reglab/housing_qa huggingface dataset:
NM Stat § 58-10-4 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-4 - Permanent capital stock.

A. The charter of an association may provide for the issuance of permanent capital stock. Except as provided in the Savings and Loan Act, no other form or type of stock or shares shall be issued by an association. When issued, permanent capital stock shall not be retired or withdrawn, except as provided in the Savings and Loan Act, until after all liabilities of the association have been satisfied in full, including the withdrawal value of all savings accounts. Such stock must be fully paid for in cash in advance of issuance, and the association shall not make any loans against the shares of such stock. The shares may have a par value of not less than one dollar ($1.00) nor more than one hundred dollars ($100) each. B. At the time of commencing business, an association authorized to issue permanent capital stock shall have issued and outstanding an amount thereof equal in par value to the following minimum amounts, based on the total population of the area in which its principal office is to be located: || Population of Area    Minimum Stock Required   ||  Below 10,000     $ 75,000   ||  10,001 to 25,000     100,000   ||  25,001 to 50,000     200,000   ||  50,001 to 100,000     250,000   ||  100,001 to 200,000     350,000   ||  200,001 to 350,000     425,000   ||  Over 350,000     500,000   |C. Any association may retire permanent capital stock in whole or part, and any association may provide for the issuance of such stock, upon being authorized to do so by a majority vote of the members entitled to vote at any annual meeting of its members or at any special meeting of its members called for the purpose. The basis of such retirement or issuance shall first be approved by the supervisor, who shall satisfy himself that all provisions of the Savings and Loan Act have been complied with and written consent to such retirement by the agency insuring the accounts of the association has been filed with the supervisor. D. The provisions of this section are not retroactive with respect to associations established or approved by the director of the financial institutions division prior to the effective date of the Savings and Loan Act. History: 1953 Comp., § 48-15-48, enacted by Laws 1967, ch. 61, § 4; 1977, ch. 245, § 37. ANNOTATIONSCross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978. Effective dates. — Laws 1967, ch. 61, § 101 made the Savings and Loan Act effective July 1, 1967. Permanent capital stock includes only permanent stock or similar certificates which represent investments of nonwithdrawable or permanent capital in an association. 1975 Op. Att'y Gen. No. 75-77. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 49 to 52, 63, 65. Validity of restrictions on alienation of stock, 61 A.L.R.2d 1318. 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 § 240.
NM Stat § 58-10-5 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-5 - Stock requirements for proposed permanent capital stock associations.

As a prerequisite to approval of an application for charter for an association with authority to issue permanent capital stock, the incorporators shall have subscribed and paid for in cash to the credit of the proposed association an aggregate amount of permanent capital stock as specified in Section 4 [58-10-4 NMSA 1978] of the Savings and Loan Act. The stock shall be issued within thirty days from the date of incorporation, or from the date of approval of insurance of withdrawable accounts, whichever occurs later. History: 1953 Comp., § 48-15-49, enacted by Laws 1967, ch. 61, § 5. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 36 to 40. 9 C.J.S. Banks and Banking § 54; 12 C.J.S. Building and Loan Associations § 6.
NM Stat § 58-10-6 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-6 - Paid-in surplus and operating fund requirements for proposed permanent capital stock associations.

A. As a prerequisite to approval of an application for charter for an association with authority to issue permanent capital stock, the supervisor shall require that a paid-in operating fund, which may be used in lieu of earnings to pay organization and operating expenses, be paid to the association in cash in the following amounts, based on the total population of the area in which its principal office is to be located: || Population of Area    Paid-in Surplus    Paid-in Operating Fund   ||  Below 10,000     $50,000     $25,000   ||  10,001 to 25,000     50,000     50,000   ||  25,001 to 50,000     50,000     50,000   ||  50,001 to 100,000     75,000     75,000   ||  100,001 to 200,000     75,000     75,000   ||  200,001 to 350,000     100,000     75,000   ||  Over 350,000     125,000     75,000   |B. If the application is not approved, or if the proposed association does not proceed to do business, the stock subscriptions for permanent capital stock, paid-in surplus and paid-in operating fund shall be returned pro rata to the subscribers, less any lawful expenditures. C. The provisions of this section are not retroactive with respect to associations established or approved by the director of the financial institutions division prior to the effective date of the Savings and Loan Act. History: 1953 Comp., § 48-15-50, enacted by Laws 1967, ch. 61, § 6; 1977, ch. 245, § 38. ANNOTATIONSCross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978. Effective dates. — Laws 1967, ch. 61, § 101 made the Savings and Loan Act effective July 1, 1967. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 40. 9 C.J.S. Banks and Banking § 629; 12 C.J.S. Building and Loan Associations § 6.
NM Stat § 58-10-7 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-7 - Savings account requirements for proposed permanent capital stock associations.

