reglab/housing_qa huggingface dataset:
NM Stat § 58-1-61 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-61 - Certificate of authority.

A. A request for a certificate of authority shall be made to the commissioner [director of the financial institutions division of the regulation and licensing department] after he has approved the application to file the articles of incorporation with the corporation commission [public regulation commission] and all requirements have been met. The request shall contain: (1) the address at which the bank will operate; (2) a statement that all of the bylaws adopted have been attached as an exhibit to the request; (3) a statement that the full amount of the authorized capital structure has been paid to the escrow agent; (4) the signed oaths of the directors; and (5) such other information as the commissioner [director of the financial institutions division] may require to enable him to determine whether a certificate of authority should be issued. B. The commissioner [director] shall approve the request for a certificate of authority within twenty days after the request has been accepted by him and he has been satisfied that all requirements have been complied with and he shall issue a certificate of authority for the bank to transact business. Before actually transacting any banking business or accepting any deposits, the applicant must file with the commissioner [director] satisfactory proof showing that insurance of deposits has been obtained through the federal deposit insurance corporation or other appropriate agency or instrumentality of the United States government. C. It is unlawful for a proposed state bank to perform any act, other than to perfect its organization, before receiving a certificate of authority to operate. D. If the commissioner [director] denies the request for a certificate of authority, he shall within twenty days of such action mail a notice to the incorporators, stating the reasons for denying the certificate of authority. E. If no request for a certificate of authroity [authority] is filed within one year following the grant of permission to organize, or if a certificate of authority has been finally denied, or if the bank fails to commence business within one year after the issuance of a certificate of authority, the proposed bank, or any money paid by subscribers to stock, shall be liquidated and distributed in accordance with the order of the commissioner [director of the financial institutions division]. If an improper expenditure has been made, the commissioner [director] may order the persons who were incorporators or directors at the time to restore the sum by equal contributions. History: 1953 Comp., § 48-22-49, enacted by Laws 1963, ch. 305, § 49; 1975, ch. 330, § 35. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Laws 1998, ch. 108, § 80 provided that references to the state corporation commission be construed as references to the public regulation commission. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 22. 9 C.J.S. Banks and Banking § 36.
NM Stat § 58-1-62 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-62 - Amendment of articles of incorporation.

A. A state bank may apply to the commissioner [director of the financial institutions division of the regulation and licensing department] to amend its articles of incorporation or to change its location. B. An application for an amendment of the articles of incorporation changing the authorized capital or the number and par value of the shares or to acquire or abandon trust powers or to change its location must be authorized by the vote of two-thirds of the outstanding voting stock voted at a meeting of the stockholders. Any other application may be authorized by the vote of a majority of the outstanding voting stock voted at a meeting of the stockholders. C. Notice of the application shall be sent to such persons and organizations as the commissioner [director] may require. D. The commissioner [director] shall approve an application: (1) to change the name of the corporation, if the proposed name is not deceptive or misleading; (2) to change the number and par value of the shares without altering the total capital, unless such change will inequitably affect the interest of any stockholders and the bank does not have sufficient surplus and undivided profits to pay dissenting shareholders the fair value of their shares; (3) to increase the total capital by increasing the amount of common stock, when the new capital has been fully paid in cash. E. The commissioner [director] may, in his discretion, permit other amendments if the public and interested parties would be served by granting the application and shall be guided by the standards prescribed for the approval of an application for permission to organize, insofar as they are reasonably applicable. History: 1953 Comp., § 48-22-50, enacted by Laws 1963, ch. 305, § 50. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 26. 9 C.J.S. Banks and Banking § 33.
NM Stat § 58-1-63 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-63 - Repealed.

ANNOTATIONSRepeals. — Laws 1991, ch. 12, § 3 repeals 58-1-63 NMSA 1978, being Laws 1963, ch. 305, § 51, relating to county with branch bank, effective June 14, 1991. For provisions of former section, see the 1990 NMSA 1978 on NMOneSource.com.
NM Stat § 58-1-67 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-67 - Fidelity bonds and other insurance.

