reglab/housing_qa huggingface dataset:
NM Stat § 58-10-79 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-79 - Additional examinations.

Whenever, in the judgment of the supervisor, the condition of any association renders it necessary or expedient to make an additional examination, or to devote any extraordinary attention to its affairs, the supervisor shall cause the work to be done at the expense of the association. A complete copy of the report of all examinations shall be furnished to the association examined. Every report of examination shall be presented to the board of directors at its next regular meeting, or at a special meeting called for the purpose, and noted in the minutes. History: 1953 Comp., § 48-15-121, enacted by Laws 1967, ch. 61, § 77. ANNOTATIONSCross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 216. 9 C.J.S. Banks and Banking § 15 et seq.
NM Stat § 58-10-80 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-80 - Order to discontinue violations.

As a result of any examination, or from any report made to him, if the supervisor finds that any association or any director, officer or employee of any association is violating the provisions of the charter or bylaws of the association, or the laws of this state or the United States or any lawful regulation promulgated by the supervisor, he shall deliver a formal written order to the board of directors of the association in which the facts known to the supervisor are set forth, demanding the discontinuance of the violation and conformance with all requirements of law. The association affected by the order may, within thirty days after the order has been delivered to the association, request a public or private hearing before the supervisor with regard to the order, at which hearing any pertinent evidence relating to the order or the facts stated therein may be presented. After the hearing, the supervisor, on the basis of the evidence presented, shall either continue the order in effect, modify it or set it aside. The hearing shall be on the record and the cost of a transcript of the hearing shall be paid by the association. History: 1953 Comp., § 48-15-122, enacted by Laws 1967, ch. 61, § 78. ANNOTATIONSCross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978.
NM Stat § 58-10-81 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-81 - Removal of directors, officers and employees.

The supervisor may require that any director, officer or employee of an association who has participated in a violation, as described in Section 78 [58-10-80 NMSA 1978] of the Savings and Loan Act, be removed from the association if the action of the person or persons concerned was knowingly and willfully taken. Prior to entering an order of removal, the supervisor shall deliver a full statement of the acts and conduct to which he objects to the board of directors of the association and to the person or persons concerned, along with a statement of his intention to enter a removal order. If a hearing on the matter is requested within thirty days after the delivery, the supervisor shall hold a public or private hearing at which any pertinent evidence relating to the matters set forth in the statement may be presented. After the hearing, the supervisor, on the basis of the evidence presented at the hearing, may proceed to enter an order for the immediate removal of the director, officer or employee affected, a reprimand of the individuals and association concerned or a dismissal of the entire matter. If no hearing is requested within the time specified, the supervisor may proceed to enter an order of removal on the basis of the facts set forth in his original statement. History: 1953 Comp., § 48-15-123, enacted by Laws 1967, ch. 61, § 79. ANNOTATIONSCross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978.
NM Stat § 58-10-82 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-82 - Order to refrain from voting shares.

In addition to other powers conferred by law, the supervisor may order any shareholder or person entitled to vote in an association to refrain from voting his shares or membership on any matter if he finds that such order is necessary to protect the association against reckless, incompetent or careless management, to safeguard the accounts of its members or to prevent the willful violation of the Savings and Loan Act or of any lawful rule or order issued thereunder, in which case the shares of such a shareholder or membership of such person entitled to vote shall not be counted in determining the existence of a quorum or a percentage of the outstanding shares or membership necessary to take any corporate action. Prior to entering such an order, the supervisor shall deliver a full statement of the facts supporting such proposed order to the shareholder or person concerned and to the board of directors of the association, along with a statement of his intention to enter the order. If a hearing on the matter is requested within thirty days after the delivery, the supervisor shall hold a public or private hearing at which any pertinent evidence relating to the matters set forth in the statement may be presented. After the hearing the supervisor shall enter an appropriate order based on his findings from the evidence presented. If no hearing is requested within the time specified, the supervisor may proceed to enter an order on the basis of the facts set forth in his original statement. History: 1953 Comp., § 48-15-123.1, enacted by Laws 1976, ch. 57, § 4. ANNOTATIONSCross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 71. Construction, application and effect of constitutional provisions or statutes relating to cumulative voting of stock for bank directors, 43 A.L.R.2d 1322. 9 C.J.S. Banks and Banking § 66.
NM Stat § 58-10-83 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-83 - Emergency power of supervisor.