A. As a prerequisite to approval of an application for charter for an association with authority to issue permanent capital stock, the incorporators must show to the satisfaction of the supervisor subscribed and pledged savings accounts in the following aggregate amounts, based on the total population of the area in which the principal office of the association is to be located: || Population of Area    Minimum Paid-in Savings Accounts   ||  Below 10,000     $225,000   ||  10,001 to 25,000     300,000   ||  25,001 to 50,000     375,000   ||  50,001 to 100,000     400,000   ||  100,001 to 200,000     450,000   ||  200,001 to 350,000     525,000   ||  Over 350,000     600,000   |B. The population of the area shall be determined by the supervisor. C. The provisions of this section are not retroactive with respect to associations established or approved by the director of the financial institutions division prior to the effective date of the Savings and Loan Act. History: 1953 Comp., § 48-15-51, enacted by Laws 1967, ch. 61, § 7; 1977, ch. 245, § 39. ANNOTATIONSCross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978. Effective dates. — Laws 1967, ch. 61, § 101 made the Savings and Loan Act effective July 1, 1967. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 456. 9 C.J.S. Banks and Banking § 603.
NM Stat § 58-10-8 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-8 - Savings account requirements for proposed associations without permanent capital stock.

A. As a prerequisite to approval of an application for charter for an association without permanent capital stock, the incorporators must show to the satisfaction of the supervisor subscribed and pledged savings accounts in the following aggregate amounts, based on the total population of the area in which the principal office of the association is to be located: || Population of Area    Minimum Paid-in Savings Account   ||  Below 10,000     $300,000   ||  10,001 to 25,000     400,000   ||  25,001 to 50,000     500,000   ||  50,001 to 100,000     550,000   ||  100,001 to 200,000     600,000   ||  200,001 to 350,000     700,000   ||  Over 350,000     800,000   |B. The provisions of this section are not retroactive with respect to associations established or approved by the director of the financial institutions division prior to the effective date of the Savings and Loan Act. History: 1953 Comp., § 48-15-52, enacted by Laws 1967, ch. 61, § 8; 1977, ch. 245, § 40. ANNOTATIONSCross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978. Effective dates. — Laws 1967, ch. 61, § 101 made the Savings and Loan Act effective July 1, 1967. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 456. 9 C.J.S. Banks and Banking § 23.
NM Stat § 58-10-9 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-9 - Expense fund requirements for proposed associations without permanent capital stock.

A. As a prerequisite to approval of an application for charter for an association without permanent capital stock, the incorporators must show to the satisfaction of the supervisor that an expense fund has been subscribed and pledged to the credit of the proposed association equal to not less than the following amounts, based on the total population of the area in which the principal office of the association is to be located: || Population of Area    Minimum Paid-in Expense fund   ||  Below 10,000     $ 75,000   ||  10,001 to 25,000     100,000   ||  25,001 to 50,000     125,000   ||  50,001 to 100,000     137,500   ||  100,001 to 200,000     150,000   ||  200,001 to 350,000     175,000   ||  Over 350,000     200,000   |B. The expense fund shall be used to pay the expenses of organizing the association, its operating expenses and any dividends declared and paid or credited to its savings account holders until such time as its earnings are sufficient to pay them. The amounts contributed to the expense fund are not a liability of the association except as provided in the Savings and Loan Act. The contributions may be repaid pro rata to the contributors from the net earnings of the association after provision for required loss reserve allocations and payment or credit of dividends declared on savings accounts. In case of the liquidation of an association before contributions to the expense fund have been repaid, any contributions to the expense fund remaining unexpended after payment of the expenses of liquidation, all creditors and the withdrawal value of all savings accounts, shall be paid to the contributors pro rata. The books of the association shall reflect the expense fund. Contributors to the expense fund shall be paid dividends on the amounts paid in by them and for this purpose the contributions shall in all respects be considered as savings accounts of the association. C. The provisions of this section are not retroactive with respect to associations established or approved by the director of the financial institutions division prior to the effective date of the Savings and Loan Act. History: 1953 Comp., § 48-15-53, enacted by Laws 1967, ch. 61, § 9; 1977, ch. 245, § 41. ANNOTATIONSCross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978. Effective dates. — Laws 1967, ch. 61, § 101 made the Savings and Loan Act effective July 1, 1967. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 40. 9 C.J.S. Banks and Banking § 629.
NM Stat § 58-10-11 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-11 - Hearings on charter application.

