Verbatim from the public record. The law itself is a government work — always confirm the current version on the official source before you rely on it.
����� 1. If the
Commission or a hearing panel, after notice and hearing, finds that the
executive board or any person acting on behalf of the association has committed
a violation, the Commission or the hearing panel may take any or all of the
following actions:
����� (a) Order an audit of the association, at the
expense of the association.
����� (b) Require the executive board to hire a
community manager who holds a certificate.
����� 2. The Commission, or the Division with
the approval of the Commission, may apply to a court of competent jurisdiction
for the appointment of a receiver for an association if, after notice and a
hearing, the Commission or a hearing officer finds that any of the following
violations occurred:
����� (a) The executive board, or any member thereof,
has been guilty of fraud or collusion or gross mismanagement in the conduct or
control of its affairs;
����� (b) The executive board, or any member thereof,
has been guilty of misfeasance, malfeasance or nonfeasance; or
����� (c) The assets of the association are in danger
of waste or loss through attachment, foreclosure, litigation or otherwise.
����� 3. In any application for the appointment
of a receiver pursuant to this section, notice of a temporary appointment of a
receiver may be given to the association alone, by process as in the case of an
application for a temporary restraining order or injunction. The hearing
thereon may be had after 5 days� notice unless the court directs a longer or
different notice and different parties.
����� 4. The court may, if good cause exists,
appoint one or more receivers pursuant to this section to carry out the
business of the association. The members of the executive board who have not
been guilty of negligence or active breach of duty must be preferred in making
the appointment.
����� 5. The powers of any receiver appointed
pursuant to this section may be continued as long as the court deems necessary
and proper. At any time, for sufficient cause, the court may order the
receivership terminated.
����� 6. Any receiver appointed pursuant to this
section has, among the usual powers, all the functions, powers, tenure and
duties to be exercised under the direction of the court as are conferred on
receivers and as provided in NRS 78.635 ,
78.640 and 78.645 , whether or not the association is
insolvent. Such powers include, without limitation, the powers to:
����� (a) Take charge of the estate and effects of the
association;
����� (b) Appoint an agent or agents;
����� (c) Collect any debts and property due and
belonging to the association and prosecute and defend, in the name of the
association, or otherwise, any civil action as may be necessary or proper for
the purposes of collecting debts and property;
����� (d) Perform any other act in accordance with the
governing documents of the association and this chapter that may be necessary
for the association to carry out its obligations; and
����� (e) By injunction, restrain the association from
exercising any of its powers or doing business in any way except by and through
a receiver appointed by the court.