Notwithstanding the procedures set forth in Sections 71, 78 and 79 [58-10-72, 58-10-80, 58-10-81 NMSA 1978] of this act, should the supervisor determine that an emergency exists which requires him to exercise, without delay, any of his powers granted under Sections 71, 78 and 79, he may issue, without notice, hearing or delay, any regulations or orders authorized by said sections, to any association, officers or directors, and require immediate compliance therewith. Such emergency regulations or orders shall remain in effect until a hearing thereon has been held, within ten days after the effective date of said regulation or order, and final determination has been made thereon as provided in said Sections 71, 78 and 79. History: 1953 Comp., § 48-15-124, enacted by Laws 1967, ch. 61, § 80. ANNOTATIONSCompiler's notes. — Meaning of "this act" means the provisions of the Savings and Loan Act that were enacted by Laws 1967, ch. 61, § 1-101. See also notes to 58-10-1 NMSA 1978. Cross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978. State and federal regulations need not be identical. — A state emergency regulation was not invalid, even though it sought to restrict state chartered savings and loan associations from making loans on timeshares at a time when similar loans were authorized by institutions chartered by the federal government. The regulatory provisions of the state and federal government need not be identical or in agreement with each other. State v. Grissom, 1987-NMCA-123, 106 N.M. 555, 746 P.2d 661, cert. denied, 106 N.M. 439, 744 P.2d 912. Setting forth basis in writing prior to promulgation. — Paragraph B of Section 12-8-4 NMSA 1978, which requires that the basis for an agency action be set forth in writing prior to the promulgation of an emergency rule, does not apply to the Savings and Loan Act. State v. Grissom, 1987-NMCA-123, 106 N.M. 555, 746 P.2d 661, cert. denied, 106 N.M. 439, 744 P.2d 912.
NM Stat § 58-10-84 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-84 - When order is final; appeal.

A. If a hearing has been held in regard to an order made pursuant to Section 58-10-80 or 58-10-81 NMSA 1978 and the supervisor's order is continued either in its original form or a modified form, the order is final when the supervisor enters his decision in the record of the hearing after the hearing. If no hearing is requested on the order, the order is final after the expiration of thirty days from the date the order is entered by the supervisor. B. The supervisor's decision after any hearing under the Savings and Loan Act shall be served on each party of record and shall contain the same elements as required in Section 58-10-13 NMSA 1978. Any party aggrieved by the decision of the supervisor after hearing may appeal to the district court pursuant to the provisions of Section 39-3-1.1 NMSA 1978. History: 1953 Comp., § 48-15-125, enacted by Laws 1967, ch. 61, § 81; 1998, ch. 55, § 54; 1999, ch. 265, § 57. ANNOTATIONSCross references. — For procedure for appeal, see 58-10-92 NMSA 1978. For meaning of "supervisor", see 58-10-2J NMSA 1978. The 1999 amendment, effective July 1, 1999, substituted "Section 39-3-1.1" for "Section 12-8A-1" in Subsection B. The 1998 amendment, effective September 1, 1998, in Subsection A, substituted "pursuant to Section 58-10-80 or 58-10-81 NMSA 1978" for "under Sections 78 or 79 of the Savings and Loan Act", inserted "his decision" and deleted "his decision" following "hearing"; in Subsection B, inserted "as", substituted "58-10-13 NMSA 1978" for "13 of the Savings and Loan Act" and substituted "pursuant to the provisions of Section 12-8A-1 NMSA 1978" for "in the county in which the party resides or in which its principal office is located".
NM Stat § 58-10-85 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-85 - Receivership.