When a proper application for a charter has been filed, the supervisor shall set a date for a public hearing on the application. At least thirty days before the date set for the hearing, he shall give written notice to all associations and federal associations within a radius of one hundred miles of the proposed principal office of the association, within this state, and to the federal home loan bank of Little Rock, or its successor. History: 1953 Comp., § 48-15-55, enacted by Laws 1967, ch. 61, § 11. ANNOTATIONSCross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978. Effective dates. — Laws 1967, ch. 61, § 101 made the Savings and Loan Act effective July 1, 1967. Am. Jur. 2d, A.L.R. and C.J.S. references. — 9 C.J.S. Banks and Banking § 33.
NM Stat § 58-10-13 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-13 - Refusal of charter application; appeal.

A. Whenever the supervisor is unable to make the findings required by Section 58-10-12 NMSA 1978, he shall serve upon each party of record and his attorney, if any, a written copy of his decision denying the application by certified mail to the party's address of record. All parties shall be deemed to have been served on the tenth day following the mailing. The decision shall include: (1) findings of fact made by the supervisor; (2) conclusions of law reached by the supervisor; and (3) the decision of the supervisor based upon the findings of fact and conclusions of law. B. Any party aggrieved by the decision of the supervisor may appeal the decision to the district court pursuant to the provisions of Section 39-3-1.1 NMSA 1978. History: 1953 Comp., § 48-15-57, enacted by Laws 1967, ch. 61, § 13; 1998, ch. 55, § 53; 1999, ch. 265, § 56. ANNOTATIONSCross references. — For service of summons, see Rule 1-004 NMRA. For procedures governing administrative appeals to the district court, see Rule 1-074 NMRA. For meaning of "supervisor", see 58-10-2J NMSA 1978. 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" in Subsection B. The 1998 amendment, effective September 1, 1998, in Subsection A, substituted "58-10-12 NMSA 1978" for "12 of the Savings and Loan Act"; rewrote Subsection B; and deleted Subsection C. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 7. 9 C.J.S. Banks and Banking § 33.
NM Stat § 58-10-14 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-14 - Forfeiture of charter for failure to commence business.

Any association whose charter has been approved under the Savings and Loan Act shall commence business within six months after satisfactory proof has been filed with the supervisor showing that insurance of accounts has been obtained. If an association has not commenced business within this time, the incorporators may request a hearing before the supervisor, and, if good cause is shown for the failure, the supervisor may grant a reasonable extension of the time for commencing business to give the association an opportunity to overcome the cause for the delay in commencing business. Failure to commence business as required in this section constitutes grounds for forfeiture of the association's charter. History: 1953 Comp., § 48-15-58, enacted by Laws 1967, ch. 61, § 14. 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 §§ 826, 829, 830. 9 C.J.S. Banks and Banking § 166 et seq.
NM Stat § 58-10-15 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-15 - Amendment of charter and bylaws.

Any association may, by resolution adopted by a majority vote of its members or stockholders present or represented by proxy and entitled to vote at any annual meeting or any special meeting called for the purpose, amend its charter or bylaws in any manner not inconsistent with the provisions of the Savings and Loan Act. Before the amendments become effective, they shall be filed with, and approved by, the supervisor. A copy of any amendments to the charter shall be filed with the state corporation commission [public regulation commission]. History: 1953 Comp., § 48-15-59, enacted by Laws 1967, ch. 61, § 15. 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 "supervisor", see 58-10-2J NMSA 1978. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 26. 9 C.J.S. Banks and Banking § 627; 12 C.J.S. Building and Loan Associations § 7.
NM Stat § 58-10-16 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-16 - Corporate name; exclusive use.

