reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 9 - Trust Companies › Section 58-9-2 - Definitions.

As used in the Trust Company Act:
A. "director" means the director of the financial institutions division of the regulation and licensing department;
B. "trust business" means the holding out by a person, legal entity or corporation to the public at large by advertising, solicitation or other means that the person, legal entity or corporation is available to act as a fiduciary in this state or is accepting and undertaking to perform the duties of a fiduciary in the regular course of its business;
C. "trust company" means a corporation holding a certificate issued pursuant to the Trust Company Act;
D. "certificate" means a certificate of authority issued pursuant to the Trust Company Act to engage in trust business;
E. "fiduciary" means executor, administrator, conservator or trustee;
F. "nonprofit corporation" means a nonprofit corporation as defined in the Nonprofit Corporation Act [Chapter 53, Article 8 NMSA 1978] that was formed and is operating a pooled trust in compliance with the requirements of 42 U.S.C. 1396p(d)(4) to provide trust services for individuals who are disabled, and the nonprofit corporation is not otherwise engaged in the trust business. As used in this subsection, "disabled" has the meaning set forth in 42 U.S.C. 1382c(a)(3); and
G. "division" means the financial institutions division of the regulation and licensing department.
History:
1953 Comp., § 48-24-2, enacted by Laws 1973, ch. 191, § 2; 1977, ch. 245, § 122; 1979, ch. 190, § 1; 1991, ch. 250, § 1; 2018, ch. 64, § 1.
ANNOTATIONS
The 2018 amendment,
effective July 1, 2018, revised certain definitions and defined "division" as used in the Trust Company Act; in Subsection A, deleted "'commissioner' or" preceding "'director'"; in Subsection D, after "authority issued", deleted "under the provisions of" and added "pursuant to"; in Subsection F, after "Nonprofit Corporation Act that", deleted "is funded by or contracts with a federal, state, county or other governmental entity" and added "was formed and is operating a pooled trust in compliance with the requirements of 42 U.S.C. 1396p(d)(4)", and after "provide trust services", added the remainder of the subsection; and added Subsection G.
The 1991 amendment,
effective June 14, 1991, in Subsection A, inserted "or 'director'" and substituted "regulation and licensing" for "commerce and industry"; deleted "guardian" following "administrator" in Subsection E; added Subsection F; and made a related stylistic change and minor stylistic changes in Subsection B.
Law reviews.
— For survey, "Article VII of the New Probate Code: In Pursuit of Uniform Trust Administration," see 6 N.M. L. Rev. 213 (1976).
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 9 - Trust Companies › Section 58-9-3 - Exemptions.

A. For the purposes of the Trust Company Act [Chapter 58, Article 9 NMSA 1978], a person, legal entity or corporation does not engage in the trust business by:
(1) rendering services as an attorney-at-law in the performance of duties as such;
(2) rendering services as a certified or registered public accountant in the performance of duties as such;
(3) acting as trustee under a deed of trust made only as security for the payment of money or for the performance of another act;
(4) acting as a trustee in bankruptcy or as a receiver;
(5) holding trusts of real estate for the primary purpose of subdivision, development or sale, or to facilitate any business transaction with respect to such real estate;
(6) engaging in the business of an escrow agent;
(7) holding assets as trustee of a trust created for charitable purposes;
(8) receiving rents and proceeds of sale as a licensed real estate broker on behalf of the principal; or
(9) engaging in securities transactions as a dealer or salesman.
B. Insurance companies licensed to do business in New Mexico and subject to the regulation and control of the superintendent of insurance are excluded from the provisions of the Trust Company Act.
History:
1953 Comp., § 48-24-3, enacted by Laws 1973, ch. 191, § 3; 1979, ch. 190, § 2.
ANNOTATIONS
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 9 - Trust Companies › Section 58-9-4 - Certificate required; compliance with state and federal law; separation of trust fund and investments.

