reglab/housing_qa huggingface dataset:
NM Stat § 58-1-45 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-45 - Court review.

Any person aggrieved and directly affected by an order of the director may appeal to the district court pursuant to the provisions of Section 39-3-1.1 NMSA 1978. History: 1953 Comp., § 48-22-34, enacted by Laws 1963, ch. 305, § 34; 1998, ch. 55, § 52; 1999, ch. 265, § 55. ANNOTATIONSCross references. — For procedures governing statutory appeals from administration decisions or orders, see Rule 1-074 NMRA. Compiler's notes. — For scope of review of the district court, see Zamora v. Village of Ruidoso Downs, 120 N.M. 778, 907 P.2d 182 (1995). The 1999 amendment, effective July 1, 1999, substituted "Section 39-3-1.1" for "Section 12-8A-1". The 1998 amendment, effective September 1, 1998, rewrote this section. Rejection of application for permission to file corporate papers appealable. — Appellee's rejection of appellants' application under Section 48-22-45 NMSA 1978 (now Section 58-1-57 NMSA 1978) was an order within the ambit of this section and appellants were aggrieved and directly affected by it, since the rejection precluded appellants from filing articles of incorporation with the corporation commission (now public regulation commission) and obtaining the certificate of authority under Section 48-22-49 (now Section 58-1-61 A) NMSA 1978 which certificate is required before a proposed state bank may perform any act other than perfect its organization. Therefore, the action of appellee in rejecting appellants' application was appealable. Holladay v. Upton, 1968-NMSC-044, 79 N.M. 1, 438 P.2d 885.
NM Stat § 58-1-46 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-46 - Examinations and reports.

A. The director shall examine the condition of each state bank at least once in each twelve-month period. A report of examination shall be sent to the board of directors of the organization examined. B. A bank may be examined within each eighteen-month period if: (1) the bank has total assets of less than two hundred fifty million dollars ($250,000,000); (2) the bank is well-capitalized; (3) when the bank was most recently examined, it was found to be well-managed, and its composite condition was found to be outstanding; or for a bank that has total assets of not more than one hundred million dollars ($100,000,000), it was found to be outstanding or good; (4) the bank is not subject to a formal enforcement proceeding or order; and (5) no person acquired control of the bank during the twelve-month period in which an examination would be required but for this subsection. C. Whenever the director deems it necessary, he may examine any corporation, the majority of the stock of which is owned by a state bank or which he finds is controlled by a state bank. History: 1953 Comp., § 48-22-35, enacted by Laws 1963, ch. 305, § 35; 1995, ch. 190, § 9. ANNOTATIONSThe 1995 amendment, effective June 16, 1995, substituted "director" for "commissioner" and "twelve-month period" for "calendar year" in Subsection A, added Subsection B, redesignated former Subsection B as Subsection C, and substituted "director" for "commissioner" in Subsection C. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 18. Examination and supervision of banks by public officers as impairment of charter rights, 8 A.L.R. 898. 9 C.J.S. Banks and Banking § 10 et seq.
NM Stat § 58-1-47 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-47 - Commissioner's [Director's] annual report.

A. The commissioner [director of the financial institutions division of the regulation and licensing department] shall report to the governor annually. His report shall include: (1) the text of all rules of general application the department has adopted or altered since his last annual report; (2) a statement of the status and remaining assets and liabilities of any organization which the commissioner [director] is managing or is in the process of liquidating; (3) a summary of all changes occurring since his last annual report by reason of opening new state banks, mergers and conversions, increases and decreases in capital and the like; (4) a condensed statement of condition of each state bank; and (5) such other information concerning the conduct and affairs of his office as he shall see fit to report. B. The report shall be a public document and shall be printed. History: 1953 Comp., § 48-22-36, enacted by Laws 1963, ch. 305, § 36. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Cross references. — For meaning of director, see 58-1-3 NMSA 1978. For commerce and industry department, see 58-1-32 NMSA 1978.
NM Stat § 58-1-48 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-48 - Records of division.

