Nevada § 349.312 - Receivers: Appointment; powers and duties

§ 349.312. Receivers: Appointment; powers and duties

1. If a resolution of the Commission authorizing or providing for the issuance of

any securities of any series or any other proceedings appertaining thereto contains

a provision authorized by subsection 19 of NRS 349.306 and further provides in substance that any trustee appointed pursuant to subsection

16 of NRS 349.306 shall have the powers provided by that subsection, then such trustee, whether or

not all of the bonds or other securities of such series have been declared due and

payable, shall be entitled as of right to the appointment of a receiver of the facilities

appertaining thereto. 2. Any receiver appointed as permitted by subsection 19 of NRS 349.306 may enter upon and take possession of the facilities and property appertaining thereto,

and, subject to any pledge or contract with the holders of such securities, shall

take possession of all moneys and other property derived from or applicable to the

acquisition, operation, maintenance or improvement of the facilities and proceed with

such acquisition, operation, maintenance or improvement which the Commission on the

behalf of the State is under any obligation to do, and operate, maintain, equip and

improve the facilities, and fix, charge, collect, enforce and receive the service

charges and all revenues thereafter arising subject to any pledge thereof or contract

with the holders of such securities relating thereto and perform the public duties

and carry out the contracts and obligations of the State in the same manner as the

Commission itself might do and under the direction of the court.