A. The directors of a state bank shall direct and require good and sufficient fidelity bonds on all active officers and employees, whether or not they draw salary or compensation, which bonds shall provide for indemnity to such bank on account of any losses sustained by it as the result of any dishonest, fraudulent or criminal act or ommission [omission] committed or omitted by them acting independently or in collusion or combination with any person or persons. Such bonds may be in individual, schedule or blanket form, and the premiums therefor shall be paid by the bank. B. The said directors shall also direct and require suitable insurance protection to the bank against burglary, robbery, theft and other similar insurable hazards to which the bank may be exposed in the operations of its business on the premises or elsewhere. C. The directors shall be responsible for prescribing at least once in each year the amount or penal sum of the bonds or policies and the sureties or underwriters thereon, after giving due and careful consideration to all known elements and factors constituting such risk or hazard. This action shall be recorded in the minutes of the board of directors and thereafter be reported to the commissioner [director of the financial institutions division of the regulation and licensing department] and be subject to his approval. History: 1953 Comp., § 48-22-55, enacted by Laws 1963, ch. 305, § 55. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Cross references. — For surety companies, see Chapter 46, Article 6 NMSA 1978. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 82. Insurance of banks against forgeries, 52 A.L.R. 1379. Insurance of bank against larceny and false pretenses, 15 A.L.R.2d 1006. Defalcations by executive officer or employee, liability of directors for, 25 A.L.R.3d 941. Construction and effect of arrangement under which insurance premiums are paid automatically via insurer's draft on insured's bank account, 45 A.L.R.3d 1349. 9 C.J.S. Banks and Banking § 102.
NM Stat § 58-1-68 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-68 - Authority to declare dividends.

The board of directors of a state bank may declare dividends not more than once in each calendar quarter from undivided profits if: (1) the undivided profits account has been maintained in accordance with the Banking Act; and (2) the reserve against deposits required by the Banking Act is not and will not thereby be impaired. History: 1953 Comp., § 48-22-56, enacted by Laws 1963, ch. 305, § 56. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 69. Validity of cancellation of accrued dividends on preferred bank stock, 8 A.L.R.2d 893. 9 C.J.S. Banks and Banking § 60.
NM Stat § 58-1-69 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-69 - Capital, surplus and undivided profits; accounting requirements.

A. No credit shall be entered in the undivided profits account founded upon an unrealized appreciation in the value of any type of asset except accretion of discounts on investments securities in accordance with generally accepted accounting principles. Before any net profits are credited to the undivided profits account, proper deduction shall be made for all expenditures, accrued expenses, accrued taxes, losses, bad debts and any write-offs or other deductions, including interest accrued and uncollected, required by the director. B. No transfer shall be made from the surplus account to the undivided profits account or to any but the capital stock account if the surplus after the transfer would be less than the capital stock. History: 1953 Comp., § 48-22-57, enacted by Laws 1963, ch. 305, § 57; 1971, ch. 80, § 1; 1991, ch. 120, § 5. ANNOTATIONSThe 1991 amendment, effective June 14, 1991, in the second sentence in Subsection A, substituted "director" for "commissioner"; deleted former Subsection B pertaining to debit balances being charged to the surplus account; and redesignated former Subsection C as Subsection B. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 69, 70. 9 C.J.S. Banks and Banking §§ 48 et seq., 60.
NM Stat § 58-1-70 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-70 - Deposit insurance; membership in federal reserve system.

A state bank shall obtain insurance of its deposits by the United States or any agency thereof, and may acquire and hold membership in the federal reserve system. History: 1953 Comp., § 48-22-58, enacted by Laws 1963, ch. 305, § 58. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 437. Right of Federal Deposit Insurance Corporation to injunctive relief in enforcement of its regulations, 22 A.L.R. Fed. 918. 9 C.J.S. Banks and Banking § 650.
NM Stat § 58-1-71 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-71 - Waivers; corporate action by unanimously signed writing.

When notice is required to be given to stockholders or directors under the Banking Act, or the articles of incorporation or bylaws of any state bank, a waiver of notice in writing, signed by the person or persons entitled to the notice, whether before or after the time stated in the notice, shall be deemed equivalent to notice. If the vote of stockholders or directors at a meeting is required or permitted in connection with any corporate action, by any section of the Banking Act, the meeting and vote of stockholders or directors may be dispensed with, if all of the stockholders or directors who would have been entitled to vote upon the action if the meeting were held, consent in writing to the corporate action. If the action consented to would have required the filing of a certificate under the Banking Act, if the action had been voted upon by the stockholders or directors at a meeting, the certificates filed shall state that written consent has been given under this section in lieu of stating that the stockholders or directors have voted upon the corporate action in question, if a statement of voting is required in the certificate. History: 1953 Comp., § 48-22-59, enacted by Laws 1963, ch. 305, § 59. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 9 C.J.S. Banks and Banking §§ 49, 50, 616.
NM Stat § 58-1-74 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-74 - Requirements of reorganization plan.

