at new ne. Upn e ssce f a cate frestatement r r nd a ne ne, e les f icn f the appgctn shl be deemed reect e ne e t e cn havig tcp e prvss fS 78.385, 78.30 r 78403.

2. f e appg cran sbs the ten, acwldged csent f eca persn havig a e, r e persn wh hs sered a ne, whh s ntdsgshable m e ld ne f e applyig ctn r a new ne t has

sb, ay be sat r reed nder at ame3. Fr e pses f sn, a ppsed ne s nt dstigshable m ane n le r resed me sle base ne r e cnts dsceleteg, a dsce k, a dk r a de , r any cmbian f ese.

4. The Secrery f State ay adp reglats at itpret e reqts f secn.

[7180:125 NC 181]S A 16, 4 187, 1057 1, 1221 13, 531997, 2809; 19 15 03; 02SSs3 1 2417)

STO AND OTHR SITS DISTRUTIONS

NRS 78 "Dstbo deed. s i S 7811 t 78.307, icsve,less e cntex erse qes, the wrd "dsn mes a dect r idrectsf f mney r prp shres r e icce fidebtedness by a cran t r fr e bene f ts stclds respect yf s shares A dsn ay be i e f f a declran r payment f a ddend,a phase, den r er acqsn f shs, a dsn f idebedness, rerse.

Added t S by 11, 1185)

NRS 785 Issae of more tha oe lass or sees of stok gh ofstoholders.

1 . f a cran dess t have m ne class r seres f stck, e esf icran mst presce, r vest ary i e bd f dectrs t pscre,e classes, ses and e nmber f each class r ses f stck d e vng pwers,desas, preferces, s, rescs d relae rts f each clss r seresf stc f mre ne class r ses f sck s aed, e cles ficran r the sn f e bd f drectrs pssed prsant t a prvsn fe les mst prescre a dsgsg desan fr each class d seres. The



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vog pows desitons pefces iaons sicons eae its ddisgisg desiaon of eh cass o ses of stoc mst be desc e esof cooaon o e esoon of e bod of dcos befoe e ssuce of shesof at cass o sees.

2. shes of a sies mst have vog pows desons pefencesons escons d ative ts idtica ose of oe shs of e sesees nd exc to e extt ose povid e descon of e seies ose of o seies of e sme cass.

3. Uness oeise povided e ces of cootion no stoc ssued as pd up may eve be sessed d e ces of cooon must not be ded pu

4. Any te condition o fo paent of dsuos on y cass o ses ofstoc may be made dedt upon y ft o event which may be sced outsdee s of cooon o the esoon podg fo e dsuons adopted bye bod of dectos e which a fact o evt may opeate upon e atecondon o e of pament fo e disuons is staed the es of cooaono e soon sed subsecon fact o evt" cdes ou on,e stence of a ft o occce of event cdng wout on adeon o con by a pson e cooaon itsef o y govent

govt agency o po sbdison of a govt.5. The posions of secon do not esct e dctos of a cooaon om tion to pott e teests of e cooaon d sockodes cdg butno d to opg o siing psrgemts o smts at nt o denyts pveges powe o auo to a hode o hods of a specd nbe ofshes o peentage of sh oesh o votg powe

[11177125; A 12 413; 41 374; 13 1 NC 161]S A 161 15; 1851787; 187 577; 18 873; 11 1221; 13 54; 15 207; 11; 13 ; 2003 3086; 200 675

NRS 7855 stabshmet of matters regarg lass or sees of stok by

resoluo of board of retors1 f e vong powes desiaos pefeences os escons d eaets of y cs o seies of stoc have been estabshed by a esoon of e bod ofdiectos psut to a pvison e ices of cooon a ccate ofdesaon setg fo e esoon d stag e n of shes fo eachdesaon mst be sed by n oce of e cooaton d w e Sec ofState. A cate of desaon sied d ed psut secon mst becomeeece befo the ssunce of y shes of e cass o ss

