"no distribution (including dividends on, or redemption or repurchases of, shares of capital stock) may be made if, after giving effect to such distribution, the corporation would not be able to pay its debts as they become due in the usual course of business, or, except as specifically permitted by the articles of incorporation, the corporation’s total assets would be less than the sum of its total liabilities plus the amount that would be needed at the time of a dissolution to satisfy the preferential rights of preferred shareholders."
You'll find that statute quoted over and over in SEC filings for public Issuers domiciled in Nevada that public trade
Most states have very similar rules about share buybacks. It's not just Nevada.
There is a reason actual share backs are so rare among the types of penny stocks that get attention on message boards despite the fact that many of them will use statements about bogus buybacks to try to pump the stock price.
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