reglab/housing_qa huggingface dataset:
NM Stat § 58-4-9 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 4 - Merger and Consolidation of Banks|Section 58-4-9 - Sale of all assets of bank or department.

A. Any state bank or trust company may sell to any other bank or trust company: (1) all or substantially all of the selling bank assets and business; or (2) all or substantially all of the assets and business of any department of the selling bank. B. Any state bank or trust company may, upon assuming the liabilities relating thereto, purchase: (1) all or substantially all of the assets and business of another bank or trust company; or (2) all or substantially all of the assets and business of any department of another bank or trust company. C. The agreement of purchase and sale shall be authorized, approved by the director of the financial institutions division, approved by the vote of a majority of the stockholders of the purchasing and selling bank at a meeting called for the purpose in like manner as meetings to approve mergers are called and filed with the director of the financial institutions division accompanied by evidence of such stockholders' approval in like manner as agreements of merger are filed. After such approval is given by the stockholders a notice of such sale shall be published once a week for three successive weeks in a newspaper of large general circulation in the county in which the selling bank has its principal office, and proof of such publication shall be filed with the director of the financial institutions division. D. Notwithstanding any term of the agreement, or of his contract of deposit, any depositor whose business is thus sold has the right to withdraw his deposit in full on demand after such sale unless by dealing with purchasing bank with knowledge of the purchase he ratifies the transfer. E. The agreement of sale may provide for the transfer to the purchasing bank of all fiduciary positions held by the selling bank subject to the right of the court, on petition of any interested party, to appoint another or succeeding fiduciary to the positions so transferred. Until the court appoints another or succeeding fiduciary the purchasing bank shall, if qualified to do so, exercise any fiduciary function vested in the selling bank. F. No right against or obligation of the selling bank in respect of the assets or business sold shall be released or impaired by the sale until one year from the last date of publication of the notice pursuant to Subsection C of this section, but after the expiration of such year, no action can be brought against the selling bank on account of any deposit, obligations, trust or asset transferred to or liability assumed by the purchasing bank. History: 1941 Comp., § 48-13-9, enacted by Laws 1951, ch. 37, § 9; 1953 Comp., § 48-13-9; Laws 1977, ch. 245, § 32. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 28. Novation where bank transfers its assets to another bank which assumes its obligation, 79 A.L.R. 82. 9 C.J.S. Banks and Banking § 158 et seq.
NM Stat § 58-4-10 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 4 - Merger and Consolidation of Banks|Section 58-4-10 - Dissenting stockholders.

A. A dissenting stockholder of a state bank shall be entitled to receive the value in each of only those shares which were voted against a merger to result in a state bank, against the conversion of a state bank into a national bank or against a sale of all or substantially all of the state bank's assets, and only if written demand thereupon is made to the resulting state or national bank at any time within thirty days after the effective date of the merger or conversion accompanied by the surrender of the stock certificates. The value of such shares shall be determined, as of the date of the stockholders' meeting approving the merger or conversion, by three appraisers, one to be selected by the vote of the owners of two-thirds of the shares involved at a meeting called by the director of the financial institutions division on 10 days notice, one by the board of directors of the resulting state or national bank and the third by the two so chosen. The valuation agreed upon by any two appraisers shall govern. If any necessary appraiser is not appointed within 60 days after the effective date of the merger or conversion, the director of the financial institutions division shall make the necessary appointment, or if the appraisal is not completed within 90 days after the merger or conversion becomes effective, the director of the financial institutions division shall cause an appraisal to be made. B. The merger agreement may fix an amount which the merging banks consider to be the fair market value of the shares of a merging or the converting bank at the time of the stockholders' meeting approving the merger or conversion, which the resulting bank will pay dissenting stockholders of that bank entitled to payment in cash. The amount due under such accepted offer or under the appraisal shall constitute a debt of the resulting state or national bank. C. The expenses of appraisal shall be paid by the resulting state bank except where the value fixed by the appraisers does not exceed the value fixed by the merger agreement in which case one-half of the expenses shall be paid by the resulting bank and one-half by the dissenting stockholders requesting the appraisal in proportion to their respective holdings. History: 1941 Comp., § 50-1910, enacted by Laws 1951, ch. 37, § 10; 1953 Comp., § 48-13-10; Laws 1977, ch. 245, § 33. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 29. 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. 9 C.J.S. Banks and Banking § 158 et seq.
NM Stat § 58-4-11 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 4 - Merger and Consolidation of Banks|Section 58-4-11 - Nonconforming assets or business.

