reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-66 - Paying dividends on savings accounts.

After providing for payment of expenses of operation of the association and for the required minimum transfer to its loss reserves, the board of directors of an association may declare dividends or pay interest on savings accounts not to exceed four times a year. An association need not pay or credit a dividend or pay interest of less than one dollar ($1.00) on any account or any dividend or interest on short term accounts where the savings contract provides for closing the account within one year and waives dividend or interest participation. Dividends or interest shall be credited to savings accounts on the books of the association unless, upon written request of a savings account holder, the association agrees to pay dividends or interest in cash. Dividends or interest payable in cash may be paid by check or bank draft.
History:
1953 Comp., § 48-15-109, enacted by Laws 1967, ch. 61, § 65.
ANNOTATIONS
Cross references.
— For dividends on permanent capital stock,
see
58-10-69 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-67 - Computation of net income.

Each association shall close its books on the last business day of June and December each year, and at such other times as its bylaws may provide.
History:
1953 Comp., § 48-15-110, enacted by Laws 1967, ch. 61, § 66.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-68 - Transfers to loss reserves.

A. Every association without permanent capital stock shall accumulate from its earnings a reserve fund for protection against losses. The reserve fund shall be accumulated by setting aside to the fund at each dividend-paying period a sum equal to two percent of its net earnings before dividends until the reserve fund equals not less than five percent of its total savings liability. The reserve fund shall be maintained at this level, and upon any subsequent increase in total savings liability, the association shall make additional accumulations at the rate and times set forth in this section for initial accumulations. For the purposes of this subsection, any accumulation of loss reserves and undivided profits shall be considered to be part of the reserve fund required.
B. Every permanent capital stock association shall maintain a net worth totaling at least five percent of its total savings liability or at the discretion of the supervisor build up its federal insurance reserve, or loss reserve, and net worth accounts pursuant to regulations issued by the supervisor. If the net worth is less than the amounts specified by regulation of the supervisor, no association shall issue savings account or investment certificates except for savings account or investment certificates theretofore issued or in connection with loans, and no association shall receive additional funds on savings accounts or investment certificates, but the association may credit to savings accounts or investment certificates interest earned thereon. No association shall pay any dividends to permanent capital stockholders or distribute any profits to stockholders if its net worth is less than, or by such payment or distribution would be reduced below, the amount specified by regulation of the supervisor.
History:
1953 Comp., § 48-15-111, enacted by Laws 1967, ch. 61, § 67; 1975, ch. 250, § 1.
ANNOTATIONS
Cross references.
— For definition of loss reserves,
see
58-10-2D NMSA 1978.
Cross references.
— For meaning of "supervisor",
see
58-10-2J NMSA 1978.
Outstanding capital debentures not used to satisfy net worth requirements.
— Outstanding capital debentures or notes may not be used to satisfy the net worth requirements of Section 58-10-47 NMSA 1978, or any other section of the Savings and Loan Act except for Section 58-10-68 NMSA 1978, which is for the purpose of computing an association's reserve requirements. In that event, they are to be treated as capital. 1975 Op. Att'y Gen. No. 75-53.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 186, 193, 216.
9 C.J.S. Banks and Banking § 23; 12 C.J.S. Building and Loan Associations § 50.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-69 - Dividends on permanent capital stock.

The balance of net income of an association, if any, may be credited to a surplus account from which the board of directors of any association with permanent capital stock may, at its discretion and at such times as it may determine, declare and pay dividends in cash or additional stock to the holders of record of the stock outstanding at the date the dividends are declared. The reserve fund shall, at all times, be maintained at not less than the minimum amounts required in the Savings and Loan Act.
History:
1953 Comp., § 48-15-112, enacted by Laws 1967, ch. 61, § 68.
ANNOTATIONS
Cross references.
— For paying dividends on savings accounts,
see
58-10-66 NMSA 1978.
For the permanent capital stock association reserve fund,
see
58-10-68B NMSA 1978.
Capital stock building and loan association could pay quarterly dividends
on its various classes of shares. 1962 Op. Att'y Gen. No. 62-58 (opinion rendered under former law).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 414 to 418.
9 C.J.S. Banks and Banking § 603; 12 C.J.S. Building and Loan Associations § 26.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-70 - Use of surplus accounts and expense fund contributions.

At any closing date, any association may use all or any part of any surplus accounts, whether earned or paid in, or any expense fund contributions on its books at the time, to meet all or any part of the expenses of operating the association for the period just closed, required transfers to loss reserves or the payment or credit of dividends declared on savings accounts.
History:
1953 Comp., § 48-15-113, enacted by Laws 1967, ch. 61, § 69.
ANNOTATIONS
Cross references.
— For the date when an association must close its books,
see
58-10-67 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 40.
9 C.J.S. Banks and Banking § 466.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-71 - Savings and loan supervisor.