A. The name of every association incorporated after the effective date of the Savings and Loan Act shall include either the words "savings association," "savings and loan association" or "building and loan association." These words shall be preceded by an appropriate descriptive word or words approved by the supervisor. An ordinal number shall not be used as a single descriptive word preceding the required words unless the required words are followed by the name of the municipality or county in which the association has its principal office. B. No certificate of incorporation of a proposed association having the same name as any other association authorized to do business in this state under the Savings and Loan Act, or a name so nearly resembling it as to be calculated to deceive, shall be issued by the supervisor except to an association formed by the reincorporation, reorganization or consolidation of other associations, or upon the sale of the property or franchise of an association. C. No person, firm, company, fiduciary, partnership or corporation, either domestic or foreign, unless authorized to do business in this state under the provisions of the Savings and Loan Act, shall do business under any name or title which indicates or reasonably implies that the business is the character or kind of business carried on or transacted by an association, or which is calculated to lead any person to believe that the business is that of an association. Upon application by the supervisor or by any association, the district court shall enjoin any such entity from violating or continuing to violate any provision of this section. History: 1953 Comp., § 48-15-60, enacted by Laws 1967, ch. 61, § 16. ANNOTATIONSCross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978. Effective dates. — Laws 1967, ch. 61, § 101 made the Savings and Loan Act effective July 1, 1967. Subsection B impliedly authorizes sale of branch offices without hearing. — The legislature, by use of the words "sale of the property or franchise of an association," authorized, by implication, the sale or transfer of a branch office between savings and loan associations without holding a hearing prior to issuance of banking department's (now financial institutions division of the commerce and industry department) order approving such sale or transfer. Equitable Bldg. & Loan Ass'n v. Davidson, 1973-NMSC-100, 85 N.M. 621, 515 P.2d 140. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 7, 25. 9 C.J.S. Banks and Banking § 42; 12 C.J.S. Building and Loan Associations § 6.
NM Stat § 58-10-18 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-18 - Change of office.

When approval for a change of any office is applied for, the supervisor shall approve or disapprove the application at his discretion. The supervisor shall give any person who might be affected an opportunity to be heard on the action proposed to be taken for which approval is sought. History: 1953 Comp., § 48-15-62, enacted by Laws 1967, ch. 61, § 18. 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 § 17. 9 C.J.S. Banks and Banking § 605.
NM Stat § 58-10-19 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-19 - Board of directors.

A. The business of an association shall be directed by a board of directors, consisting of not less than five nor more than twenty-one persons elected by a majority vote at each annual meeting of the members or stockholders present or represented by proxy. At least three-fourths of the directors shall be citizens of the United States, two-thirds shall be residents of this state and a majority shall reside within a one hundred mile radius of the location of the principal place of business. One director shall be designated chairman by majority vote of the board of directors. B. The number of directors shall be fixed from time to time within the limits prescribed in this section by resolution adopted at any annual meeting or any special meeting called for the purpose. History: 1953 Comp., § 48-15-63, enacted by Laws 1967, ch. 61, § 19; 1976, ch. 57, § 1. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 78, 79. 9 C.J.S. Banks and Banking § 604; 12 C.J.S. Building and Loan Associations § 911.
NM Stat § 58-10-20 (2021)
2021 New Mexico Statutes|Chapter 58 - Financial Institutions and Regulations|Article 10 - Savings and Loan Associations|Section 58-10-20 - Organizational meeting.

Within thirty days after the corporate existence of an association begins, the initial board of directors shall hold an organizational meeting and, pursuant to the provisions of the Savings and Loan Act and the bylaws, shall elect officers and take other appropriate action in connection with beginning the transaction of business by the association. Upon good cause being shown, the supervisor may, by order, extend the time within which the organizational meeting shall be held. History: 1953 Comp., § 48-15-64, enacted by Laws 1967, ch. 61, § 20. 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 §§ 20 to 26. 9 C.J.S. Banks and Banking § 98.