Nevada § 463.567 - Prior approval by Commission required for other disposition of interest in limited partnership; restrictions on unsuitable persons; statement on certificate
Full text of Nevada Nevada Revised Statutes § 463.567 — Prior approval by Commission required for other disposition of interest in limited partnership; restrictions on unsuitable persons; statement on certificate, with citation guidance and answers to common questions.
§ 463.567. Prior approval by Commission required for other disposition of interest in limited partnership; 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 interest in a limited partnership 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 interest
is unsuitable to hold that interest, the Commission shall immediately notify the limited
partnership of that fact. The limited partnership shall, within 10 days after the date that it receives the
notice from the Commission, return to the unsuitable owner, in cash, the amount of
the unsuitable owner’s capital account as reflected on the books of the partnership. 3. Beginning on the date when the Commission serves notice of a determination of unsuitability
pursuant to subsection 2 upon the limited partnership, it is unlawful for the unsuitable
owner: (a) To receive any share of the profits or interest upon any limited partnership interest; (b) To exercise, directly or through any trustee or nominee, any voting right conferred
by such interest; or (c) To receive any remuneration in any form from the limited partnership, for services
rendered or otherwise. 4. The certificate of limited partnership of any limited partnership holding a state
gaming license must contain a statement of the restrictions imposed by this section.
Source: official Nevada text · Last verified 2026-08-27
Frequently Asked Questions About Nevada § 463.567
What does Nevada Revised Statutes § 463.567 cover?
Section 463.567 ("Prior approval by Commission required for other disposition of interest in limited partnership; 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 § 463.567?
A common citation format is "Nevada Revised Statutes § 463.567" (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 § 463.567 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.