Nev. Rev. Stat. § 86.5416
This is the official text of Nev. Rev. Stat. § 86.5416, part of Nevada’s Rev. Stat — part of the compiled statutory law of Nevada, published by the state as "Rev. Stat." Browse the sections below, each linked to its official government source.
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Reorganization of company by majority in interest of members during receivership
Official statutory text
Whenever a majority in interest of the members of the limited-liability company have agreed upon a plan for the reorganization of the company and a resumption by it of the management and control of its property and business, the company may, with the consent of the district court:
1. Upon the reconveyance to it of its property and franchises, mortgage the same for such amount as may be necessary for the purposes of reorganization; and
2. Issue bonds or other evidences of indebtedness, or additional member's interests of one or more classes, or both bonds and member's interests, or certificates of investment or participation certificates, and use the same for the full or partial payment of the creditors who will accept the same, or otherwise dispose of the same for the purposes of the reorganization.
1. Upon the reconveyance to it of its property and franchises, mortgage the same for such amount as may be necessary for the purposes of reorganization; and
2. Issue bonds or other evidences of indebtedness, or additional member's interests of one or more classes, or both bonds and member's interests, or certificates of investment or participation certificates, and use the same for the full or partial payment of the creditors who will accept the same, or otherwise dispose of the same for the purposes of the reorganization.
Status: in_force · Read it on the official government site
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