A. No person, legal entity or corporation shall engage in the trust business without first obtaining a certificate from the director; provided, however, that a bank having its principal office in this state or an out-of-state bank not having an established office in this state otherwise authorized under state or federal laws to engage in the trust business or a savings and loan association having its principal office in this state acting as trustee or custodian pursuant to Section 58-10-35 NMSA 1978 may engage in trust business to the extent permitted in that section without obtaining a certificate under the Trust Company Act.
B. A trust company shall conduct such business in compliance with all state and federal laws, and all rules promulgated pursuant to those laws, including the Trust Company Act, the Uniform Probate Code [Chapter 45 NMSA 1978], the Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978] and the Uniform Trust Code [Chapter 46A NMSA 1978].
C. A trust company shall keep all trust funds and investments separate and apart from the assets of the trust company, and all investments made by the trust company as a fiduciary shall be designated so that the trust or estate to which such investment belongs is clearly identified.
History:
1953 Comp., § 48-24-4, enacted by Laws 1973, ch. 191, § 4; 1975, ch. 236, § 2; 1979, ch. 190, § 3; 2018, ch. 64, § 2.
ANNOTATIONS
The 2018 amendment,
effective July 1, 2018, provided additional requirements for companies engaged in trust business; in the catchline, added "compliance with state and federal law; separation of trust fund and investments"; added subsection designation "(A)"; in Subsection A, after "obtaining a certificate from the", deleted "commissioner" and added "director", after "custodian" deleted "under the provisions of" and added "pursuant to"; and added Subsections B and C.
Law reviews.
— For survey, "Article VII of the New Probate Code: In Pursuit of Uniform Trust Administration," see 6 N.M. L. Rev. 213 (1976).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 11.
9 C.J.S. Banks and Banking § 15 et seq.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 9 - Trust Companies › Section 58-9-5 - Application for certificate; fee.

A. An application for a certificate shall be in writing, in such form as the director prescribes, verified under oath and supported by such information, data and records as the director may require.
B. Each application for a certificate shall be accompanied by an application fee of one thousand dollars ($1,000), made payable to the division. No portion of the application fee shall be refunded.
C. An application for a certificate shall be accompanied by an oath sworn by each proposed member of the board of directors of the trust company stating that the board member will diligently and honestly administer the affairs of the trust company and will not knowingly violate or knowingly permit to be violated any state or federal laws or any rules promulgated pursuant to those laws, including the Trust Company Act, the Uniform Probate Code [Chapter 45 NMSA 1978], the Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978] or the Uniform Trust Code [Chapter 46A NMSA 1978]. The oath shall be in such form as the director prescribes and shall be certified by a notary public.
D. On and after July 1, 2018, any board member newly elected or appointed to the board of directors of a trust company certified under the Trust Company Act shall, immediately upon election to the board, swear and cause to be transferred to the director the oath of a trust company board member as set forth in Subsection C of this section.
History:
1953 Comp., § 48-24-5, enacted by Laws 1973, ch. 191, § 5; 2013, ch. 88, § 2; 2013, ch. 97, § 2; 2018, ch. 64, § 3.
ANNOTATIONS
The 2018 amendment,
effective July 1, 2018, provided additional requirements, including an oath by each member of the board of directors, to be included in an application for a certificate to engage in trust business; in Subsection B, after "made payable to the", deleted "financial institutions", and after "division", deleted "of the regulation and licensing department"; and added Subsections C and D.
The 2013 amendment,
effective June 14, 2013, increased the application fee; in Subsection A, after 'in such form as the", deleted "commissioner" and added "director" and after "records as the", deleted "commissioner" and added "director"; and in Subsection B, in the first sentence, after "application fee of", deleted "five hundred dollars ($500)" and added "one thousand dollars ($1,000)", and after "payable to the", deleted "financial institutions division of the regulation and licensing department".
Am. Jur. 2d, A.L.R. and C.J.S. references. —
9 C.J.S. Banks and Banking § 15 et seq.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 9 - Trust Companies › Section 58-9-6 - Minimum capital.

A. A certificate shall not be issued to an applicant for certification pursuant to the Trust Company Act having capital of less than five hundred thousand dollars ($500,000).
B. The minimum capital requirement shall be waived for nonprofit corporations.
History:
1953 Comp., § 48-24-6, enacted by Laws 1973, ch. 191, § 6; 1991, ch. 250, § 2; 2013, ch. 88, § 3; 2013, ch. 97, § 3; 2018, ch. 64, § 4.
ANNOTATIONS
The 2018 amendment,
effective July 1, 2018, revised the minimum capital requirement, removed language related to a past deadline, and made stylistic changes; added subsection designations "A." and "B."; in Subsection A, after "an applicant", added "for certification pursuant to the Trust Company Act", after "having", deleted "a paid up", and after "($500,000)", deleted "All trust companies that have been issued certificates pursuant to the Trust Company Act as of December 31, 2012 shall meet the increased paid-up capital requirement of five hundred thousand dollars ($500,000) on or before December 31, 2017."
The 2013 amendment,
effective June 14, 2013, increased the minimum required paid-up capital; in the first sentence, after "capital of not less than", deleted "one hundred fifty thousand dollars ($150,000)" and added "five hundred thousand dollars ($500,000)"; and added the second sentence.
The 1991 amendment,
effective June 14, 1991, added the second sentence and made a minor stylistic change.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
9 C.J.S. Banks and Banking § 629.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 9 - Trust Companies › Section 58-9-6.1 - State of incorporation.

