NRS 116.311395

Funds of association to be deposited or invested at certain financial institutions.

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Statutory text

�� 1. Except as otherwise provided in subsection 2, an association, a member of the executive board, or a community manager shall deposit or invest all funds of the association at a financial institution which: �� (a) Is located in this State; �� (b) Is qualified to conduct business in this State; or �� (c) Has consented to be subject to the jurisdiction, including the power to subpoena, of the courts of this State and the Division. �� 2. Except as otherwise provided by the governing documents, in addition to the requirements of subsection 1, an association shall deposit, maintain and invest all funds of the association: �� (a) In a financial institution whose accounts are insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or the Securities Investor Protection Corporation; �� (b) With a private insurer approved pursuant to NRS 672.755 ; or �� (c) In a government security backed by the full faith and credit of the Government of the United States. �� 3. The Commission shall adopt regulations prescribing the contents of the declaration to be executed and signed by a financial institution located outside of this State to submit to consent to the jurisdiction of the courts of this State and the Division.

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Funds of association to be deposited or invested at certain financial institutions.

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