If an agency has not redeveloped or acquired land for, or commenced the redevelopment of a project, or entered into contracts for redevelopment within 2 years after the adoption of a resolution, as provided in NRS 279.428, the legislative body may by resolution declare that there is no further need for the agency. Upon the adoption of the resolution the offices of the agency members are vacated and the capacity of the agency to transact business or exercise any powers is suspended until the legislative body adopts a resolution declaring the need for the agency to function.
(Added to NRS by 1959, 652)