Information from the records of the division shall be revealed only with the consent of the director. The records of the division are not public records. Any examination reports, financial information contained in applications for charters or files on investigations relating to violations of the Banking Act that do not or have not yet culminated in administrative, civil or criminal action are confidential and may be released only by order of a court of competent jurisdiction. History: 1978 Comp., § 58-1-48, enacted by Laws 1995, ch. 190, § 10. ANNOTATIONSRepeals and reenactments. — Laws 1995, ch. 190 § 10, repeals former section 58-1-48 NMSA 1978, as enacted by Laws 1963, ch. 305, § 37, and enacts the above section, effective June 16, 1995. For provisions of former section, see the 1994 NMSA 1978 on NMOneSource.com.
NM Stat § 58-1-49 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-49 - Banking interests of officers and employees of the department of banking [financial institutions division]

No officer or employee of the department [financial institutions division of the regulation and licensing department] shall be an officer, director, trustee, attorney, owner, shareholder or partner in any bank, nor receive, directly or indirectly, any payment or gratuity from any such organization, or be indebted to any state bank, or engage in the negotiation of loans for others with any state bank. This provision shall not prohibit being a depositor on the same terms as are available to the public generally, or being indebted to a state bank upon an installment debt transferred to a state bank in the regular course of business by a creditor. Any employee violating this section shall be subject to dismissal by the commissioner [director of the financial institutions division]. History: 1953 Comp., § 48-22-38, enacted by Laws 1963, ch. 305, § 38; 1975, ch. 330, § 29. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
NM Stat § 58-1-50 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-50 - Limitation of personal liability.

No officer or employee of the department [financial institutions division of the regulation and licensing department] shall be liable in any civil action for damages for any act done or omitted in good faith in performing the functions of his office. History: 1953 Comp., § 48-22-39, enacted by Laws 1963, ch. 305, § 39. 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 § 424. Personal liability of members of governmental banking department or their sureties, 38 A.L.R. 663, 90 A.L.R. 1423.
NM Stat § 58-1-51 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-51 - Standards in regulations.

The commissioner [director of the financial institutions division of the regulation and licensing department], in the exercise of the power to make rules and issue regulations pursuant to the Banking Act, shall act in the interests of promoting and maintaining a sound banking system, the security of deposits and depositors and other customers, the preservation of the liquid position of banks and in the interest of preventing injurious credit expansions and contractions. History: 1953 Comp., § 48-22-40, enacted by Laws 1963, ch. 305, § 40. 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 §§ 10 to 19. 9 C.J.S. Banks and Banking §§ 8, 9.
NM Stat § 58-1-52 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-52 - Incorporators.

A state bank may be organized by five or more individual incorporators or a bank holding company subject to the requirements of the Banking Act. A majority of the incorporators shall be residents of the state. Each incorporator shall subscribe and pay in full in cash for stock having a value of not less than one percent of the authorized capital structure. History: 1953 Comp., § 48-22-41, enacted by Laws 1963, ch. 305, § 41; 1997, ch. 23, § 5. ANNOTATIONSThe 1997 amendment, effective July 1, 1997, inserted "or a bank holding company" in the first sentence. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 20. 9 C.J.S. Banks and Banking § 33.
NM Stat § 58-1-53 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-53 - General corporate powers.

State banks shall have: A. all the powers provided and conferred on them in the Banking Act and such general corporate powers as are appropriate to its purpose; B. the power to act as a fiduciary in any capacity, after proper qualifications under the Banking Act, and if authorized by its articles of incorporation or any amendment thereto; C. perpetual succession by its corporate name unless a limited period of duration is stated in its articles of incorporation; D. the power to sue and be sued in any court of law or equity; E. the power to make and use a common seal, and alter the same at pleasure; F. the power to appoint such officers and agents as the business of the corporation shall require, and to allow them suitable compensation; and G. the power to make contributions to the extent authorized, approved or ratified by action of the board of directors of the corporation, except as otherwise specifically provided or limited by its articles of incorporation, or its bylaws, or by resolution duly adopted by its stockholders, or by statute. History: 1953 Comp., § 48-22-42, enacted by Laws 1963, ch. 305, § 42; 1975, ch. 330, § 30. ANNOTATIONSCross references. — For fiduciary or custodian depositing securities in clearing corporation, see 46-1-12 NMSA 1978. No claim of ultra vires act by pledging assets. — It was held under former law that the receiver of bank may not be heard to say that the pledging of the assets of the bank to secure a deposit of public funds was an ultra vires act. Melaven v. Hunker, 1931-NMSC-023, 35 N.M. 408, 299 P. 1075. A solvent bank has a right to pledge its securities to indemnify a surety who signs a bond in its behalf in order that the bank may obtain a deposit of public funds. Melaven v. Hunker, 1931-NMSC-023, 35 N.M. 408, 299 P. 1075 (decided under former law). Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 270 et seq. Forfeiture or expiration of corporate charter, powers after, 47 A.L.R. 1297, 97 A.L.R. 477. Power of a business corporation to donate to a charitable or similar institution, 39 A.L.R.2d 1192. Banking corporation's power to enter into partnership or joint venture, 60 A.L.R.2d 917. 9 C.J.S. Banks and Banking §§ 230, 231.
NM Stat § 58-1-54 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-54 - Powers of director and of state banks.