A. A plan of reorganization shall not be proposed under the Banking Act unless: (1) the plan is feasible and fair to all classes of depositors, creditors and stockholders; (2) the face amount of the interest accorded to any class of depositors, creditors or stockholders under the plan does not exceed the value of the assets upon liquidation less the full amount of the claim of all prior classes, subject, however, to any fair adjustment for new capital that any class will pay in under the plan; (3) the plan provides for the issuance of common stock in an amount that will provide an adequate ratio to deposits; (4) any exchange of new common stock for obligations or stock of the bank will be effected in inverse order to the priorities in liquidation of the classes that will retain an interest in the bank, and upon terms that fairly adjust any change in the relative interests of the respective classes that will be produced by the exchange; (5) the plan assures the removal of any director, officer or employee responsible for any unsound or unlawful action, or the existence of an unsound condition; and (6) any merger or consolidation provided by the plan conforms to the requirements of the Banking Act. B. Whenever in the course of reorganization supervening conditions render the plan unfair, or its execution impractical, the commissioner [director of the financial institutions division of the regulation and licensing department] may modify the plan or liquidate the institution. Any such action shall be taken by order upon appropriate notice. History: 1953 Comp., § 48-22-62, enacted by Laws 1963, ch. 305, § 62. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 821. Character as holder in due course of bank which takes over assets and assumes liabilities of another bank, 76 A.L.R. 1329. Guarantor: liability of guarantor of or surety for bank deposit as affected by reorganization, merger or consolidation of bank, 78 A.L.R. 381. Transfer of assets: novation where bank transfers its assets to another bank which assumes its obligation, 79 A.L.R. 82. Dissenting stockholders: construction and effect of provisions for payment of dissenting stockholders in statutes relating to merger, consolidation or reorganization of banks or other corporations, 87 A.L.R. 597, 162 A.L.R. 1237, 174 A.L.R. 960. Constitutionality of recent legislation relating to merger, consolidation or reorganization of banks as affected by rights of dissenting creditors or stockholders, 92 A.L.R. 1337, 96 A.L.R. 1445, 104 A.L.R. 1203. Estoppel by acquiescence or delay to question validity of plan for reorganization of bank, 139 A.L.R. 659. 9 C.J.S. Banks and Banking § 155 et seq.
NM Stat § 58-1-76 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-76 - Unauthorized conduct of banking business.

It is unlawful for any unauthorized person to engage in the business of holding deposits or to represent that he is or is acting for a bank or to use an artificial or corporate name that purports to be or suggests that it is the name of a bank. History: 1953 Comp., § 48-22-64, enacted by Laws 1963, ch. 305, § 64; 1997, ch. 23, § 8. ANNOTATIONSThe 1997 amendment, effective July 1, 1997, substituted "holding deposits or" for "receiving deposits, discounting evidences of indebtedness or receiving money for transmission," and substituted "that" for "which" preceding "purports". Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 25. 9 C.J.S. Banks and Banking §§ 19, 748.
NM Stat § 58-1-77 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-77 - Receipt of deposits while insolvent.

It is unlawful for a bank to receive any deposit while insolvent or for an officer, director or employee who knows or, in the proper performance of his duty, should know of such insolvency to receive or authorize the receipt of such deposit. History: 1953 Comp., § 48-22-65, enacted by Laws 1963, ch. 305, § 65. ANNOTATIONSInsolvency essential element of offense. — It was held under former law that insolvency of the bank at the time of receiving the deposit is the essential element of the offense. State v. Nance, 1927-NMSC-004, 32 N.M. 158, 252 P. 1002. Depositor's claim without preference. — While Laws 1915, ch. 67, § 41, gives a depositor a right of action to recover deposits accepted by an insolvent bank, it does not give the depositor's claim preference over other claims. Jameson v. First Sav. Bank & Trust Co., 1935-NMSC-084, 39 N.M. 545, 51 P.2d 607 (decided under former law). Sufficiency of indictment. — It was held under former law that the indictment alleging that defendant received a deposit "then and there having knowledge of the fact that such bank was insolvent" is sufficient. State v. Nance, 1927-NMSC-004, 32 N.M. 158, 252 P. 1002. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 198, 242. Constitutionality of statute making failure of bank prima facie evidence of knowledge of insolvency at time of receipt of deposits, 51 A.L.R. 1154, 86 A.L.R. 179, 162 A.L.R. 495. Constitutionality of statute rendering officers or directors of bank criminally liable for receiving deposit after insolvency, 76 A.L.R. 530. What amounts to a deposit within statute in relation to civil or criminal liability for accepting deposit when bank is unsafe or insolvent, 76 A.L.R. 1320. When limitation commences to run against action to enforce personal liability of bank officers or directors for receiving deposits after knowledge of bank's unsafe condition, 78 A.L.R. 897. Sufficiency of evidence to show defendant's knowledge of bank's insolvency in prosecution for receiving deposits knowing bank insolvent, 87 A.L.R. 504. Civil liability of bank officer or director permitting deposit after insolvency of bank, 87 A.L.R. 1402. Negligence in failing to discover insolvency of bank as equivalent of knowledge, or substitute therefor, as regards criminal responsibility of bank officer or employee for receiving deposit after insolvency, 98 A.L.R. 615. Statute as to taking deposit when insolvent as special or class legislation, or as denying equal protection of laws, 111 A.L.R. 144. 9 C.J.S. Banks and Banking § 740 et seq.
NM Stat § 58-1-78 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-78 - Unlawful service as officer or director.