There is created the "savings and loan bureau" in the financial institutions division of the commerce and industry department [regulation and licensing department]. The chief of the bureau shall be the "savings and loan supervisor." The supervisor and any examiners shall not be interested in any association directly or indirectly, or be directors, officers, employees, borrowers, trustees or attorneys for any association, or received [receive], directly or indirectly, any payment or gratuity from any association.
History:
1953 Comp., § 48-15-114, enacted by Laws 1967, ch. 61, § 70; 1977, ch. 245, § 43.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Laws 1983, ch. 297, § 33 abolished the commerce and industries department. See 9-16-4 NMSA 1978 for the financial institutions division.
Cross references.
— For provision that "supervisor" also means "director of the financial institutions division" if the position of chief of the savings and loan bureau is vacant,
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 § 10 et seq.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-72 - General powers of supervisor.

The supervisor has general supervision over all associations and corporations subject to the provisions of the Savings and Loan Act. He may promulgate general regulations for the administration and enforcement of the Savings and Loan Act. He shall enforce the purpose of the Savings and Loan Act by use of the powers therein conferred and by reference to the courts for injunctive or other relief whenever necessary. The regulation-making power of the supervisor shall not be exercised unless notice of the terms or substance of the proposed regulation or amendment to existing regulations has been given to all associations subject to regulation under the Savings and Loan Act, by mail, and if, within twenty days after issuance of the notice, as many as two associations request a hearing on the proposal, the supervisor shall call a hearing at which any interested party may present evidence or argument relating to the proposal. After consideration of any relevant matter available from the files and records of the supervisor or presented at the hearing, any regulation or amendment approved and adopted pursuant to the hearing shall be promulgated in written form and the effective date thereof fixed by order of adoption and promulgation. Within thirty days thereof, any party aggrieved may appeal from the ruling under the provisions of the Savings and Loan Act by giving notice of appeal, which shall be served on the supervisor and all parties of record in the manner provided by law for the service of summons in civil proceedings.
History:
1953 Comp., § 48-15-115, enacted by Laws 1967, ch. 61, § 71.
ANNOTATIONS
Cross references.
— For appeals from the supervisor's orders or decisions,
see
58-10-84B and 58-10-92 NMSA 1978.
For service of summons,
see
Rule 1-004 NMRA.
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, 21, 26.
9 C.J.S. Banks and Banking §§ 131, 139.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-73 - Regulations.

In the exercise of his power to promulgate regulations under the Savings and Loan Act, the supervisor shall act in the interest of promoting and maintaining a sound savings and loan association system, the security of the savings account holders and other customers, the preservation of the liquid position of associations and in the interest of preventing injurious credit expansions and contractions.
History:
1953 Comp., § 48-15-116, enacted by Laws 1967, ch. 61, § 72.
ANNOTATIONS
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 §§ 10 to 19.
9 C.J.S. Banks and Banking §§ 131, 139.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-74 - Confidential information.

The supervisor, deputy and his employees shall not divulge any information acquired by them in the discharge of their duties under the Savings and Loan Act except as necessary by law or under order of court. The supervisor may furnish information as to the condition of any association to the federal home loan bank board of Washington, D. C., or the federal savings and loan insurance corporation, any regional federal home loan bank or other savings and loan association department of any other state.
History:
1953 Comp., § 48-15-117, enacted by Laws 1967, ch. 61, § 73.
ANNOTATIONS
Cross references.
— For meaning of "supervisor",
see
58-10-2J NMSA 1978.
Furnishing information to state treasurer prohibited.
— The financial institutions division is prohibited from furnishing information on the financial condition of New Mexico financial institutions to the state treasurer, absent express statutory authorization for such release. 1979 Op. Att'y Gen. No. 79-22.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 216.
Bank's liability, under state law, for disclosing information concerning depositor or customer, 81 A.L.R.4th 377.
9 C.J.S. Banks and Banking §§ 270, 283.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-75 - Supervisor; disposition of fees.

All money collected by the supervisor shall be paid to the state treasurer for credit to the state general fund.
History:
1953 Comp., § 48-15-118, enacted by Laws 1967, ch. 61, § 74.
ANNOTATIONS
Cross references.
— For meaning of "supervisor",
see
58-10-2J NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-76 - Audits and examinations; fees.