2. Uss ose pvd e s of ncooaon o e cate ofdesiation beg ended no shes of a cass o sies of sc estabshed by aesoon of e bod of dectos hve been ssued e desaon of the cass o

sees e nbe of e cass o ss d e vog pows desons pefncesons esicons d ave is of e css o seies y be end by aesoon of e bod of decos psut to a ccate of endmt en poded n subsecon 4

3. Unss oise pvid e tices of incooaon o e cate ofdesation shes of a cass o sies of stoc estabish by a soon of e bodof dcs ave be iss e desiaon of e cass o ss e n of e



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cas o seies ad e vog pows desiatios pefnces, itaos esictiosad eave its of e cass o ses may e ded y a esoon of e od ofdectos o e endmt is appoved as povided n ssection Ulessoise pvided e les of cooaon o e ccate of desiaon epoposed dment adopt y e od of dtos mst e appov y e vote ofstockoldes holdg shes e cooaon eng exise a majo of evog powe, o such eat popoon of e vog powe as may e quied y eticles of cooaon o e ccate of desiaon of

(a) The cass o ses of sc eg ended; and() Each cas d each seies of stoc which efo endment, is senio ecas o sies eing amend as to e pat of disuos upon dssoon of ecoo!tion, gdless of y os o sicos on e vog pow of at caso ses

4. A cate of dment to a cate of desaon st e s y oc of e cooaon d ed e Secet of State d must:

(a) Se fo e onal desiaon d e new desiation, e desiaon of ecas o sies is eg amended

() State at no shs of e cas o sees have een issued o state at eappv of e stockoldes equ psut to susecon 3 has een oted; d

(c) Set fo e amdmen to e cs o ses o set fo e desiaon of ecas o sees e ne of e cs o sees nd e vog powes desations,pefces, itaos estios d eae ts of e cas o seies, s ded

5. A ccate ed psnt to susecon 1 o 4 is eecve upon g eccate e S of Sate o on a at date specd e cate whichst not e moe 0 days ae e ccae is ed

6 f shs of a cass o sies of stoc estashed y a cate of desiaon eno outstndg e cooaon may e a cca wich states at no shes of ecas o seies e outstdg d which conts e esoon of e od of dectosauog e wdawa of e ccate of desiaon estasg e cass o seiesof stoc. The cate mst d e date nd cate of desaon eg

wd d mst e sied y oe of e cooaon d ed eSec of State Upon g e ccate d pament of e fee eqed psu to almatts conted e cate of desaon gdg e cs oseies of soc e eted om e ces of cooaon.

7 N d do no app o ccates of endmt edpst to secon.

(Added to S y 15, 202; A 200 1362, 31; 2005 2177 2250)NRS 78 Requred and authoed lasses or seres o stok; shares aled

or redepton1 Each cooaon must have(a) One o moe cses o seies of ss at ge have vog ts;d() One o moe casses o seies of ses at tog e led to eceve e net

sets of e cooaon upon dissoon f e cles of cooon pve fo o one cass of stoc at cas of stoc ed vong ts nd is en to ceive e net asses of e cooaon upondissoon



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2. The tices of ncooaon o a soon of e bod of dctos psuteto, may auoe one o moe casses o sees of stoc t:

(a) Have spec, condona o ed votng powes, o no t to vote, c toe extent ose povid by e

(b) Ae eabe o conve(1 At e opon of e cooaon, e stockods o oe pson, o upon

e occence of a desat event(2) Fo cash, debtness, seces o o pop o

(3) a desat ot o ot detn accodce adesated foa o by efence to exs data o events(c) e e stockods to dsuons ccated y e, cdg

dvdds at ay be cuae, noncuae o pcuae(d) Have pfeence ove y o cas o ses of shes espect to

dsuons, cdg ddds nd dsuons upon e dssoon of ecooton

(e) Have p vae o() Have powes, desaons, pfences, ons, esicons d eae ts

dendent upon y fac o event whh ay be asced outsde of e ces ofcooaon o e souon e whh e fct o event may opte on

such cass o sees of stoc s sat e ces of ncooaon o e esoon used pap fact o ev ncdes, ou ton, e exstence of a facto occence of event, cdg, wout on, a deon o acon by apeson the cooaon tsef o y govt govent agency o pocsubdson of a govt.