If a merging, converting or selling bank has assets which do not conform to the requirements of state law for the resulting or purchasing state bank or carries on business activities which are not authorized or permitted for the resulting or purchasing state bank, the director of the financial institutions division may permit a reasonable time to conform with the law of this state, and, in the case of a resulting or purchasing state bank that is not to exercise trust powers, shall require that prompt application be made to a court of competent jurisdiction for the appointment of a successor trustee. History: 1941 Comp., § 50-1911, enacted by Laws 1951, ch. 37, § 11; 1953 Comp., § 48-13-11; Laws 1977, ch. 245, § 34. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 28. Novation where bank transfers its assets to another bank which assumes its obligation, 79 A.L.R. 82. 9 C.J.S. Banks and Banking § 128.
NM Stat § 58-4-12 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 4 - Merger and Consolidation of Banks|Section 58-4-12 - Book value of assets.

Without approval by the director of the financial institutions division no asset shall be carried on the books of the resulting or purchasing state bank at a valuation higher than that on the books of the merging or converting bank at the time of its last examination by a state or national bank examiner before the effective date of the merger or conversion. History: 1941 Comp., § 50-1912, enacted by Laws 1951, ch. 37, § 12; 1953 Comp., § 48-13-12; Laws 1977, ch. 245, § 35. ANNOTATIONSCompiler's notes. — Laws 1951, ch. 37, § 13, provided where the act should be compiled in the 1941 Comp. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 28. Novation where bank transfers its assets to another bank which assumes its obligation, 79 A.L.R. 82. 9 C.J.S. Banks and Banking § 128.
NM Stat § 58-5-1 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 5 - Organization and Management|Section 58-5-1 - Board of directors; oaths.

A. A board member, when initially elected, shall take an oath that: (1) he will, so far as the duty devolves upon him, diligently and honestly administer the affairs of the bank and will not knowingly violate or willingly permit to be violated any of the provisions of the Banking Act; and (2) he is the owner, in good faith and in his own right or jointly with his spouse, of the number of shares of stock required by law standing in his name on the books of the corporation and that the stock is not hypothecated or in any way pledged as security for any loan or debt. B. The oath, subscribed by the board member making it and certified by the notary public before whom it was taken, shall be immediately transmitted to the director of the division and shall be filed and preserved in his office. History: 1953 Comp., § 48-2-10, enacted by Laws 1975, ch. 330, § 1; 1977, ch. 245, § 19; 1995, ch. 190, § 13. ANNOTATIONSThe 1995 amendment, effective June 16, 1995, substituted the introductory sentence in Subsection A for "A director, when selected, shall take an oath that", substituted "the" for "such" preceding "bank" in Paragraph (1) of Subsection A, substituted "stock" for "same" preceding "is not hypothecated" in Paragraph (2) of Subsection A, and substituted "The oath, subscribed by the board member" for "Such oath, subscribed by the director" and "director of the division" for "director of the financial institutions division" in Subsection B. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 78, 79, 221. Liability, under National Banking Act (12 USCS § 93), of national bank directors for retaliation against office or employee who discloses or refuses to commit banking irregularity, 101 A.L.R. Fed. 377. 9 C.J.S. Banks and Banking § 103.
NM Stat § 58-5-3 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 5 - Organization and Management|Section 58-5-3 - Branch banks; permit to open; powers; location.

Branches of banks authorized under the provisions of this article are authorized to accept deposits, cash checks, buy and sell exchange, make loans and do a general banking business. A permit to open the branch shall first be obtained from the director. History: 1941 Comp., § 50-215b, enacted by Laws 1951, ch. 32, § 2; 1953 Comp., § 48-2-17; Laws 1977, ch. 245, § 21; 1991, ch. 12, § 2. ANNOTATIONSThe 1991 amendment, effective June 14, 1991, in the first sentence, substituted "of banks authorized under the provisions of this article are" for "or banks authorized under the provisions hereof shall be," and deleted a proviso relating to the location of the branches and, in the second sentence deleted "of the financial institutions division" from the end and made a minor stylistic change. Branch banks prohibited in counties with banks. — While this provision of the law now authorizes branch banks instead of banking agencies, they are still prohibited if there is a bank operating in the county in which the branch is proposed to be opened. Again, under present law, operation of a bank in the county is the criterion, not willingness to conduct branch banking operations in the area in question. 1959 Op. Att'y Gen. No. 59-35. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 324. What is a "branch bank" within statutes regulating the establishment of branch banks, 23 A.L.R.3d 683. 9 C.J.S. Banks and Banking §§ 45, 46.
NM Stat § 58-5-4 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 5 - Organization and Management|Section 58-5-4 - Repealed.

ANNOTATIONSRepeals. — Laws 1985, ch. 30, § 5 repeals 58-5-4 NMSA 1978, as amended by Laws 1977, ch. 245, § 22, relating to fees for examination of a bank, effective January 1, 1986. For present comparable provisions, see 58-1-41, 58-1-41.1, 58-1-41.2 NMSA 1978.
NM Stat § 58-5-5 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 5 - Organization and Management|Section 58-5-5 - [Prior bank agencies; designation as branches.]