A certificate shall not be issued to an applicant other than a corporation organized under the laws of this state.
History:
1978 Comp., § 58-9-6.1, enacted by Laws 1979, ch. 190, § 4.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 9 - Trust Companies › Section 58-9-8 - Procedure for granting or denying certificate.

A. Upon the filing of an application for a certificate, the director shall make or cause to be made a careful investigation and examination and shall issue a certificate if the director finds:
(1) that the persons who will serve as directors or officers, insofar as those persons are known, are qualified to be fiduciaries by character and experience and that the financial status of the stockholders, directors and officers is consistent with their responsibilities and duties as fiduciaries; for nonprofit corporations, any employee responsible for trust management shall be qualified to be a fiduciary by character and experience;
(2) that the name of the proposed company is not deceptively similar to that of another trust company or bank or is not otherwise misleading;
(3) that the capital and surplus are not less than the required minimum, except that this requirement shall not apply to nonprofit corporations; and
(4) that there is a need for trust facilities or additional trust facilities, as the case may be, in the community where the proposed trust company is to be located.
B. The director may consider and inquire into such other facts and circumstances bearing on the proposed trust company and its relation to its locality as in the director's opinion may be relevant.
C. The certificate may be granted or denied without hearing, but the director may, and at the request of the applicant shall, fix a date for a hearing on the application. At the hearing, any person may be heard with reference to the facts to be investigated.
History:
1953 Comp., § 48-24-8, enacted by Laws 1973, ch. 191, § 8; 1991, ch. 250, § 3; 2018, ch. 64, § 6.
ANNOTATIONS
The 2018 amendment,
effective July 1, 2018, required that any employee responsible for trust management for a nonprofit corporation be qualified to be a fiduciary, and made technical changes; in Subsection A, in the introductory clause, after "director", deleted "of the financial institutions division", in Paragraph A(1), after each occurrence of "directors or officers", deleted "other than directors and officers of nonprofit corporations", after "duties as fiduciaries", deleted "except that", and after "for nonprofit corporations", deleted "the" and added "any"; in Subsection B, after "The director", deleted "of the financial institutions division"; and in Subsection C, after "but the director", deleted "of the financial institutions division".
The 1991 amendment,
effective June 14, 1991, substituted "director of the financial institutions division" for "commissioner" in Subsections A, B and C and, in Subsection A, inserted "other than directors and officers of nonprofit corporations" in two places, added the exception at the end and made a minor stylistic change in Paragraph (1), and added the exception at the end of Paragraph (3).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
9 C.J.S. Banks and Banking § 15 et seq.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 9 - Trust Companies › Section 58-9-12 - Penalty for noncompliance.

A. It is unlawful for any corporation to carry on or conduct a trust company business or to advertise or hold itself out as being engaged in or doing a trust company business or to use in connection with its business the words "trust company" or words of similar import without first having complied with all the provisions of law relating to trust companies. All officers, directors or trustees of any corporation violating this section are guilty of a misdemeanor and shall be punished by a fine not to exceed five thousand dollars ($5,000) or imprisonment in the county jail for a definite term not exceeding one year or both.
B. Any person refusing or obstructing access to the director to any books, records or papers, refusing to furnish required information or hindering a full examination of the books, accounts, papers or finances of a trust company is guilty of a misdemeanor and shall be punished by a fine not to exceed five thousand dollars ($5,000) or imprisonment in the county jail for a definite term not exceeding one year or both.
History:
1953 Comp., § 48-24-12, enacted by Laws 1973, ch. 191, § 12; 2018, ch. 64, § 11.
ANNOTATIONS
The 2018 amendment,
effective July 1, 2018, provided penalties for hindering or obstructing an examination of any trust company records or papers or for refusing to furnish required information of a trust company; added subsection designation "A."; in Subsection A, after "It", deleted "shall be" and added "is", after "violating this section", deleted "shall be" and added "are", and after "exceeding one year or both", deleted "such fine and imprisonment"; and added Subsection B.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
9 C.J.S. Banks and Banking § 31.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 9 - Trust Companies › Section 58-9-13 - Repealed.