3. Uness ose pvded e es of cootion o a soon of ebod of dectos estabshg a cass o sees of stoc, shes wch e subjec toedeon d wich have be ced fo deon e not ded to be outstndgshes fo poses of vog o detg e tot nb of shes ened to vote ona att on nd e e date on which

(a) W noce of edton h b sent to e hodes of such ses d

() A s sucient o deem e shs ha been evocab dosted o set asdeto pay the edon pice to e hods of e shes upon sende of yccates

4. The descon of vog powes, desaons, pfeences, tions,esicons nd eae ts of e casses o seies of shes conted secon sno excsve.

(Added to S by 11, 1 185 A 1 1583 200 1363, 31 2003 308NRS 787 ghts of persos hog obgaos of orporao A

cootion y pve its es of cooaon t e hod of a bond,debente o othe obgaon of e cooaon may have ny of e ts of a

stockode e cooaon.(Added to S by 187, 574 A 13, 55)

NRS 78.00 gh or opos to prhase sto1 . A cooaon may cate d ssue ts o opons eng e hodes eeof

to pchase om e cooaton y shs of ts stoc of y cass o cases to beevdced by o such mt o ments appved by e bod of



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diectos.2. The upon wih, e e o mes, which ay be ed o d

daon, at o which, and e pce o pces, cdg a foa by which suchpce o pces may be deteed, at whch any such shs ay be phased m ecooon upon e execse of y such t o opon ay be xed d sat eces of cooaon o a soon o sotions adopd by e boad ofdiectos povidg fo e caton nd issue of e ts o opons, d, ev case,se fo o cooted by efece e insment o sments evidencg e

ts o opons. The judt of e bod of dcs as e considtion fo suchts o opons issued is concsve e absence of act aud the sacon.3 The boad of dectos may auoze one o moe oes of e cooaon to:

(a) Desiate e psons to be ients of ts o options ceaed by ecooton nd

() e e ne of ts o opos to be eved by the pesonsdesiated psut to paaph (a).

4. The auoizaon psut to subson 3 ms speci e m nmbe ofts o opons e oc o oes ay a. The bod of dectos ay notauoe oe to desa hsef o hsef as a ecient of e ts o opons.

[11(a):177125 dded 14, 158 143 NC 161.01}S A 11, 223 13,

55 )NRS 7805 Fraons of sares: Issuane alteaves to ssuane

1 . A cooaon is not obgated to but ay s d dee a ccate fo ocdg a action of a sh.

2. eu of sg d deveg a ccate fo a on of a sh, a cooaonmay

(a) Pay to any pson ose ted to become a hode of a acon of a shae mot ch bas on a pe sh vae, nd at vae o e method of detgat e mst be speci e ces, pn of eogaon, pn of mge oexchnge, esoon of e boad of dectos, o oe st pst to wh e

aco sh wod otheise be issued() ssue such addiona acon of a shae as is necess to cese e conshae to a shae o

(c) Si d dev ested o bee sc ov e o facsie sate ofan oe of e cooon o of ts agent fo that pose, exchngeabe as povided one sc fo sh ccates, but e sc does no e e hode to y ts asa stockod exct s povided on e sc. The sc may pvde at it becomesvod ess e ts of e hods e execs a spd piod d ayconta any oe povsions o condons at e cooaon dees advsabeWheneve y sc ceses to be exchangeabe fo sh ccaes, e shs atwod oeise have been ssabe as povided on e sc e deemed to be asy

shaes ess e sc contas o povsons fo ei dsposon.3. Any poposed cooae tion at wod es o money being pd osc beg ssued to stockodes who

(a) Befo e pposed coo acon becomes eecve, hod 1 pent o moeof e outstndg shs of e ated cass o sies d

() Wod ose be entt to eceve a on of a she in change fo ecanceaon ofale oustndg saes,



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s subject to e pvsions of S 2300 to 2500 incsive I e pposedcoote acon s subject to ose povsios y stockod who is obgated toaccept money o sc a ceive a acon of a se esting m e iontaen psut to secon may dissent accodance ose povisions d obapamt of e fa ve of e con of a se to which e stockod wodoeise be ted.

