Commissioner may take possession of business and property of organizations. Upon the Commissioner’s determination that, as a result of an acute emergency, the business and affairs of an organization cannot otherwise be conducted in a safe and sound manner, he may forthwith take possession of the business and property of the organization within this state or, if a domestic organization, its business and property wherever situated. The provisions of chapter 696B of NRS (conservation, rehabilitation, liquidation) shall be applicable in any case in which the Commissioner takes possession of an organization pursuant to this section as though the organization were an insurer of which the Commissioner had taken possession pursuant to chapter 696B of NRS (conservation, rehabilitation, liquidation), except that no such provision shall be applicable which the Commissioner has declared inapplicable pursuant to this section. The Commissioner shall have power to declare inapplicable any such provision upon his determination that the same is inappropriate or unnecessary to protect the interests of the public or the stockholders or creditors of the organization, in view of the acute emergency and the nature of the organization.
Last modified: February 27, 2006