History:
1953 Comp., § 48-24-13, enacted by Laws 1973, ch. 191, § 13; repealed by Laws 2018, ch. 64, § 12.
ANNOTATIONS
Repeals.
— Laws 2018, ch. 64, § 12 repealed 58-9-13 NMSA 1978, as enacted by Laws 1973, ch. 191, § 13, relating to effect on existing corporations, effective July 1, 2018. For provisions of former section,
see
the 2017 NMSA 1978 on
NMOnesource.com
.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 9 - Trust Companies › Section 58-9-14 - Appeals.

A. A person aggrieved by a final order of the director may appeal to the district court pursuant to the provisions of Section 39-3-1.1 NMSA 1978.
B. The commencement of proceedings pursuant to Subsection A of this section does not, unless specifically ordered by the court, operate as a stay of the director's order.
History:
Laws 2018, ch. 64, § 8.
ANNOTATIONS
Effective dates.
— Laws 2018, ch. 64, § 13 made Laws 2018, ch. 64, § 8 effective July 1, 2018.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-1 - Short title.

This act [58-10-1 to 58-10-51, 58-10-54 to 58-10-76, 58-10-78 to 58-10-81, 58-10-83 to 58-10-94 and 58-10-96 to 58-10-102 NMSA 1978] may be cited as the "Savings and Loan Act".
History:
1953 Comp., § 48-15-45, enacted by Laws 1967, ch. 61, § 1.
ANNOTATIONS
Compiler's notes.
— The Savings and Loan Act was enacted by Laws 1967, ch. 61, §§ 1 to 101. The act is presently compiled as 58-10-1 to 58-10-51, 58-10-54 to 58-10-76, 58-10-78 to 58-10-81, 58-10-83 to 58-10-94 and 58-10-96 to 58-10-102 NMSA 1978.
Cross references.
— For the Corporate Income Tax Act,
see
7-2A-1 NMSA 1978.
For disposition of unclaimed property,
see
Chapter 7, Article 8A NMSA 1978.
For exemption of director of financial institutions division, director of securities division, and chief of savings and loan bureau from authority of superintendent of regulation and licensing,
see
9-16-11 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Promissory estoppel of lending institution based on promise to lend money, 18 A.L.R.5th 307.
Exclusion from debtor status of banks and the like by § 109(b)(2) of Bankruptcy Code (11 USCS § 109(b)(2)), 87 A.L.R. Fed. 282.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-3 - Application for charter.

A. Application for a charter for an association may be made by five or more citizens of this state by filing with the supervisor an application consisting of:
(1) four copies of the articles of incorporation for the proposed association stating:
(a) the name of the association;
(b) the site of the principal office; and
(c) the names and addresses of the initial directors;
(2) a statement as to:
(a) the amount, if any, of permanent reserve fund stock which has been subscribed and paid for at the time of filing;
(b) the names and addresses of such subscribers and the amount subscribed by each;
(c) the amount of savings liability, if any, with which the association will commence business; and
(d) the amount of paid-in surplus expense with which the association will commence business;
(3) four copies of the bylaws under which the association proposes to operate; and
(4) statements, exhibits, maps and other data sufficiently detailed and comprehensive to enable the supervisor to pass upon the matters set forth in the Savings and Loan Act, and such other information in regard to the proposed association and its operation as may be required by regulations of the supervisor.
B. The articles of incorporation and all statements of fact filed with the supervisor in connection with the application for charter shall be subscribed and sworn to under oath or affirmation.
C. A fee of two thousand five hundred dollars ($2,500) shall be paid to the supervisor for filing the application and investigation of each association to be organized under the Savings and Loan Act.
History:
1953 Comp., § 48-15-47, enacted by Laws 1967, ch. 61, § 3; 1973, ch. 189, § 1.
ANNOTATIONS
Compiler's notes.
— 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 § 7.
9 C.J.S. Banks and Banking §§ 631, 633; 12 C.J.S. Building and Loan Associations § 22.
2023 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.
ANNOTATIONS
Cross 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.
2023 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.
ANNOTATIONS
Am. 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.
2023 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.
ANNOTATIONS
Cross 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.
2023 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.
ANNOTATIONS
Cross 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.
2023 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.
ANNOTATIONS
Cross 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.
2023 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.
ANNOTATIONS
Cross 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.
2023 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.
ANNOTATIONS
Cross 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.
2023 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.
ANNOTATIONS
Cross 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.
2023 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.
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 §§ 826, 829, 830.
9 C.J.S. Banks and Banking § 166 et seq.
2023 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.
ANNOTATIONS
Bracketed 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.
2023 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.
ANNOTATIONS
Cross 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.
2023 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.
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 § 17.
9 C.J.S. Banks and Banking § 605.
2023 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.
ANNOTATIONS
Am. 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.
2023 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.
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 §§ 20 to 26.
9 C.J.S. Banks and Banking § 98.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-21 - Qualification of directors.

