1. 'Control' means: (a) The power to vote, directly or indirectly, at least 25 percent of the outstanding voting shares or voting interests of a licensee or person in control of a licensee; (b) The power to elect or appoint a majority of key individuals or executive officers, managers, directors, trustees or other persons exercising managerial authority of a person in control of a licensee; or (c) The power to exercise, directly or indirectly, a controlling influence over the management or policies of a licensee or person in control of a licensee. 2. A person is presumed to exercise control if the person holds the power to vote, directly or indirectly, at least 10 percent of the outstanding voting shares or voting interests of a licensee or person in control of a licensee. This presumption may be rebutted by a showing that the person is a passive investor. 3. In determining the percentage of a person controlled by any other person, the interest of the person must be aggregated with the interest of any other immediate family member. For the purposes of this subsection, 'immediate family member' means the spouse, parent, child, sibling, mother-in-law, father-in-law, son-in-law, h the interest of any other immediate family member. For the purposes of this subsection, 'immediate family member' means the spouse, parent, child, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law and sister-in-law of a person and any person who shares the home of the person. (Added to NRS by 2023, 97)
Nevada Legal Code