The supervisor shall, at least once each year without previous notice, examine or cause an examination to be made into the affairs of each association subject to the Savings and Loan Act. If an association is not audited at least once each year in a manner satisfactory to the supervisor, he shall order an audit to be made by an independent public auditing firm at the expense of the association. Upon completion of any audit, two copies, signed and certified by the auditor making the audit, shall be filed with the supervisor. The supervisor, any deputy supervisor or his examiners or auditors shall have free access to all books and records of an association which relate to its business, and books and records kept by any officer, agent or employee relating to, or upon which, any record of its business is kept; and may summon witnesses and administer oaths or affirmations in examination of the directors, officers, agents or employees of any association, or any other person in relation to its affairs, transactions and condition, and may require and compel the production of records, books, papers, contracts or other documents by court order if not voluntarily produced. Every association examined shall pay a fee of two hundred dollars ($200) for each examination, together with a further fee for each examination in an amount equal to three-fourths of one-hundredth of one percent of the total assets of the association examined on the day of the examination. An additional fee of fifty dollars ($50.00) shall be added for each branch examined.
History:
1953 Comp., § 48-15-119, enacted by Laws 1967, ch. 61, § 75.
ANNOTATIONS
Cross references.
— For records and access to them generally,
see
58-10-25, 58-10-26 NMSA 1978.
For subpoena for production of documentary evidence,
see
Rule 1-045 NMRA.
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, 266.
Purposes for which officer may exercise right to examine books and records, 15 A.L.R.2d 11.
9 C.J.S. Banks and Banking § 15 et seq.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-77 - Other examinations.

The supervisor may examine any service corporation in which an association has invested its funds, and any corporation owning twenty-five percent or more of the outstanding capital stock of an association, the same as if the corporation were an association.
History:
1953 Comp., § 48-15-119.1, enacted by Laws 1976, ch. 57, § 3.
ANNOTATIONS
Cross references.
— For definition of service corporation,
see
58-10-2I NMSA 1978.
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, 266.
9 C.J.S. Banks and Banking § 15 et seq.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-78 - Federal examination.

The supervisor may accept the report of examination of any association by the federal home loan bank board or the federal savings and loan insurance corporation in lieu of any examination required by the Savings and Loan Act. If the supervisor examines or causes to be examined any association in conjunction with an examination by any of these federal agencies, the examination shall be deemed equivalent to two separate examinations.
History:
1953 Comp., § 48-15-120, enacted by Laws 1967, ch. 61, § 76.
ANNOTATIONS
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 §§ 231, 238.
Right of federal deposit insurance corporation to injunctive relief in enforcement of its regulations, 22 A.L.R. Fed. 918.
9 C.J.S. Banks and Banking §§ 652, 665.
2023 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.
ANNOTATIONS
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 § 216.
9 C.J.S. Banks and Banking § 15 et seq.
2023 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.
ANNOTATIONS
Cross references.
— For meaning of "supervisor",
see
58-10-2J NMSA 1978.
2023 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.
ANNOTATIONS
Cross references.
— For meaning of "supervisor",
see
58-10-2J NMSA 1978.
2023 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.
ANNOTATIONS
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 § 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.
2023 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.
ANNOTATIONS
Compiler'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.
2023 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.
ANNOTATIONS
Cross 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".
2023 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.
ANNOTATIONS
Cross 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.
2023 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.
ANNOTATIONS
Cross references.
— For meaning of "supervisor",
see
58-10-2J NMSA 1978.
2023 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.
ANNOTATIONS
Bracketed 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.
2023 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.
ANNOTATIONS
Cross 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.
2023 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.
ANNOTATIONS
Cross references.
— For securities generally,
see
Chapter 58, Article 13B NMSA 1978.
For investment securities,
see
Chapter 55, Article 8 NMSA 1978.
2023 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.
ANNOTATIONS
Effective 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.
2023 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.
ANNOTATIONS
Effective 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.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-92 - Judicial review.

A. Except as to matters covered by, or appealable under, Section 13 [58-10-13 NMSA 1978] of the Savings and Loan Act, any association or person aggrieved and directly affected by a decision, order or regulation of, or failure to act by, the supervisor, may appeal to the district court of the county in which the person resides or maintains its principal office within thirty days after issuance of the order or within thirty days after it becomes reviewable. The filing of an appeal does not stay enforcement of an order unless the court orders a stay upon terms it deems proper.
B. The district court may affirm the order of the supervisor, may direct the supervisor to take action as affirmatively required by law or may reverse or modify the order of the supervisor if the court finds the order was:
(1) issued pursuant to an unconstitutional statutory provision;
(2) in excess of statutory authority;
(3) arbitrary or capricious;
(4) issued upon unlawful procedure; or
(5) not supported by substantial evidence in the record.
C. The decision of the district court may be appealed to the court of appeals as in other civil cases.
History:
1953 Comp., § 48-15-133, enacted by Laws 1967, ch. 61, § 89.
ANNOTATIONS
Cross references.
— For when order is final,
see
58-10-84 NMSA 1978.
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).
There is no presumption against judicial review
and in favor of administrative absolution unless that purpose is fairly discernible in the statutory scheme, and there is no evidence in the Savings and Loan Act (Section 58-10-1 NMSA 1978 and notes thereto) indicating the legislature intended to preclude judicial review. Rather the act indicates the contrary.
De Vargas Sav. & Loan Ass'n v. Campbell
, 1975-NMSC-026, 87 N.M. 469, 535 P.2d 1320.
Assertion of undue competitive injury grant, standing to combat branch.
— To attain standing in a suit arguing the unlawfulness of governmental action, the complainant must allege that he is injured in fact or is imminently threatened with injury, economically or otherwise. Appellants had standing to seek review of the supervisor's order as associations "aggrieved and directly affected" by it where they asserted they would suffer from undue competitive injury if another branch was permitted in Santa Fe, and that another branch would not be to the advantage of the community; the protection of these interests is explicitly recognized in Section 58-10-17A NMSA 1978.
De Vargas Sav. & Loan Ass'n v. Campbell
, 1975-NMSC-026, 87 N.M. 469, 535 P.2d 1320.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-93 - Slander; felony.