The bylaws of an association may prescribe other qualifications for directors, but no person is eligible for election as a director unless he is the owner in good faith and in his own right on the books of the association, either in the form of a savings account or permanent capital stock, or a combination of both, having a value on the books of at least one thousand dollars ($1,000) which shall not be reduced by withdrawal or pledge for a loan by the association so long as the person remains a director. Any director who, after his election as such, ceases to be the owner in his own right of the necessary qualifying interest, shall cease to be a director, but no action of the board of directors shall be invalidated through the participation of such director in the action. If a director becomes ineligible under the terms of this section by reason of the exercise by the association of the right of redemption of savings accounts, he shall remain validly in office until the expiration of his term or until he otherwise becomes ineligible, whichever occurs first. Any vacancy among directors may be filled by a majority vote of the remaining directors, though less than a quorum, by electing a director to serve until the next annual meeting of members. In the event of a vacancy on the board of directors from any cause, the remaining directors have full power to continue direction of the association until the vacancy is filled.
History:
1953 Comp., § 48-15-65, enacted by Laws 1967, ch. 61, § 21.
ANNOTATIONS
Cross references.
— For redemption of savings accounts,
see
58-10-64 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks, §§ 78, 79.
9 C.J.S. Banks and Banking §§ 99, 104, 105; 12 C.J.S. Building and Loan Associations § 14.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-22 - Officers.

The officers of an association shall consist of a president, one or more vice presidents, a secretary and other officers as prescribed by the bylaws. Officers shall be elected by majority vote of the board of directors.
History:
1953 Comp., § 48-15-66, enacted by Laws 1967, ch. 61, § 22.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks §§ 77 to 79.
9 C.J.S. Banks and Banking §§ 97, 98; 12 C.J.S. Building and Loan Associations § 9.
2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 10 - Savings and Loan Associations › Section 58-10-24 - Meetings; voting.

The annual meeting of the members of each association shall be held each year at the time fixed in the bylaws of the association. Special meetings may be called as provided in the bylaws. Members entitled to vote at any meeting of the members are those who were members of record at the end of the calendar month next preceding the date of the meeting except those who have ceased to be members. The bylaws of an association having permanent capital stock may provide that only members who are holders of the stock are entitled to vote. In the absence of such bylaw, in the determination of all questions requiring action by the members, each member is entitled to cast one vote by virtue of his membership, plus an additional vote for each share or fraction thereof of the permanent capital stock of the association, if any, owned by the member, plus an additional vote for each one hundred dollars ($100) or fraction thereof of the withdrawal value of savings accounts, if any, held by the member, but no member shall cast more than fifty votes based upon the withdrawal value of his savings account. A loan or a savings account creates a single membership for voting purposes even though more than one person is obligated on the loan or has an interest in the savings account. Voting may be in person or by proxy. Every proxy shall be in writing and signed by the member or his attorney in fact and, when filed with the secretary, unless otherwise specified in the proxy, continues in force from year to year until a revocation in writing is delivered to the secretary or until superseded by subsequent proxies. The bylaws of each association shall specify the quorum requirements and other voting requirements for conducting business at membership meetings.
History:
1953 Comp., § 48-15-68, enacted by Laws 1967, ch. 61, § 24.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
10 Am. Jur. 2d Banks § 4.
9 C.J.S. Banks and Banking § 66; 12 C.J.S. Building and Loan Associations § 23.