New York Is Not Alone Re Throwing in the Towel -- But Should the Corner Have the Ability to Stop a Fight?

Out of curiosity, and in response to the towel incident during the Cotto Foreman fight I posted about here, I checked the Nevada State Athletic Commission Rules and it turns out that in Nevada, throwing in the towel is not an acceptable means of stopping a fight and is a foul.

Specifically, NAC Chapter 467.7962(31) provides as follows:

Acts constituting fouls. . .  Throwing in the towel during competition 

In addition, the following provisions govern referee stoppage when a fighter sustains an injury (or is at risk of sustaining a serious injury):

NAC 467.713 Determination to stop contest or exhibition: Injury to unarmed combatant. (NRS 467.030) The referee shall determine whether a contest or exhibition should be stopped because of an injury to an unarmed combatant.

NAC 467.718 Determination to stop contest or exhibition: One-sided contest or exhibition; risk of serious injury. (NRS 467.030)

1. The referee may stop a contest or exhibition at any stage if the referee determines that the contest or exhibition is too one-sided or if either unarmed combatant is in such a condition that to continue might subject the unarmed combatant to serious injury.

Accordingly, in Nevada, like New York, the towel thrown in by Grier (it appears) should have been disregarded as the referee is charged with determining whether the fighter can continue.

The obvious question underlying all of this is whether the corner SHOULD have the ability to make the call to stop the fights and protect its fighter. 

As is usually the case (except this season on the Ultimate Fighter it seems), most fighters, if asked in the heat of battle, will say that they want to continue despite any injury sustained and, in many cases, the corner is (objectively we hope) simply looking out for the safety of the fighter. 

As a general matter, should the corner (with a towel or without) have the ability to stop the fight to protect its fighter?  Or is the referee (with guidance from the ring side doctor) a sufficient protective measure?

For my part, I think the referee, with the fighter and the doctor's input, is a sufficient protective measure.  Now it is "possible" that a referee won't be paying attention, but the corner can obviously voice its concern to the referee in between rounds and then the ref can call in the doctor. 

So, although the corner can't unilaterally stop the fight, it does have the ability to raise the issue.
Fight Lawyer