In addition to other powers provided for the director and for state banks in the Banking Act notwithstanding any other provision of laws, the director may grant to state banks any of the powers and authority that national banks or federally chartered or insured depository institutions are or may be authorized, empowered, permitted or otherwise allowed to exercise. As used in this section and in Section 58-1-34 NMSA 1978, "federally chartered or insured depository institution" means a bank, savings bank, savings and loan association or credit union. History: 1953 Comp., § 48-22-42.1, enacted by Laws 1973, ch. 130, § 1; 1997, ch. 23, § 6; 1999, ch. 213, § 7. ANNOTATIONSThe 1999 amendment, effective June 18, 1999, in the first sentence substituted "any other provision of laws" for "anything to the contrary in that act", inserted "or federally chartered or insured depository institutions", and made a minor stylistic change; and added the second sentence. The 1997 amendment, effective July 1, 1997, substituted "director" for "commissioner of banking" in the section heading and near the beginning of the section, substituted "director may grant" for "commissioner of banking may adopt such rules and regulations as he deems necessary and proper, granting" near the middle of the section, substituted "may be authorized" for "may hereafter be authorized" and deleted "under federal statutes, rules or regulations" following "allowed to exercise" at the end of the section. Issuance of preferred stock may be authorized by regulation. — Since the Banking Act does not expressly prohibit the issuance of preferred stock by state banks, such authority may be conferred by regulation adopted by the director of the financial institutions division, in his discretion, pursuant to his power under this section. 1979 Op. Att'y Gen. No. 79-06. Am. Jur. 2d, A.L.R. and C.J.S. references. — 9 C.J.S. Banks and Banking § 10 et seq.
NM Stat § 58-1-55 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-55 - Capital structure; impairment of capital.

A. A state bank shall have such capital structure as the commissioner [director of the financial institutions division of the regulation and licensing department] shall deem adequate, except that no bank hereafter organized shall do business unless it shall have a bona fide minimum paid-up capital stock structure of at least, five hundred thousand dollars ($500,000), divided one-half to common capital and the remaining one-half to surplus and undivided profits. No bank shall pay a dividend on its common stock unless its remaining surplus after payment of such dividend equals twenty percent of the minimum common capital requirement. All banks heretofore or hereafter organized shall transfer at least a one-fifth part of their net profits, for the preceding accounting period, to their surplus fund until the same equals fifty percent of their common capital stock. When the surplus fund of a bank equals fifty percent of their common capital stock, there shall be added to the surplus fund each accounting period, ten percent of the net profits of the bank until the surplus fund is equal to the common capital stock, and such surplus shall thereafter be maintained unless impaired by unavoidable losses. This section shall not be construed to apply to trust companies. B. Whenever the capital of any bank shall be impaired, it shall make no new loans or discounts. History: 1953 Comp., § 48-22-43, enacted by Laws 1963, ch. 305, § 43; 1975, ch. 330, § 31. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Effect when authorized capital stock fully subscribed. — When the authorized capital stock of a banking corporation is fully subscribed, it was held under former law that it has no power or authority to solicit additional subscriptions to its capital stock, and a note given for such subscription is without consideration. Morrill v. Harris, 1917-NMSC-053, 23 N.M. 146, 167 P. 276, distinguished in American Hosp. & Life Ins. Co. v. Kunkel, 1962-NMSC-167, 71 N.M. 164, 376 P.2d 956. Equity capital. — Legislature intended that equity capital of banking corporation should be composed of common stock, and the issuance by such a corporation of preferred stock to raise equity capital was not expressly authorized. 1979 Op. Att'y Gen. No. 79-06. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 30. Reduction of capital stock and distribution of capital assets upon reduction, 44 A.L.R. 11, 35 A.L.R.2d 1149. Validity, construction and effect of statutory provisions concerning capital requisites of state incorporation of bank, 79 A.L.R.3d 1190. 9 C.J.S. Banks and Banking § 48 et seq.
NM Stat § 58-1-58 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-58 - Determination on application for permission to file with the corporation commission [public regulation commission]

