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This initiative adds a new section to Chapter 78 of the Nevada Revised Statutes to clarify the legal status and powers of corporations formed or operating in Nevada. The measure states that corporations are artificial entities created by statute and possess only those powers expressly granted by the Legislature or necessarily implied for conducting lawful business activities. The initiative specifies that corporations do not possess inherent or inalienable rights held by natural persons and that Nevada law may not be interpreted to grant corporations rights equivalent to those of human beings.
The measure does not restrict a corporation’s ability to enter contracts, own property, conduct lawful business, or exercise powers already authorized by statute. It does not affect the rights of shareholders, officers, or employees who are natural persons, nor does it alter constitutional protections that apply to individuals associated with a corporation.
The initiative applies to all domestic and foreign corporations operating in Nevada and is intended as a clarification of existing law. The measure becomes effective upon approval by the voters.