NRS 463.540: Limitation on certain powers of corporations other than publicly traded corporations after licensing; approval of Commission.

After licensing pursuant to NRS 463.170, a corporation, other than a publicly traded corporation:

1. Before it may issue or transfer any security to any person, shall file a report of its proposed action with the Board and Commission, which report must request the approval of the Commission. The Commission shall have 90 days within which to approve or deny the request. If the Commission denies the request, the corporation shall not issue or transfer any such security.

2. Shall file a report of each change of the corporate officers and the members of its board of directors with the Board and Commission within 30 days after the change becomes effective. The Commission has 90 days within which to approve or disapprove the change. During the 90-day period and thereafter if the Commission does not disapprove the change, the officer or member of the board of directors is entitled to exercise all powers of the office to which the officer or member was so elected or appointed.