Nevada § 463.5733 - Prior approval by Commission required for other disposition of interest in limited-liability company; restrictions on unsuitable persons; statement on certificate
Full text of Nevada Nevada Revised Statutes § 463.5733 — Prior approval by Commission required for other disposition of interest in limited-liability company; restrictions on unsuitable persons; statement on certificate, with citation guidance and answers to common questions.
§ 463.5733. Prior approval by Commission required for other disposition of interest in limited-liability company; 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-liability company 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 a member is unsuitable to hold an interest
in a limited-liability company, the Commission shall immediately notify the limited-liability
company of that fact. The limited-liability company shall, within 10 days after it receives the notice
from the Commission, return to the member, in cash, the amount of the member’s capital
account as reflected on the books of the company. 3. Except as otherwise provided in subsection 2, beginning on the date when the Commission
serves notice of a determination of unsuitability pursuant to subsection 2 upon the
limited-liability company, it is unlawful for the unsuitable member: (a) To receive any share of the distribution of profits of the limited-liability company
or any payments upon dissolution of the company; (b) To exercise any voting right conferred by the member's interest in the limited-liability
company; (c) To participate in the management of the limited-liability company; or (d) To receive any remuneration in any form from the limited-liability company, for
services rendered or otherwise. 4. The articles of organization of any limited-liability company 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 § 463.5733
What does Nevada Revised Statutes § 463.5733 cover?
Section 463.5733 ("Prior approval by Commission required for other disposition of interest in limited-liability company; 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 § 463.5733?
A common citation format is "Nevada Revised Statutes § 463.5733" (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 § 463.5733 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.