[1 (b)17725 add 153 1 80]S A 17 1 160 13 56 200 13 21 1NRS 78.055 Derease number o ssued and outstandng shares o lass or

sees: Resoluon by board o dretors approval by stokhoders ghts ostokholders

. Uness ose povid e ces of cooaon a cooaon atdeses to dase e nmb of ssued d outstnding shaes of a cass o sees hedby each stockod of od at e eective date d tme of e chnge outcoespondg decsing e nmbe of auoed shs of e se cass o seiesmay do so

(a) The bod of dectos adopts a esotion setng fo e popos to deceasee nmbe of issued nd outstandg shes ofa cs o sies d

() The pposa is appved by the vote of stockodes hodg a majo of evog pow of e aected cass o sies o such ate popoon as ay bepovided in e ces of cooon gadess of tions o esictions on evog powe of the aeced cas o seies

2. f e poposa eqd by subsecon 1 is appoved by e stockodes entied vote the cooon ay eissue stoc in codce e pposa eeece date and e of e change

3 . ct as oeise povided n sbsection a poposed decease en of issued d oustdg shaes of ny cs o sies woud advese ochge any pfeence o y eae o oe t given to y oe cass o ses ofoustndg shes en e decease mst be appved by e vote addiion y

voe oeise eqd of e hodes of shes esg a majo of e vogpow of each cass o seies whose pefence o ts e advse aected by edecease o sh ate ppoion ay be povded e ces of cootionegdess of itaons o sicons on e vog powe of the dvese aected caso sees. The decease does not have to be appoved by e voe of e hodes of shesesentng a ao of e votg pow of each cas o sees whose pefece ots e advse ected by e decee e ces of cooon spicadeny e t to vote on such a decease

4. y poposa to decease e nbe of ssued d outstandg shes of ycass o seies y a cdes pvisions psut to which o money be paido sc be issu to stockods who

(a) Befo e decease e ne of shes becomes ee hod 1 pen omoe of the outstndg shs of e aect cass o seies d() W od ose be ent to eceve a con of a she in change fo e

canceaon ofale oustndg saes s subject to the pvisions ofS 2300 to 500 csve f e pposa issubjt to ose povisios any stockod who s obgated to acct money o scae eive a con of a sae esng m e tion ten psut



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ae eive a con of a she suing om e ction ten psut to secon may disst accodnce ose povisios d obt pament of e fve of e ction of a sh which e sckode wod ose be en.

[P 6177125 A 151, 28S A 15, 688 11, 1224 13, 56 15,208 17, 6 1 1, 1)

NRS 78.0 hange n number of authoed shares of lass or sees: Flngand eeveness of erate of hange amendment of arles of norporaon

L A chge psu to is not eective a e g e Oceof e Secety of State of a ccate, sied by n oce of e cooon, setgfo

(a) The cent ne of auoized shs d e p ve, y, of each cass oseies, y, of shs befo e chnge

() The ne of auozed shes d e p ve, y, of each cass o seies, y, of shs ae e chge

(c) The ne of shes of each aected cass o seies, y, be issued echge chnge fo each issued she of e se cass o seies

(d) The pvisios, y, fo e issce of tion shes, o fo e paen ofmoney o e issuce of sc to stockods ose ted to a on of a she

nd e pectage of outstndg shes ected eby d(e) That y eqd appva of e stockods be obted The povisions the es of incooaon of e cooaon egdg eauoized nmbe d p e, ny, of e chnged cass o ses, ny, of shessha be deemed ded as povid e ceca a e eecve date nd te of echnge.