If, in the judgment of the supervisor, the public interest requires it, he may apply to the district court of the county in which the principal office of any association is located for the appointment of a receiver for the association. The court shall appoint a receiver as applied for if it finds that either the association's assets in the aggregate do not have a fair value equal to the total liabilities of the association to its creditors and to all holders of savings accounts, or that the association is in violation of any final order of the supervisor and that the alleged violations cannot otherwise be corrected. All proceedings in regard to such applications shall be governed by the laws of this state applicable to receiverships generally. The supervisor, his deputy or an examiner shall not be disqualified from being appointed by the court as a receiver. The receiver, upon appointment by the court, shall immediately take charge of the affairs of the association, subject to direction of the court, and proceed to conduct the business of the association or to take steps as necessary to conserve the assets and protect the rights of the creditors of the association and its members as may be ordered by the court. If the association is insured by the federal savings and loan insurance corporation, the corporation may be tendered appointment as receiver or coreceiver. If it accepts the appointment, it may nevertheless make loans on the security of, or purchase at public or private sale, any part or all of the assets of the association of which it is receiver or coreceiver if the loan or purchase is approved by the court. The directors, officers and attorneys of an association in office at the time of the initiation of any proceeding under this section may contest the proceedings and shall be reimbursed for reasonable expenses and attorney fees by the association or from its assets, the amount of which shall be fixed by the court. History: 1953 Comp., § 48-15-126, enacted by Laws 1967, ch. 61, § 82. ANNOTATIONSCross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978. Subsequent purchaser cannot engage in savings and loan business when association liquidated. — When the assets of a savings and loan association are liquidated by a receiver pursuant to an order of the court, the association is terminated and its "charter" or authority to transact business is terminated as well. Therefore, no "charter" or valid franchise remains entitling a subsequent purchaser to engage in the savings and loan business. 1981 Op. Att'y Gen. No. 81-22.
NM Stat § 58-10-86 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-86 - Communications from supervisor.

Every approval or rejection by the supervisor given pursuant to the provisions of the Savings and Loan Act, and every communication having the effect of an order or instruction to any association, shall be sent by mail to the association affected, addressed to its president at the principal office of the association, and shall be presented to the board of directors of the association at its next regular meeting, or at a special meeting called for the purpose, and noted in the minutes of the meeting. History: 1953 Comp., § 48-15-127, enacted by Laws 1967, ch. 61, § 83. ANNOTATIONSCross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978.
NM Stat § 58-10-87 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-87 - Reorganization; merger; consolidation.

Pursuant to a plan adopted by the board of directors and approved by the supervisors [supervisor] as equitable to the members of the association and as not impairing the usefulness and success of other properly conducted associations in the same vicinity, an association may reorganize or merge or consolidate with another association or federal association. The plan of reorganization, merger or consolidation shall be approved by a majority of the total vote of the members or stockholders who are entitled to vote. Approval may be voted at either an annual meeting or at a special meeting called to consider the action. In all cases, the corporate continuity of the resulting corporation shall possess the same incidents as that of an association which has converted in accordance with the Savings and Loan Act. History: 1953 Comp., § 48-15-128, enacted by Laws 1967, ch. 61, § 84. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Cross references. — For meetings and voting generally, see 58-10-24 NMSA 1978. For meaning of "supervisor", see 58-10-2J NMSA 1978. Requirements not applicable to purchase of one association by another. — The board of directors of a savings and loan association is required to obtain both the savings and loan supervisor's approval and the vote of the association's stockholders on any plan for the reorganization, merger or consolidation of the association with another association. This is not required, however, if the entire transaction consists of a purchase of assets and assumption of liabilities. 1982 Op. Att'y Gen. No. 82-13.
NM Stat § 58-10-88 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-88 - Voluntary liquidation.