A. When an application for permission to file with the corporation commission [public regulation commission] has been delivered to the commissioner [director of the financial institutions division of the regulation and licensing department], he shall make or cause to be made a careful investigation and examination relative to: (1) the character, reputation and financial standing of the organizers or incorporators; (2) the character, financial responsibility of proposed directors and banking or trust experience, and business qualifications of those proposed as officers; (3) the ability of the community to support the proposed bank, giving consideration to: (a) the services offered by existing banks and other financial institutions; (b) the banking history of the community; and (c) the opportunities for profitable employment of bank funds as indicated by the demand for credit, the number of potential depositors, the volume of bank transactions, and the business and industries of the community, with particular regard to their stability, diversification and size; (4) whether or not the full amount of the authorized capital structure has been subscribed; (5) whether or not the proposed capital structure is adequate in the light of current and propspective [prospective] banking conditions; (6) whether or not the name of the proposed bank resembles so closely, as to be likely to cause confusion, the name of any other banks transacting business in this state; and (7) such other facts and circumstances bearing on the proposed bank and its relation to the community as in the opinion of the commissioner [director] may be relevant. B. The commissioner [director] shall complete his investigation within sixty days after the completed application has been filed and may in his discretion approve or reject the application. C. If the commissioner [director] approves the application to be filed with the corporation commission [public regulation commission], he shall endorse his approval on the articles of incorporation. D. The corporation commission [public regulation commission] shall not accept the articles of incorporation of a state bank for filing without such endorsement. History: 1953 Comp., § 48-22-46, enacted by Laws 1963, ch. 305, § 46; 1975, ch. 330, § 33. 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. Cross references. — For meaning of director, see 58-1-3 NMSA 1978. Am. Jur. 2d, A.L.R. and C.J.S. references. — 9 C.J.S. Banks and Banking § 36.
NM Stat § 58-1-59 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-59 - Subscription calls.

A. Immediately after the filing of the articles of incorporation with the corporation commission [public regulation commission], the proposed directors shall call for the payment of the subscriptions in full, within thirty days from the date of the notice. No certificate of authority, or order, shall be issued by the commissioner [director of the financial institutions division of the regulation and licensing department] until the full amount of the authorized capital structure, specified in the articles of incorporation, has been paid in full, in cash, into the designated escrow account. B. On or before expiration of thirty days after call for payment of the subscription, the incorporators shall deliver a statement to the commissioner [director] signed by an official of the escrowing bank, setting forth the amount paid into the escrow account by the subscribers, and a sworn statement signed by the proposed bank's president, and cashier or secretary, certifying the full amount of the entire authorized capital structure has been paid in cash into the escrow account and that such corporation will be fully prepared to transact the business for which it was organized within one year. History: 1953 Comp., § 48-22-47, enacted by Laws 1963, ch. 305, § 47; 1975, ch. 330, § 34. 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 §§ 32 to 35. Construction and effect of constitutional or statutory provisions precluding issuance of corporate stock in consideration of promissory notes, 78 A.L.R.2d 834. 9 C.J.S. Banks and Banking §§ 52, 53.
NM Stat § 58-1-60 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 1 - Banking Generally|Section 58-1-60 - First meetings of stockholders and directors; adoption of bylaws.

A. After the capital structure has been fully paid, a meeting of the stockholders shall be called by the incorporators to elect directors, to adopt bylaws and to call the first meeting of directors for the election of officers. B. Bylaws shall be adopted and may be amended by a vote of the holders of a majority of the outstanding voting shares voted at a meeting of the stockholders, but the bylaws may provide for amendment by the board of directors of any provisions other than those approved by the commissioner [director of the financial institutions division of the regulation and licensing department] and relating to the duties and term of office. History: 1953 Comp., § 48-22-48, enacted by Laws 1963, ch. 305, § 48. 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 § 330. 9 C.J.S. Banks and Banking §§ 47, 98.