1. The Commissioner shall withdraw all funds held in escrow under NRS 692B.170, and refund to securities subscribers or purchasers all sums paid in thereon under the solicitation permit, less that part allowed and used for organization, sales and promotion expenses, if:
(a) The permit holder has failed to complete its organization or financing, within the terms of the permit, or, if to be an insurer, it has failed to secure its certificate of authority, all before expiration of the permit; or
(b) The permit is revoked.
2. As to funds paid in on subscriptions by founders, promoters and incorporators and held on deposit in lieu of the bond under subsection 3 of NRS 692B.150, only such portion of such funds shall be refundable under this section as may remain after discharge of all liabilities against the deposit under NRS 692B.150 and the charging of such funds with a proportionate share of organization, sales and promotion expenses.
3. If a proposed domestic mutual insurer fails to complete its organization and to secure its original certificate of authority within the period allowed therefor by the solicitation permit, the corporation shall transact no further business, and the Commissioner shall return or cause to be returned to the persons entitled thereto all advance deposits or payments of premiums or fees held in escrow under NRS 692B.230.
(Added to NRS by 1971, 1795)
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