reglab/housing_qa huggingface dataset:
NM Stat § 58-11-19 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-19 - Incidental powers.

A credit union may exercise all incidental powers that are convenient, suitable or necessary to enable it to carry out its purposes as provided in its bylaws. History: Laws 1987, ch. 311, § 19; 1997, ch. 195, § 14. ANNOTATIONSRepeals and reenactments. — Laws 1987, Chapter 311 repealed 58-11-19 NMSA 1978, as amended by Laws 1975, ch. 344, § 17, relating to loans, effective June 19, 1987, and enacted a new section. The 1997 amendment, effective July 1, 1997, substituted "its bylaws" for "the bylaws" at the end of the section. Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
NM Stat § 58-11-20 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-20 - Advantageous federal powers.

In addition to other powers provided for the director and for credit unions organized under or subject to the Credit Union Act and notwithstanding any law to the contrary, the director may adopt such rules and regulations as he deems necessary and proper, granting to state credit unions any of the powers and authority that federal credit unions are or may hereafter be authorized, empowered, permitted or otherwise allowed to exercise under federal statutes, rules or regulations. History: Laws 1987, ch. 311, § 20; 1997, ch. 195, § 15. ANNOTATIONSRepeals and reenactments. — Laws 1987, Chapter 311 repealed 58-11-20 NMSA 1978, as amended by Laws 1975, ch. 344, § 18, relating to reserves, effective June 19, 1987, and enacted a new section. The 1997 amendment, effective July 1, 1997, substituted "Credit Union Act" for "Credit Union Regulatory Act". Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
NM Stat § 58-11-21 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-21 - Membership.

A. The membership of a credit union shall consist of those persons who share a common bond set forth in the bylaws, have been duly admitted members, have paid any required one-time or periodic membership fee, or both, have paid for in cash or its equivalent one or more shares and have complied with such other requirements as the articles of organization and the bylaws specify. B. Credit union membership may include persons within one or more groups having a common bond of similar occupation, association or interest, or persons who reside or belong to one or more groups that are based within an identifiable neighborhood, community or rural district, or employees of a common employer, or persons employed within a defined business district, industrial park or shopping center and members of the immediate family of such persons. C. Organizations in which majority ownership or control is vested in persons eligible for membership in a credit union, may be admitted to membership in that credit union. Also, organizations one of whose principal functions is to provide services to persons who are eligible for membership in the credit union may be admitted to membership. Other organizations having a commonalty [commonality] of interest with the credit union may be admitted to membership with the approval of the director. History: Laws 1987, ch. 311, § 21. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Repeals and reenactments. — Laws 1987, Chapter 311 repealed 58-11-21 NMSA 1978, as amended by Laws 1975, ch. 344, § 3, relating to special reserve, effective June 19, 1987, and enacted a new section. Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
NM Stat § 58-11-22 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-22 - Central credit unions.

Central credit unions may be organized under the Credit Union Act, and such credit unions organized under prior law are subject to that act. In addition to the members referred to in Section 58-11-21 NMSA 1978, the membership of a central credit union may include: A. executive officers, board members, committee members and employees of credit unions organized under any credit union act or the executive officers, directors and employees of an employer with insufficient numbers or with executive officers, directors and employees who do not desire to form or conduct the affairs of a separate credit union; B. persons in the field of membership of liquidated credit unions that have entered into or are about to enter into voluntary or involuntary liquidation proceedings; and C. members of the immediate families of members qualified pursuant to Subsection A or B of this section. History: Laws 1987, ch. 311, § 22; 1991, ch. 51, § 5; 1997, ch. 195, § 16. ANNOTATIONSRepeals and reenactments. — Laws 1987, Chapter 311 repealed former 58-11-22 NMSA 1978, as amended by Laws 1975, ch. 344, § 20, relating to dividends, effective June 19, 1987, and enacted a new 58-11-22 NMSA 1978. Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997. The 1997 amendment, effective July 1, 1997, substituted "Credit Union Act" for "Credit Union Regulatory Act" in Subsection A and made a minor stylistic change in Subsection B. The 1991 amendment, effective July 1, 1991, in the second sentence of the introductory paragraph, substituted "Section 58-11-21 NMSA 1978" for "Section 21 of the Credit Union Regulatory Act", in Subsection A, inserted "executive" in three places, and, in Subsection C, substituted "pursuant to Subsection A or B of this section" for "above".
NM Stat § 58-11-23 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-23 - Other credit unions.

