1. It is unlawful for any two or more licensees, whose licenses have been limited by the Board to contracts not exceeding certain monetary sums and each of whom has been issued a license to engage separately in the business or to act separately in the capacity of a contractor within this State, jointly to submit a bid or otherwise act in the capacity of a contractor within this State without first having secured an additional license for acting in the capacity of such a joint venture or combination in accordance with the provisions of this chapter as provided for an individual, copartnership or corporation.
2. A licensee whose license is limited to contracts not exceeding certain monetary sums cannot be a party to a joint venture unless such licensee has secured an additional license for such joint venture.
[4:Art. II:186:1941; A 1951, 47] — (NRS A 1963, 695)