Any bank agency or agencies heretofore opened and conducted prior to the passage and approval hereof under the authorization contained in Chapter 50 Section 216 of the New Mexico Statutes Annotated, 1941 Compilation, are hereafter to be conducted and known as branches under the authorization hereof. History: 1941 Comp., § 48-2-19, enacted by Laws 1951, ch. 32, § 4; 1953 Comp., § 48-2-19. ANNOTATIONSCompiler's notes. — Section 50-216 of the 1941 Compilation referred to in this section was repealed by Laws 1951, ch. 32, § 5. Unlawfully established agency not validated. — This section does not validate the prior action of the state bank examiner in granting the Otero county state bank a permit for its agency at White Sands since this section is not operative unless the agency previously established was done lawfully under the provisions of prior 50-216 of the 1941 Comp. 1959 Op. Att'y Gen. No. 59-35. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 324. Power of national bank to establish branches or maintain separate banking offices, 30 A.L.R. 927, 50 A.L.R. 1340, 136 A.L.R. 471. Branch banks, effect of maintenance of, on rights of creditors on insolvency of branch or parent bank, 50 A.L.R. 1353, 136 A.L.R. 471. Judicial notice as to branch banks, 89 A.L.R. 1353. 9 C.J.S. Banks and Banking §§ 45, 46.
NM Stat § 58-5-6 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 5 - Organization and Management|Section 58-5-6 - Banking days; notice; closing.

A. A bank is authorized to fix from time to time the days and hours when each of its banking offices will be open to the public for its banking business. The days and hours need not be the same for each office. The bank shall notify the director of the financial institutions division of the days and hours of each banking office and of any change in the scheduled days and hours of each office. The bank shall give further notice by whatever means it selects as best calculated to advise the public of any change. B. In an emergency or threat of an emergency or other circumstances beyond the control of the bank which would imperil persons or property or impede normal operations, all or any of its banking offices may be or remain closed. Notice of the closing shall be given to the director of the financial institutions division as promptly as conditions will permit. The director of the financial institutions division may order the reopening of any office on his finding that conditions justifying the closing under this section do not then exist. C. Any day on which a bank shall pursuant to this section be or remain closed shall with respect to the bank be deemed a legal holiday. D. Any office of a bank may be closed under Subsection A or B of this section, even though other offices of the bank are open, but any day of such closing shall not be a legal holiday in respect to any acts to be performed by or at the bank on such day unless the act is to be performed only by or at the office which is closed. E. Where pursuant to agreement or law any act is to be performed by or at a bank on any day when such bank shall pursuant to this section be or remain closed, the act may be performed on the next succeeding banking day with the effect as though performed on the appointed day. F. Nothing in any law of this state shall in any manner whatsoever affect the validity of or render void or voidable the payment, satisfaction or acceptance of a check or other negotiable instrument or any other transaction by a bank because done or performed on any holiday or partial holiday. History: 1953 Comp., § 48-2-20, enacted by Laws 1975, ch. 330, § 2; 1977, ch. 245, § 23. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 136, 429. Banking hours, receipt of deposits after, as affecting right of depositor to reclaim it on bank's insolvency, 15 A.L.R. 429. 9 C.J.S. Banks and Banking § 232.
NM Stat § 58-5-7 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 5 - Organization and Management|Section 58-5-7 - Legal holidays for banks.

A. The following legal holidays may be observed by banks, notwithstanding the provisions of Sections 12-5-1 through 12-5-9 NMSA 1978:New Year's Day ................................. January 1Martin Luther King, Jr.'s Birthday ... 3rd Monday in JanuaryPresident's Day .................................. 3rd Monday in FebruaryMemorial Day ..................................... the date determined by the director to be the date recognized by the majority of the federal reserve districts in New MexicoIndependence Day ............................. July 4Labor Day ........................................... 1st Monday in SeptemberIndigenous Peoples' Day .................... 2nd Monday in OctoberArmistice Day and Veterans' Day ....... November 11Thanksgiving Day ............................... 4th Thursday in NovemberChristmas Day .................................... December 25.Whenever one of these bank holidays falls on a Sunday, the following Monday is a legal bank holiday. Whenever one of these bank holidays falls on a Saturday, that Saturday and the preceding Friday are legal bank holidays.B. Nothing in this section shall be deemed to require a bank to close or cease operating any remote financial service unit installed pursuant to the Remote Financial Service Unit Act [Chapter 58, Article 16 NMSA 1978] or any automated teller machines located on the bank premises during all or any part of a legal bank holiday. History: 1953 Comp., § 48-2-21, enacted by Laws 1975, ch. 330, § 3; 1977, ch. 340, § 1; 1977, ch. 359, § 19; 1 981, ch. 42, § 1; 1991, ch. 75, § 1; 1999, ch. 213, § 8; 2019, ch. 123, § 4. ANNOTATIONSThe 2019 amendment, effective July 1, 2019, in Subsection A, after "3rd Monday in January", deleted "Washington's Birthday" and added "President's Day", and after "1st Monday in September", deleted "Columbus" and added "Indigenous Peoples'".The 1999 amendment, effective June 18, 1999, in the introductory language of Subsection A substituted "may" for "shall" and updated a section reference. The 1991 amendment, effective July 1, 1991, inserted "Martin Luther King, Jr.'s Birthday" in the list of legal holidays and deleted "of the financial institutions division" following "director" in the provision on determination of the Memorial Day holiday. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 278, 710.
NM Stat § 58-5-8 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 5 - Organization and Management|Section 58-5-8 - [Federal reserve; bank may become stockholder or member.]

