1. Each person who acquires, directly or indirectly:
(a) Beneficial ownership of any voting security; or
(b) Beneficial or record ownership of any nonvoting security,
in a publicly traded corporation which is registered with the Commission may be required to be found suitable if the Commission has reason to believe that the person’s acquisition of that ownership would otherwise be inconsistent with the declared policy of this state.
2. Each person who acquires, directly or indirectly, beneficial or record ownership of any debt security in a publicly traded corporation which is registered with the Commission may be required to be found suitable if the Commission has reason to believe that the person’s acquisition of the debt security would otherwise be inconsistent with the declared policy of this state.
3. Each person who, individually or in association with others, acquires, directly or indirectly, beneficial ownership of more than 5 percent of any class of voting securities of a publicly traded corporation registered with the Nevada Gaming Commission, and who is required to report, or voluntarily reports, the acquisition to the Securities and Exchange Commission pursuant to section 13(d)(1), 13(g) or 16(a) of the Securities Exchange Act of 1934, as amended, 15 U.S.C. §§ 78m(d)(1), 78m(g) and 78p(a), respectively, shall, within 10 days after filing the report and any amendment thereto with the Securities and Exchange Commission, notify the Nevada Gaming Commission in the manner prescribed by the Chair of the Board that the report has been filed with the Securities and Exchange Commission.
4. Each person who, individually or in association with others, acquires, directly or indirectly, the beneficial ownership of more than 10 percent of any class of voting securities of a publicly traded corporation registered with the Commission, or who is required to report, or voluntarily reports, such acquisition pursuant to section 13(d)(1), 13(g) or 16(a) of the Securities Exchange Act of 1934, as amended, 15 U.S.C. §§ 78m(d)(1), 78m(g) and 78p(a), respectively, shall apply to the Commission for a finding of suitability within 30 days after the Chair of the Board mails the written notice.
5. A person who acquires, directly or indirectly:
(a) Beneficial ownership of any voting security; or
(b) Beneficial or record ownership of any nonvoting security or debt security,
in a publicly traded corporation created under the laws of a foreign country which is registered with the Commission shall file such reports and is subject to such a finding of suitability as the Commission may prescribe.
6. Any person required by the Commission or by this section to be found suitable shall:
(a) Except as otherwise required in subsection 4, apply for a finding of suitability within 30 days after the Commission requests that the person do so; and
(b) Together with the application, deposit with the Board a sum of money which, in the opinion of the Board, will be adequate to pay the anticipated costs and charges incurred in the investigation and processing of the application, and deposit such additional sums as are required by the Board to pay final costs and charges.
7. Any person required by the Commission or this section to be found suitable who is found unsuitable by the Commission shall not hold directly or indirectly the:
(a) Beneficial ownership of any voting security; or
(b) Beneficial or record ownership of any nonvoting security or debt security,
of a publicly traded corporation which is registered with the Commission beyond the time prescribed by the Commission.
8. The violation of subsection 6 or 7 is a gross misdemeanor.
9. As used in this section, "debt security" means any instrument generally recognized as a corporate security representing money owed and reflected as debt on the financial statement of a publicly traded corporation, including, but not limited to, bonds, notes and debentures.
(Added to NRS by 1977, 1426; A 1985, 1478, 2142; 1991, 937; 1995, 207; 2001, 3090; 2007, 1117; 2011, 212)