A licensee shall not deposit any of its money with any other moneyed corporation, unless that corporation has been designated as a depository by a majority vote of the directors or the executive committee, exclusive of any director who is an officer, director or trustee of the depository so designated. Such a depository must be a federally insured financial institution, a financial institution insured by a private insurer approved pursuant to NRS 672.755 or any Federal Reserve Bank.
(Added to NRS by 1975, 1844; A 1985, 2202; 1997, 1019; 1999, 1452)