Commissioner may declare certain provisions of law operative and inoperative; powers of companies, officers and directors.
1. At any time after an attack, upon his determination that such action will tend to promote certainty as to the powers of organizations or individuals pursuant to this chapter, or that such action is desirable to enable organizations to take preparatory precautions prior to the occurrence of an acute emergency, the Commissioner may declare that any provision of this chapter which he may specify shall be operative with respect to any domestic organization or to the Nevada business of any other organization which he may designate. Upon such declaration such organization and its directors, officers, acting directors and acting officers shall have all powers conferred by such provisions of this chapter. The failure of the Commissioner so to declare shall not be deemed to limit the powers of any organization or its directors, officers, acting directors or acting officers where an acute emergency exists in fact.
2. At any time after the commencement of an acute emergency or after the Commissioner has declared any provision of this chapter operative pursuant to subsection 1, upon his determination that an organization is able, in whole or in part, to carry on its business in compliance with its charter and the laws other than this chapter, the Commissioner may declare that any provision of this chapter which he may specify shall be inoperative with respect to any domestic organization or to the Nevada business of any other organization which he may designate. Upon such declaration, such organization shall be governed by its charter and the provisions of law other than this chapter except insofar as other provisions of this chapter remain operative.
Last modified: February 27, 2006