Any credit union organized under or subject to the Credit Union Act may accept as a member any other credit union organized under or subject to that act or any other act. History: Laws 1987, ch. 311, § 23; 1997, ch. 195, § 17. ANNOTATIONSRepeals and reenactments. — Laws 1987, Chapter 311 repealeds 58-11-23 NMSA 1978, as amended by Laws 1975, ch. 344, § 21, relating to withdrawal, effective June 19, 1987, and enacted a new section. Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997. The 1997 amendment, effective July 1, 1997, substituted "Credit Union Act" for "Credit Union Regulatory Act".
NM Stat § 58-11-24 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-24 - Member eligibility.

Members who cease to be eligible for membership in a credit union for reasons other than expulsion may be permitted to retain their membership in the credit union, subject to any restrictions which may be established by the bylaws. History: Laws 1987, ch. 311, § 24; 1997, ch. 195, § 18. ANNOTATIONSRepeals and reenactments. — Laws 1987, Chapter 311 repealed 58-11-24 NMSA 1978, as amended by Laws 1975, ch. 344, § 22, relating to dissolution, effective June 19, 1987, and enacts the present section. Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997. The 1997 amendment, effective July 1, 1997, inserted "in a credit union for reasons other than expulsion" near the beginning of the section, substituted "bylaws" for "board of directors" at the end of the section and made a minor stylistic change.
NM Stat § 58-11-25 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-25 - Liability of members.

The members of a credit union shall not be personally or individually liable for the payments of its debts solely by virtue of holding membership. History: Laws 1987, ch. 311, § 25. ANNOTATIONSRepeals and reenactments. — Laws 1987, Chapter 311 repealed 58-11-25 NMSA 1978, as amended by Laws 1975, ch. 344, § 23, relating to conversion, effective June 19, 1987, and enacted the present section. Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
NM Stat § 58-11-26 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-26 - Meetings of members.

A. The annual meeting and any special meetings of the members shall be held in accordance with the bylaws. B. At all meetings a member shall have but one vote, irrespective of his shareholdings. No member may vote by proxy, but a member may vote by absentee ballot, mail or other method if the bylaws of the credit union so provide. C. An organization having membership in a credit union, may be represented and have its vote cast by one of its members or shareholders, provided that person has been so authorized by the organization's governing body. History: Laws 1987, ch. 311, § 26. ANNOTATIONSRepeals and reenactments. — Laws 1987, Chapter 311 repealed 58-11-26 NMSA 1978, as amended by Laws 1975, ch. 344, § 24, relating to merger, effective June 19, 1987, and enacted a new section. Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
NM Stat § 58-11-27 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-27 - Direction of affairs.

A. A credit union shall be directed by a board of directors, consisting of an odd number of members, as provided in the bylaws, but not less than five in number, to be elected annually by and from the members. The election shall be held at the annual meeting or in such other manner as the bylaws provide. All members of the board shall hold office for such terms as the bylaws provide. B. A supervisory committee shall consist of an odd number of members, as provided in the bylaws, but not less than three or more than seven in number. The bylaws shall specify the length of the terms of the committee members and whether membership of the supervisory committee shall be by annual election or appointment by the board of directors. C. The board of directors may delegate any or all of its authority to extend credit, including the determination of interest rates, to one or more committees or an executive officer, provided such person is not a member of the board. A committee may consist of one or more members. History: Laws 1987, ch. 311, § 27; 1997, ch. 195, § 19; 2003, ch. 28, § 6. ANNOTATIONSRepeals and reenactments. — Laws 1987, Chapter 311 repealed 58-11-27 NMSA 1978, as amended by Laws 1977, ch. 245, § 114, relating to change in price of business, effective June 19, 1987, and enacted a new section. Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997. The 2003 amendment, effective June 20, 2003, rewrote Subsection B to such an extent that a detailed comparison is impacticable. The 1997 amendment, effective July 1, 1997, rewrote Subsections B and C.
NM Stat § 58-11-28 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-28 - Record of officials.

Within thirty days after election or appointment, a record of the names, addresses and titles of the members of the board, committees and all executive officers of the credit union shall be filed with the division on forms provided by the director. History: Laws 1987, ch. 311, § 28; 1991, ch. 51, § 6. ANNOTATIONSRepeals and reenactments. — Laws 1987, Chapter 311 repealed former 58-11-28 NMSA 1978, as amended by Laws 1981, ch. 37, § 55, relating to taxation, effective June 19, 1987, and enacted a new 58-11-28 NMSA 1978. Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997. The 1991 amendment, effective July 1, 1991, substituted "30 days" for "20 days" and "addresses and titles" for "and addresses" and inserted "executive".
NM Stat § 58-11-29 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-29 - Vacancies.

