The System, or the Board of Regents, as it may determine, has the beneficial interest in the corporation while any obligations evidenced by its bonds or other securities remain outstanding and the System or the Board of Regents, as it may determine, may obligate itself to take full legal title to the property of the corporation upon the retirement of its securities. (Added to NRS by 1967, 1343; A 1969, 1448; 1993, 358)
Nevada Legal Code