Any incorporated bank may apply to the federal reserve board for the right to subscribe to the stock of the federal reserve bank organized within the federal reserve district where the applicant bank is located, and may become a stockholder of such bank and exercise all of the powers of member banks in accordance with the provisions of the act of congress entitled "Federal Reserve Act," approved December 23, 1913. History: Laws 1915, ch. 67, § 96; 1919, ch. 120, § 35; C.S. 1929, § 13-701; 1941 Comp., § 50-222; 1953 Comp., § 48-2-27. ANNOTATIONSCompiler's notes. — Laws 1915, ch. 67, § 97, which was renumbered as § 99 thereof by Laws 1919, ch. 120, § 36, and in which the only other changes were the insertions of the parenthetical references, read: "Sections 244 to 254 inclusive (sections 395 to 405 N.M. Statutes Annotated 1915), and sections 260 to 284 (sections 406 to 430 N.M. Statutes Annotated 1915) inclusive of the Compiled Laws of 1897, and all acts and parts of acts amendatory thereof, chapter 62 of the Laws of 1899 (sections 472 to 474 N.M. Statutes Annotated 1915), chapter 52 of the Laws of 1903 (sections 431 to 455 N.M. Statutes Annotated 1915), and all acts and parts of acts amendatory thereof, and all acts and parts of acts in conflict herewith are hereby repealed. Provided: That such repeal shall not abate or affect any suit, action or proceeding, civil or criminal, commenced under any of the laws so repealed prior to the taking of effect of this act, but all such suits, actions or proceedings may be prosecuted to final determination under the laws so repealed, and Provided further; that such repeal shall not affect, abridge, deny, divest or impair any right or cause of action, civil or criminal, accruing under the laws hereby repealed, but such right or cause of action so accruing or arising shall be brought and prosecuted under the laws so repealed." Cross references. — For the Federal Reserve Act, see 12 U.S.C. § 221. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 5. Interest in respect of insured deposit, liability of federal deposit insurance corporation for, 153 A.L.R. 532. State laws regarding superadded liability of stockholders in state banks as affected by federal legislation, 169 A.L.R. 942. 9 C.J.S. Banks and Banking § 661.
NM Stat § 58-5-9 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 5 - Organization and Management|Section 58-5-9 - [Compliance with federal reserve requirements satisfies state balance requirements.]

Compliance on the part of any bank or trust company exercising the right conferred by Section 96 [58-5-8 NMSA 1978] hereof with the reserve requirements of the Federal Reserve Act shall be held to be a full compliance with these [those] provisions of the laws of this state which require banks or trust companies to maintain cash balances in their vaults or with other banks, and no such bank or trust company shall be required to carry or maintain reserve other than such as is required under the terms of the Federal Reserve Act. History: Laws 1915, ch. 67, § 97, enacted by Laws 1919, ch. 120, § 35; C.S. 1929, § 13-702; 1941 Comp., § 50-223; 1953 Comp., § 48-2-28. ANNOTATIONSCompiler's notes. — The bracketed material was inserted by the compiler and is not part of the law. Cross references. — For the Federal Reserve Act, see 12 U.S.C. § 221. Law reviews. — For student symposium, "Constitutional Revision - State Aid to Private Enterprise in New Mexico," see 9 Nat. Resources J. 457 (1969).
NM Stat § 58-5-10 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 5 - Organization and Management|Section 58-5-10 - [Federal reserve member banks; state examination.]

Such bank or trust company shall continue to be subject to the supervision and examination required by the laws of this state, except that the federal reserve board shall have the right, if it deems necessary, to make examinations; and the authorities of this state having supervision over such banks or trust companies may disclose to the federal reserve board, or to examiners duly appointed by it, all information in reference to the affairs of any bank or trust company which has become, or desires to become, a member of a federal reserve bank. History: Laws 1915, ch. 67, § 98, enacted by Laws 1919, ch. 120, § 35; C.S. 1929, § 13-703; 1941 Comp., § 50-224; 1953 Comp., § 48-2-29. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 18. 9 C.J.S. Banks and Banking § 652.