Nevada § 463.1625 - Revised Statutes Preliminary finding of suitability; regulations

§ 463.1625. Revised Statutes Preliminary finding of suitability; regulations

1. The Commission may, with the advice and assistance of the Board, adopt regulations

governing the issuance of a preliminary finding of suitability to a person. 2. The regulations adopted by the Commission pursuant to this section must: (a) Provide that a person must demonstrate to the satisfaction of the Commission that

the person has the suitability to become involved as a licensee but has not otherwise

entered into a position or transaction which would require licensing pursuant to this

chapter. (b) Provide that a preliminary finding of suitability expires not more than 2 years

after issuance by the Commission but may be renewed for additional periods of not

more than 2 years as the Commission deems appropriate. (c) Set forth standards for a person to be issued a preliminary finding of suitability

that are as stringent as the standards for a person to be issued a nonrestricted license. (d) Establish the fees for a person to apply for, to be investigated for and to hold

a preliminary finding of suitability. (e) Provide that no person may be issued a preliminary finding of suitability unless

the person agrees that, for the duration of the period in which the person holds the

preliminary finding of suitability, the person will not seek or in any way engage

in a corporate acquisition opposed by management. (f) Define “ preliminary finding of suitability ” as the term is used in this section. 3. As used in this section: (a) “ Acquire control ” or “ acquiring control ” means any act or conduct by a person whereby the person obtains control, whether

accomplished through the ownership of equity or voting securities, ownership of rights

to acquire equity or voting securities, by management or consulting agreements or

other contract, by proxy or power of attorney, by statutory mergers, by consummation

of a tender offer, by acquisition of assets, or otherwise. (b) “ Control ” means the possession, direct or indirect, of the power to direct or cause the direction

of the management and policies of a person. (c) “ Corporate acquisition opposed by management ” means an attempt to acquire control of a publicly traded corporation that is an

affiliated company by means of a tender offer that is opposed by the board of directors

of the affiliated company. (d) “ Tender offer ” means a public offer by a person other than the issuer to purchase voting securities

of a publicly traded corporation that is an affiliated company, made directly to security

holders for the purpose of acquiring control of the affiliated company. (e) “ Voting security ” means a security the holder of which is entitled to vote for the election of a member

or members of the board of directors or board of trustees of a corporation or a comparable

person or persons in the case of a partnership, trust, or other form of business organization

other than a corporation.