Nevada Termination of Amendment Before Issuance of Stock (NRS78.380) is a Nevada law that allows a corporation to terminate the amendment of its articles of incorporation prior to the issuance of shares of stock. It provides a corporation's board of directors with the authority to rescind any amendment of the articles of incorporation that would have resulted in the issuance of shares of stock. The NRS78.380 allows corporations to amend their articles of incorporation without the need to issue stock, thus avoiding potential complications that can arise from the issuance of stock. There are two types of Nevada Termination of Amendment Before Issuance of Stock (NRS78.380): 1) Termination of an Amendment Prior to Issuance of Stock: This type of termination is used when a corporation has amended its articles of incorporation and has not yet issued shares of stock. The board of directors has the authority to rescind the amendment without the need to issue stock. 2) Termination of an Amendment After Issuance of Stock: This type of termination is used when a corporation has amended its articles of incorporation and has already issued shares of stock. The board of directors has the authority to rescind the amendment, but the shares of stock must be retracted or canceled.
Nevada Termination of Amendment Before Issuance of Stock(NRS78.380)
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