The board of directors of a credit union shall fill any vacancies occurring in the board until successors elected at the next annual election have qualified. If more than fifty percent of the board positions become vacant at any one time, a special meeting of the members shall be called to fill all vacancies. The supervisory committee shall fill all vacancies in its own membership as they occur. If all of the supervisory committee positions become vacant at any one time, the board of directors shall fill all vacancies, and those appointed members may serve until the next election. The board shall fill vacancies occurring on all other committees. History: Laws 1987, ch. 311, § 29; 1997, ch. 195, § 20. ANNOTATIONSRepeals and reenactments. — Laws 1987, Chapter 311 repealed 58-11-29 NMSA 1978, as amended by Laws 1969, ch. 268, § 9, relating to payment from account where no executor or administrator has qualified, effective June 19, 1987, and enacted a new section. Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997. The 1997 amendment, effective July 1, 1997, deleted a former third sentence which read: "The board shall also fill vacancies in the credit committee, if any."; in the fourth sentence, inserted "supervisory" preceding "committee" and added "and those appointed members may serve until the next election" at the end; and added the fifth sentence.
NM Stat § 58-11-30 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-30 - Compensation of officials.

No board or committee member may be compensated for services performed in the regular course of duties pertaining to that board or committee position. Notwithstanding any provision of the Credit Union Act to the contrary, board or committee members may be compensated for those services provided to the credit union while temporarily serving in an additional capacity other than as a board or committee member. Reasonable life, accident and similar insurance protection shall not be considered compensation to a board or committee member. Board and committee members may be reimbursed for reasonable and necessary expenses incidental to the performance of official business of the credit union, provided such expenses are documented. History: Laws 1987, ch. 311, § 30; 1991, ch. 51, § 7; 1997, ch. 195, § 21; 2003, ch. 28, § 7. ANNOTATIONSRepeals and reenactments. — Laws 1987, Chapter 311 repealed former 58-11-30 NMSA 1978, as enacted by Laws 1967, ch. 210, § 2, relating to proof of debt, effective June 19, 1987, and enacted a new 58-11-30 NMSA 1978. Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997. The 2003 amendment, effective June 20, 2003, deleted "health" following "Reasonable life," near the middle of the section; and deleted "that" following "provided" near the end of the section. The 1997 amendment, effective July 1, 1997, added "performed in the regular course of duties pertaining to that board or committee position" at the end of the first sentence, added the second sentence, added "to a board or committee member" at the end of the third sentence, and made a minor stylistic change in the first sentence. The 1991 amendment, effective July 1, 1991, rewrote the first sentence which formerly read "No officer, board member or committee member other than an employee may be compensated for his services except that a board member in attendance at regular board meetings may be compensated up to a maximum of twenty dollars ($20.00) per month for such attendance" and in the last sentence inserted "reasonable and".
NM Stat § 58-11-31 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-31 - Conflicts of interest.

No board member, committee member, executive officer, agent or employee of a credit union shall in any manner, directly or indirectly, participate in the deliberation upon or the determination of any question affecting his pecuniary interest, the pecuniary interest of his parents, children or siblings or spouses of any of those individuals or the pecuniary interest of any organization, other than the credit union, in which he is directly or indirectly interested. History: Laws 1987, ch. 311, § 31; 1991, ch. 51, § 8; 1997, ch. 195, § 22. ANNOTATIONSRepeals and reenactments. — Laws 1987, Chapter 311 repealed former 58-11-31 NMSA 1978, as amended by Laws 1975, ch. 344, § 25, relating to penalty for false affidavit, effective June 19, 1987, and enacted a new 58-11-31 NMSA 1978. Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997. The 1997 amendment, effective July 1, 1997, inserted "the pecuniary interest of his parents, children or siblings or spouses of any of those individuals" near the middle of the section. The 1991 amendment, effective July 1, 1991, inserted "executive" near the beginning and "the" preceding "pecuniary".
NM Stat § 58-11-32 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-32 - Officers.

