USA Statutes : nevada
Title : Title 55 - BANKS AND RELATED ORGANIZATIONS
Chapter : CHAPTER 664 - WITHDRAWALS AND COLLECTIONS


      1.  The Division of Financial Institutions may, upon a proper
application in writing showing good cause therefor, authorize any bank in
this state or organized under this title to restrict, for a limited
period, the percentage of withdrawals from all of the accounts of such
bank.

      2.  Whenever, in the interest of public business, any bank doing
business in this state deems it necessary to curtail or restrict the
withdrawals of its patrons for a limited period, such bank, through its
proper officers, may make application in writing, setting forth the
reasons therefor, to the Division of Financial Institutions requesting an
order or authorization from the Division to restrict, for a limited
period, withdrawals by the depositors of the bank to a specific
percentage of their respective deposits.

      3.  Upon receipt of such application by the Division of Financial
Institutions, and good cause appearing therefor, the Division may issue
to the applicant an authorization specifying therein the percentage of
all deposits which the bank may pay to its depositors, and the period to
which such restriction or limitation may extend. For good cause shown,
the Division of Financial Institutions may shorten, cancel, extend or
renew such authorization whenever the Division deems such action proper
in the interest of public business.

      4.  Any bank obtaining any order or authorization authorized by
this section shall post and maintain, during the period of restriction,
in a conspicuous place in or upon its banking premises, a certified copy
of each order or authorization.

      5.  The Division of Financial Institutions may authorize all such
banks thereafter to receive new deposits, which must be segregated from
the old deposits, and the new deposits are not subject to any restriction
as to the withdrawal thereof, except as provided in the terms of any time
certificate of deposit or savings passbook; and the new deposits must be
invested in such liquid assets as may be approved by the Division in
order that such banks may at all times have sufficient funds available to
meet the demands on such new deposits in accordance herewith.

      (Added to NRS by 1971, 993; A 1983, 1743)

 Any time that a certified check is required in any legal document or
transaction, the effectiveness of which document or transaction is
governed by the laws of this state, a bank may issue a cashier’s check
which shall be accepted in lieu of a certified check and which shall have
the same force and effect as a certified check.

      (Added to NRS by 1971, 993)