At any annual meeting or any special meeting called for the purpose, any association may, by majority vote of its members or stockholders who are entitled to vote, resolve to liquidate and dissolve the association. Before the resolution takes effect, a copy certified by the president and the secretary of the association, together with an itemized statement of its assets and liabilities sworn to by a majority of its board of directors, shall be filed with, and approved by, the supervisor. When the supervisor has approved the resolution, it is thereafter unlawful for the association to accept any additional savings accounts or additions to savings accounts or to make any additional loans, but all its income and receipts in excess of actual expenses of liquidation of the association shall be applied to the discharge of its liabilities. The board of directors of the association, under the supervision of the supervisor and in accordance with a plan of liquidation approved by him, shall thereupon proceed to liquidate the affairs of the association and reduce its assets to cash for the purpose of paying, satisfying and discharging all existing liabilities and obligations of the association, including the withdrawal value of all savings accounts, the balance remaining, if any, to be distributed pro rata among the savings account holders of record on the date of adoption by the association of the resolution to liquidate; but if the association has outstanding permanent capital stock, any balance remaining after all liabilities and obligations have been fully paid and satisfied, including the withdrawal value of all savings accounts, shall be distributed among the holders of the stock in proportion to their stockholding. All expenses incurred by the supervisor or any of his representatives during the course of any liquidation shall be paid from the assets of the association. Upon completion of liquidation, the board of directors shall file with the supervisor a final report and accounting of the liquidation. Approval of the report by the supervisor is a complete and final discharge of the board of directors and each member in connection with the liquidation of the association. History: 1953 Comp., § 48-15-129, enacted by Laws 1967, ch. 61, § 85. ANNOTATIONSCross references. — For dissolution of corporation generally, see 53-16-1 to 53-16-24 NMSA 1978. For meaning of "supervisor", see 58-10-2J NMSA 1978. Building and loan association could also dissolve under general corporation law. — A building and loan association could dissolve under 51-7-1, 1953 Comp. (former dissolution of corporation provision), as well as under 48-15-18, 1953 Comp. (former voluntary liquidation provision), this last being an operative provision of the Building and Loan Association Act. 1956 Op. Att'y Gen. No. 56-6482.
NM Stat § 58-10-89 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-89 - Exemption from securities laws.

Associations, their officers, employees and agents, savings accounts and the sale, issuance, transfer and offering of savings accounts of any association or federal association are exempt from laws of this state which provide for supervision, registration or regulation in connection with the sale, issuance, transfer or offering of securities, insofar as such savings accounts are concerned. History: 1953 Comp., § 48-15-130, enacted by Laws 1967, ch. 61, § 86; 1978, ch. 135, § 1. ANNOTATIONSCross references. — For securities generally, see Chapter 58, Article 13B NMSA 1978. For investment securities, see Chapter 55, Article 8 NMSA 1978.
NM Stat § 58-10-90 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-90 - All businesses to conform.

Any association or corporation authorized to conduct a building and loan association, savings and loan association, building society or other similar business under prior law, by whatever name known, which has substantially the same purpose as an association, upon the effective date of the Savings and Loan Act, is subject to the provisions of the Savings and Loan Act unless otherwise expressly exempted, and shall thereafter be deemed to exist by virtue of the Savings and Loan Act. The name, rights, powers, privileges and immunities of each such association or corporation shall be governed, controlled, construed, extended, limited and determined by the provisions of the Savings and Loan Act as if the corporation had been incorporated pursuant thereto, and the articles of association, certificate of incorporation or charter, however entitled, bylaws and constitutions or other rules of every corporation are amended to conform with the provisions of the Savings and Loan Act, with or without the issuance or approval by the supervisor of conformed copies of the documents, and the same are void to the extent that they are inconsistent with the provisions of the Savings and Loan Act except that obligations or any valid contract existing at the effective date of the Savings and Loan Act is not impaired by the provisions of the Savings and Loan Act and no association shall be required to change its name. History: 1953 Comp., § 48-15-131, enacted by Laws 1967, ch. 61, § 87. ANNOTATIONSEffective dates. — Laws 1967, ch. 61, § 101, made the Savings and Loan Act effective on July 1, 1967. Cross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978.
NM Stat § 58-10-91 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-91 - Outstanding items considered as savings accounts.

From the effective date of the Savings and Loan Act, any shares, stock, share accounts and investment certificates, except permanent capital stock and except shares or share accounts not entitled to dividends, which an association subject to the Savings and Loan Act has outstanding shall be considered as savings accounts. History: 1953 Comp., § 48-15-132, enacted by Laws 1967, ch. 61, § 88. ANNOTATIONSEffective dates. — Laws 1967, ch. 61, § 101, made the Savings and Loan Act effective on July 1, 1967. Money placed in a savings and loan association is not called a deposit. 1968 Op. Att'y Gen. No. 68-19.