2. Uss cease o decease of e nmbe of authoized shes psun to is accoish by tion t ose ques n dmnt eices of cooon of e cooaon, such n dment is not qied by atsecon.

3. A cate ed psut to subsection 1 is ee upon g e cate

e Sec of State o upon a ate date sped e ccae, which must notbe mo 0 days e ccate is d4. f a cate ed psut to subsection 1 speces eective date, e bod

of dcs may te e eecveness of the ccate by esotion. A cate ofon mst

(a) Be ed e Secet of Sta befo e eece dae spec eccate psnt to subsecon 1

(b) den e ccate being tted(c) State at e eecess of e cate be d(d) Be sed by n oc of e cootion d(e) Be acconied by e fee qied psunt to N (Added to S by 17, 64 A 21)NRS 78. onsderaon for shares: Authoy of board of dreors eet

of reep ororate aon pendng reept n futureL The bod of dcs may auoize shes to be issued fo cosideaon

cosisg of ny tne o tn pope o bene to e cooaon, cding,bu not , cash pomissoy notes, sevices pefoed, concts fo sces to



41/96


be pfo or oter secies of te coo. The jude of te bod ofdrecors as o te cosdo ceived for te shres ss s cocse teabsece of ac te saco.

2. We te cooo recees te cosido for whch te bod of decorsautorzed te ssuce of ss, te shes ssued terefor pd.

3. The cooio ay pce escow ses ssued for a co for eserices or bes or a pmssory oe, or me y ot gemes resc tesf of te shres. The coo ay cr dsuos made for te shres

agas te pchase pce, te serices e po, te bees e receed orte pomssory oe s paid. If te serices e o pfoed, te bes e oreceed or te prossory oe s o pad, te ses escrow or resed d tedsuios cdied ay be cceed whole or p.

4. For te poses of secio, "bee te cooo cdes, ou, te autorzao of te ssuce of ses o up o 100 psos oucosideo for te soe pose of qg te cooo as a rea esae vess prsu 26 U.S.C. 856 e seq., s ded, or y successor povsio, dy regaos adoped prsu to

(Added o S by 11, 1186; A 13, 58; 6 ; 21NRS 78.5 Issuae of shares for osderao or as share dvded1 . A cooio ay ssue d dspose of s autozed ses for such

cosideo s ay be pscred te les of cooio or, o cosideos so pscred, te for such cosideo as ay be by te bod of decors

2. If a cosdo s prescred for shes wou p ve, ta cosdeoms o be used o dee te fees requ for g les of coooprsu o N

3. Uless te es of cooio povde oterse, shs ay be ssd proa d wou cosdeo te cooo's sckoders or te sckoders ofoe or more casses or series. ssuce of ses der subs s a shredivdd.

4. Shes of oe cass or series ay o be ssued as a she dividd respec ofshres of oter css or ses less:(a) The es ofcooo so autoze;

) A major of te voes led o be c by te cass or series o be ssuedapprove te ssue; or

(c) There o ousdg shs of te cass or series be ssued.5. If te bod of drecors does o te rord dae for dg sockolders

el o a shre dded, s te dae te bod of decors autorzes te shredivdd.

[13177:125; NCL 1612]S A 175, 478; 11, 1225; 13, 58)

NRS 780 Subspos for orporae shares: Payme; defau;rrevoabiy1 . Sbscros o te shres of a coo, wheter ade before or s

orgao, s be pd a such e or such saes a such es asdeeed by te bod of drecors. y cal e by he bod of drecors forpa o subscros mus be fo as o l sres ofte se cass or seres.

2. If defal s de te pae of y s or c, te coorao aywleg.st.nv.usivisioLegaLibrrySS08h 41/96


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proceed to collec e mont due i e se as y debt due e cOIoon. don the cOIoaon may sell a suct nmb of e subsce's shes at publcaucon pay fo e slnent o cl d y icdental chrges ic s a s ofe s No p

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