Nevada § 463.510 - Prior approval by Commission required for other disposition of securities issued by corporation other than publicly traded corporation; restrictions on unsuitable persons; statement on certificate
Full text of Nevada Nevada Revised Statutes § 463.510 — Prior approval by Commission required for other disposition of securities issued by corporation other than publicly traded corporation; restrictions on unsuitable persons; statement on certificate, with citation guidance and answers to common questions.
§ 463.510. Prior approval by Commission required for other disposition of securities issued by corporation other than publicly traded corporation; restrictions on unsuitable persons; statement on certificate
1. The purported sale, assignment, transfer, pledge, exercise of an option to purchase
or other disposition of any security issued by a corporation, other than a publicly
traded corporation, which holds a state gaming license or which is a holding company
or an intermediary company for an entity that holds a state gaming license is void
unless approved in advance by the Commission. 2. If at any time the Commission finds that an individual owner of any such security
is unsuitable to continue as a gaming licensee in this state, the owner shall immediately
offer the security to the issuing corporation for purchase. The corporation shall purchase the security so offered, for cash at fair market
value, within 10 days after the date of the offer. 3. Beginning upon the date when the Commission serves notice of a determination of
unsuitability pursuant to subsection 2 upon the corporation, it is unlawful for the
unsuitable owner: (a) To receive any dividend or interest upon any such security; (b) To exercise, directly or through any trustee or nominee, any voting right conferred
by such security; or (c) To receive any remuneration in any form from the corporation, for services rendered
or otherwise. 4. Every security issued by a corporation, other than a publicly traded corporation,
which holds a state gaming license must bear a statement, on both sides of the certificate
evidencing the security, of the restrictions imposed by this section.
Source: official Nevada text · Last verified 2026-08-27
Frequently Asked Questions About Nevada § 463.510
What does Nevada Revised Statutes § 463.510 cover?
Section 463.510 ("Prior approval by Commission required for other disposition of securities issued by corporation other than publicly traded corporation; restrictions on unsuitable persons; statement on certificate") is part of the Nevada Revised Statutes, the codified statutory law of Nevada. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nevada § 463.510?
A common citation format is "Nevada Revised Statutes § 463.510" (Nevada). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nevada law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nevada official source linked on this page or consult a licensed Nevada attorney.
How does Nevada § 463.510 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nevada can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nevada.