It is unlawful for any person to serve as an officer or director of a bank, who: A. is an officer, director or employee of a directly competitive bank in the same community; B. has been convicted of an offense constituting, in the jurisdiction in which the judgment was rendered, a violation of the banking laws or a felony, or who has been found liable, either in a civil or criminal action, for a breach of trust; or C. is indebted to the bank for more than thirty days upon a judgment that has become final. History: 1953 Comp., § 48-22-66, enacted by Laws 1963, ch. 305, § 66. ANNOTATIONSProsecutions under general fraud and conspiracy statutes not prohibited. — There is no basis for holding that the specific language of this section prohibits prosecutions under the general fraud and conspiracy statutes. State v. Thoreen, 1978-NMCA-024, 91 N.M. 624, 578 P.2d 325, cert. denied, 91 N.M. 610, 577 P.2d 1256. Bank cashier was guilty of embezzlement where he was unable to account for shrinkage in proceeds of sale of certain bonds entrusted to bank for sale. State v. Gaunt, 1926-NMSC-049, 32 N.M. 17, 250 P. 634 (decided under former law). Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 180. Officer or employee of depository or bailee as sustaining a criminal charge against him of embezzlement of property of depositor or bailor, 45 A.L.R. 933. Liability of bank in respect to funds of third persons misappropriated by bank officer or employee and used to cover his own overdraft or defalcation, 48 A.L.R. 464. Aiding and abetting misapplication of bank funds by officer or employee, criminal responsibility for, 74 A.L.R. 1112, 131 A.L.R. 1322. Rights and liabilities of bank paying or giving credit for personal check of own officer whose account is not good, 171 A.L.R. 880. 9 C.J.S. Banks and Banking §§ 107, 113, 115, 121.
NM Stat § 58-1-79 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-79 - Unlawful gratuity or compensation; transactions of persons connected with state bank.

A. It is unlawful for an affiliate of a bank or for an officer, director or employee of a bank, or affiliate of a bank: (1) to solicit, accept or agree to accept, directly or indirectly, from any person other than the institution any gratuity, compensation or other personal benefit for any action taken by the institution or for endeavoring to procure any such action; (2) to have any interest, direct or indirect, in the purchase at less than its face value of any evidence of indebtedness issued by the institution; (3) to require any borrower to purchase insurance from an affiliate of a bank, or from an officer, director or employee of a bank or affiliate of a bank, or through a particular insurance company, agent, solicitor or broker, as a condition precedent to the making of a loan or to decline adequate existing insurance where such existing insurance is provided by an insurance company licensed by this state. Provided, however, a bank may require a borrower to supply such insurance as may reasonably be necessary for the protection of the bank in making a loan. B. In this section the term "affiliate" includes: (1) any person who holds a majority of the stock of a bank or has been determined by the commissioner [director of the financial institutions division of the regulation and licensing department] to hold a controlling interest therein, any other corporation in which such person owns a majority of the stock and any partnership in which he has an interest; (2) any corporation in which the institution or an officer, director or employee thereof holds a majority of the stock and any partnership in which such person has an interest; (3) any corporation of which a majority of the directors are officers, directors or employees of the institution or of which officers, directors, trustees or employees constitute a majority of the directors of the institution. History: 1953 Comp., § 48-22-67, enacted by Laws 1963, ch. 305, § 67. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 222. Fraud: responsibility of bank for fraud of officer or agent inducing customer or debtor of bank to enter into transaction with such officer or agent personally or with third person, 117 A.L.R. 389. 9 C.J.S. Banks and Banking §§ 117, 119, 121.