A. At an organizational meeting held within thirty days following each annual election, the board of directors shall elect from its own number a chairman, a vice chairman and a secretary. It shall also elect any other board officers that are specified in the bylaws. B. The terms of the board officers shall be one year or until their successors are chosen and have been duly qualified. C. The duties of the board officers shall be prescribed in the bylaws. D. The board of directors shall employ, elect or appoint an executive officer of the credit union who shall be responsible for credit union operations. The executive officer may be a member of the board of directors if not receiving paid compensation as executive officer, but may not be an officer of the board of directors. The executive officer will serve at the pleasure of the board of directors. E. The board of directors may provide for other executive officers and prescribe their duties and authority in the bylaws. F. Notwithstanding any other provisions of the Credit Union Act, a credit union may use any titles it chooses for the officials holding the positions described in this section, provided those titles are not misleading. History: Laws 1987, ch. 311, § 32; 1991, ch. 51, § 9; 1997, ch. 195, § 23. ANNOTATIONSRepeals and reenactments. — Laws 1987, Chapter 311 repealed former 58-11-32 NMSA 1978, as amended by Laws 1985, ch. 20, § 1, relating to insurance of share and deposit balances, effective June 19, 1987, and enacted a new 58-11-32 NMSA 1978. Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997. The 1997 amendment, effective July 1, 1997, made a minor stylistic change in Subsection A, rewrote Subsection D, and substituted "Credit Union Act" for "Credit Union Regulatory Act" in Subsection F. The 1991 amendment, effective July 1, 1991, inserted "board" in Subsections A through C, added Subsection E, redesignated former Subsection E as Subsection F, and made minor stylistic changes.
NM Stat § 58-11-32.2 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-32.2 - Repealed.

ANNOTATIONSRepeals. — Laws 1987, Chapter 311, § 67 repeals 58-11-32.1 and 58-11-32.2 NMSA 1978, as enacted by Laws 1985, ch. 20, §§ 2, 3, relating to share insurance corporations, effective June 19, 1987.
NM Stat § 58-11-33 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-33 - Authority and responsibility of board members.

The board of directors shall have the authority and responsibility for providing the general direction of the business affairs, funds and records of the credit union. In addition to all other powers authorized in the Credit Union Act, the board of directors may: A. limit the dollar amount of share and deposit accounts which may be owned by a member, provided such limitations shall equally apply to all members; and B. authorize the credit union to contribute funds to any nonprofit civic, charitable, educational, research or service organization. History: Laws 1987, ch. 311, § 33; 1997, ch. 195, § 24. ANNOTATIONSRepeals and reenactments. — Laws 1987, Chapter 311 repealed 58-11-33 NMSA 1978, as amended by Laws 1985, ch. 20, § 3, relating to nonrequirement of notice of payment, effective June 19, 1987, and enacted a new section. Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997. The 1997 amendment, effective July 1, 1997, added the last sentence in the introductory language and added Subsections A and B.
NM Stat § 58-11-34 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-34 - Repealed.

ANNOTATIONSRepeals. — Laws 1997, ch. 195, § 41 repealed 58-11-34 NMSA 1978, as enacted by Laws 1987, ch. 311, § 34, relating to the appointment of credit union executive committees by the board of directors, effective July 1, 1997. For provisions of former section, see the 1996 NMSA 1978 on NMOneSource.com.
NM Stat § 58-11-35 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-35 - Meetings of board members.

Each month either the board of directors or the executive committee shall meet. These bodies shall meet on other occasions as necessary. History: Laws 1987, ch. 311, § 35. ANNOTATIONSRepeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
NM Stat § 58-11-37 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-37 - Repealed.

ANNOTATIONSRepeals. — Laws 1997, ch. 195, § 41 repealed 58-11-37 NMSA 1978, as amended by Laws 1991, ch. 51, § 11, relating to the duties and responsibilities of credit union credit committees, effective July 1, 1997. For provisions of former section, see the 1996 NMSA 1978 on NMOneSource.com.
NM Stat § 58-11-39 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 11 - Credit Unions|Section 58-11-39 - Members' accounts.

A. The bylaws of a credit union may require the members to subscribe to and make payments on membership shares. B. Share accounts, membership shares and deposit accounts shall be subscribed to and paid for in such manner as the bylaws prescribe. C. The par value of shares and membership shares shall be as prescribed in the bylaws. D. Membership shares may not be pledged as security on any extension of credit. History: Laws 1987, ch. 311, § 39; 1997, ch. 195, § 27. ANNOTATIONSRepeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997. The 1997 amendment, effective July 1, 1997, substituted "may" for "shall" in Subsection A and substituted "any extension of credit" for "any loan" at the end of Subsection D.