Executive board: Fiduciary duty with respect to institutions holding money of association

NAC 116.395 Executive board: Fiduciary duty with respect to institutions holding money of association. ( NRS 116.3103 , 116.615 ) The executive board has a fiduciary duty to ensure that any institution which holds money of the association: 1. Is authorized to do business in the State of Nevada; or 2. Has consented to the jurisdiction of the courts of this State. (Added by Comm’n for Common-Interest Communities & Condo. Hotels by R145-06, eff. 4-17-2008)