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 order an audit of the association.
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.
(Added to NRS by 2007, 2266)
Structure Nevada Revised Statutes
Chapter 116B - Condominium Hotel Act
NRS 116B.015 - "Administrator" defined.
NRS 116B.020 - "Affiliate of a declarant" defined.
NRS 116B.025 - "Allocated interests" defined.
NRS 116B.030 - "Association" and "unit-owners’ association" defined.
NRS 116B.035 - "Commission" defined.
NRS 116B.040 - "Common elements" defined.
NRS 116B.045 - "Common expenses" defined.
NRS 116B.050 - "Community manager" defined.
NRS 116B.055 - "Complaint" defined.
NRS 116B.060 - "Condominium hotel" defined.
NRS 116B.065 - "Converted building" defined.
NRS 116B.070 - "Dealer" defined.
NRS 116B.075 - "Declarant" defined.
NRS 116B.080 - "Declaration" defined.
NRS 116B.085 - "Developmental rights" defined.
NRS 116B.090 - "Dispose" and "disposition" defined.
NRS 116B.095 - "Division" defined.
NRS 116B.100 - "Executive board" defined.
NRS 116B.105 - "Financial statement" defined.
NRS 116B.110 - "Governing documents" defined.
NRS 116B.115 - "Hearing panel" defined.
NRS 116B.120 - "Hotel unit" defined.
NRS 116B.125 - "Hotel unit owner" defined.
NRS 116B.130 - "Identifying number" defined.
NRS 116B.135 - "Leasehold condominium hotel" defined.
NRS 116B.140 - "Liability for common expenses" defined.
NRS 116B.145 - "Liability for shared expenses" defined.
NRS 116B.150 - "Limited common element" defined.
NRS 116B.155 - "Major component of the common elements" defined.
NRS 116B.160 - "Major component of the hotel unit" defined.
NRS 116B.165 - "Major component of the shared components" defined.
NRS 116B.170 - "Offering" defined.
NRS 116B.175 - "Ombudsman" defined.
NRS 116B.180 - "Party to the complaint" defined.
NRS 116B.185 - "Person" defined.
NRS 116B.190 - "Purchaser" defined.
NRS 116B.195 - "Real estate" defined.
NRS 116B.200 - "Residential unit" defined.
NRS 116B.205 - "Residential unit owner" defined.
NRS 116B.210 - "Security interest" defined.
NRS 116B.215 - "Shared components" defined.
NRS 116B.220 - "Shared expenses" defined.
NRS 116B.225 - "Special declarant’s rights" defined.
NRS 116B.230 - "Time share" defined.
NRS 116B.235 - "Unit" defined.
NRS 116B.240 - "Unit’s owner" defined.
NRS 116B.245 - Provisions of chapter may not be varied by agreement, waived or evaded; exceptions.
NRS 116B.250 - Applicability of local ordinances, regulations and building codes.
NRS 116B.255 - Eminent domain.
NRS 116B.260 - Supplemental general principles of law applicable.
NRS 116B.270 - Construction against implicit repeal.
NRS 116B.275 - Unconscionable agreement or term of contract.
NRS 116B.280 - Obligation of good faith.
NRS 116B.285 - Remedies to be liberally administered.
NRS 116B.287 - Relation to Electronic Signatures in Global and National Commerce Act.
NRS 116B.300 - Notice of changes to governing documents.
NRS 116B.305 - Creation of condominium hotels.
NRS 116B.310 - Hotel unit boundaries.
NRS 116B.315 - Control of hotel units; use of shared components.
NRS 116B.320 - Construction and validity of declaration and bylaws.
NRS 116B.325 - Description of units.
NRS 116B.330 - Contents of declaration.
NRS 116B.335 - Leasehold condominium hotels.
NRS 116B.340 - Allocation of allocated interests.
NRS 116B.345 - Limited common elements.
NRS 116B.355 - Exercise of developmental rights.
NRS 116B.360 - Alterations of units; access to units.
NRS 116B.365 - Monuments as boundaries.
NRS 116B.370 - Relocation of boundaries between adjoining units.
NRS 116B.375 - Subdivision of units.
NRS 116B.380 - Amendment of declaration.
NRS 116B.385 - Termination of condominium hotel.
NRS 116B.390 - Rights of creditors following termination.
NRS 116B.395 - Respective interests of units’ owners following termination.
NRS 116B.400 - Effect of foreclosure or enforcement of lien or encumbrance.
NRS 116B.405 - Rights of secured lenders.
NRS 116B.415 - Organization of unit-owners’ association.
NRS 116B.420 - Powers of unit-owners’ association.
NRS 116B.450 - Removal of member of executive board.
NRS 116B.455 - Delivery to association of property held or controlled by declarant; exceptions.
NRS 116B.465 - Delivery to association of converted shared component reserve deficit.
NRS 116B.470 - Delivery to association of converted common element reserve deficit.
NRS 116B.475 - Transfer of special declarant’s right.
NRS 116B.480 - Liabilities and obligations of person who succeeds to special declarant’s rights.
NRS 116B.495 - Rules of association.
NRS 116B.500 - Rules of hotel unit owner.
NRS 116B.510 - Complaint alleging violation by hotel unit owner; acknowledgment; response.
NRS 116B.513 - Notice to units’ owners.
NRS 116B.515 - Upkeep of condominium hotel.
NRS 116B.545 - Quorum; use of Robert’s Rules of Order Newly Revised.
NRS 116B.555 - Tort and contract liability.
NRS 116B.560 - Conveyance or encumbrance of common elements.
NRS 116B.565 - Insurance: General requirements.
NRS 116B.570 - Insurance: Policies.
NRS 116B.577 - Funds of association to be deposited or invested at certain financial institutions.
NRS 116B.580 - Preparation and presentation of financial statements.
NRS 116B.585 - Audit and review of financial statements.
NRS 116B.615 - Signatures required for withdrawals from reserve account of association.
NRS 116B.625 - Registration of associations with Ombudsman.
NRS 116B.630 - Liens against units for assessments.
NRS 116B.665 - Liens against association.
NRS 116B.690 - Retaliatory action prohibited.
NRS 116B.705 - Association as trustee.
NRS 116B.725 - Applicability; exceptions.
NRS 116B.730 - Liability for preparation and delivery of public offering statement.
NRS 116B.735 - Public offering statement: General provisions.
NRS 116B.740 - Public offering statement: Condominium hotels subject to developmental rights.
NRS 116B.745 - Public offering statement: Condominium hotel containing converted building.
NRS 116B.755 - Purchaser’s right to cancel.
NRS 116B.760 - Resales of units.
NRS 116B.765 - Required form of information statement.
NRS 116B.770 - Escrow of deposits; furnishing of bond in lieu of deposit.
NRS 116B.775 - Release of liens.
NRS 116B.780 - Exclusion or modification of warranties of quality.
NRS 116B.785 - Power of Commission to adopt regulations concerning additional disclosures.
NRS 116B.795 - Substantial completion of units.
NRS 116B.825 - Service of notice and other information upon Commission.
NRS 116B.835 - Issuance and enforcement of subpoenas.
NRS 116B.840 - Witnesses: Payment of fees and mileage.
NRS 116B.860 - Use of audio or video teleconference for hearings.
NRS 116B.865 - "Violation" defined.
NRS 116B.870 - Jurisdiction of Real Estate Division, Ombudsman, Commission and hearing panels.
NRS 116B.900 - Representation by attorney.
NRS 116B.905 - Decisions on complaints.
NRS 116B.915 - Remedial and disciplinary action: Audit of association; appointment of receiver.