Any person who knowingly makes, utters, circulates or transmits to another, or others, any statement untrue in fact, derogatory to the financial condition of any association subject to the Savings and Loan Act or any federal association in this state with intent to injure the financial institution, or who counsels, aids, procures or induces another to originate, make, utter, transmit or circulate any such statement with like intent, is guilty of a fourth degree felony.
History:
1953 Comp., § 48-15-134, enacted by Laws 1967, ch. 61, § 90.
ANNOTATIONS
Cross references.
— For the penalty for a fourth degree felony,
see
31-18-15 NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-94 - Violation of act; civil penalty.

Any association violating any provision of the Savings and Loan Act or any valid regulation made thereunder may be required by the supervisor to pay a civil penalty of not less than five dollars ($5.00) a day nor more than twenty-five [dollars] ($25.00) a day to the supervisor for each day after notice of the delinquency by the supervisor. The attorney general may file suit for collection of this penalty upon certification by the supervisor of the failure of the association to remit the penalty assessed by him. The civil penalty imposed by this section does not apply during any period during which the alleged violation is being litigated in a court.
History:
1953 Comp., § 48-15-135, enacted by Laws 1967, ch. 61, § 91.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Cross references.
— For meaning of "supervisor",
see
58-10-2J NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-95 - Violations; criminal penalties.

It is unlawful for any person to knowingly violate any provision of the Savings and Loan Act or any lawful rule or regulation or order of the supervisor and any person responsible for such violation is guilty:
A. of a misdemeanor punishable by imprisonment for a term not exceeding one year or a fine not exceeding five thousand dollars ($5,000) or both; or
B. if the violation was committed with intent to defraud, of a felony punishable by imprisonment for a term not exceeding five years or a fine not exceeding ten thousand dollars ($10,000) or both.
History:
1953 Comp., § 48-15-135.1, enacted by Laws 1976, ch. 57, § 5.
ANNOTATIONS
Cross references.
— For meaning of "supervisor",
see
58-10-2J NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-96 - Suppressing evidence; felony.

Any officer, director, employee or agent of any association subject to the Savings and Loan Act who, for the purpose of concealing any fact or suppressing any evidence against himself or against any other person, abstracts, removes, mutilates, destroys or secretes any paper, book or record of any association or of the supervisor, is guilty of a fourth degree felony.
History:
1953 Comp., § 48-15-136, enacted by Laws 1967, ch. 61, § 92.
ANNOTATIONS
Cross references.
— For the penalty for a fourth degree felony,
see
31-18-15 NMSA 1978.
For meaning of "supervisor",
see
58-10-2J NMSA 1978.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-97 - Disclosure of confidential information; felony; civil liability.

The supervisor or any examiner, inspector, deputy, assistant or clerk appointed or acting under the provisions of the Savings and Loan Act who fails to keep secret any facts or information regarding an association obtained in the course of an examination or by reason of his official position, except when the public duty of the officer or employee requires him to report upon or take official action regarding the affairs of the association examined, or who willfully makes a false official report as to the condition of an association, is guilty of a fourth degree felony and shall be removed from his office or position. Any officer or employee violating any provision of this section, in addition to the criminal penalties imposed, is liable with his bondsmen to the person or corporation injured by the disclosure of such secrets. This section does not apply to any facts or information, or to any reports of investigations, obtained or made by the supervisor or his staff in connection with any application for a charter under the Savings and Loan Act or in connection with any hearing held by the supervisor under the Savings and Loan Act, and any such facts, information or reports may be included in the records of the appropriate hearing.
History:
1953 Comp., § 48-15-137, enacted by Laws 1967, ch. 61, § 93.
ANNOTATIONS
Cross references.
— For the penalty for a fourth degree felony,
see
31-18-15 NMSA 1978.
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 § 332.
Existence of fiduciary relationship between bank and depositor or customer so as to impose special duty of disclosure upon bank, 70 A.L.R.3d 1344.
9 C.J.S. Banks and Banking §§ 270, 283.