Section 58-1-78 – Unlawful service as officer or director.
It is unlawful for any person to serve as an officer or director of a bank, who: A. is an officer, director or employee of a directly competitive bank in the same community; B. has been convicted of an offense constituting, in the jurisdiction in which the judgment was rendered, a violation of the banking […]
Section 58-1-63 – Repealed.
ANNOTATIONS Repeals. — Laws 1991, ch. 12, § 3 repeals 58-1-63 NMSA 1978, being Laws 1963, ch. 305, § 51, relating to county with branch bank, effective June 14, 1991. For provisions of former section, see the 1990 NMSA 1978 on NMOneSource.com.
Section 58-1-64 – Meetings of stockholders; voting; proxies; voting trusts; preemptive right; transfer of stock; report of holdings.
A. Regular meetings of stockholders shall be held annually and at such additional times as the bylaws direct at a place designated by the bylaws. A special meeting may be called at any time by the commissioner [director of the financial institutions division of the regulation and licensing department], or one-third of the directors, or […]
Section 58-1-65 – Directors and officers.
A. The affairs of a state bank shall be managed by a board of directors, which shall exercise its powers and be responsible for the discharge of its duties. The number of directors, not less than three and not more than twenty-five, shall be fixed by the bylaws and the number so fixed shall be […]
Section 58-1-66 – Directors; meetings and duties.
A. The board of directors shall meet at least once each calendar quarter. The director may, at his discretion, require more frequent meetings. The director of the division, a board member or an executive officer may call a special meeting. A majority of the board shall constitute a quorum. The board shall keep minutes of […]
Section 58-1-67 – Fidelity bonds and other insurance.
A. The directors of a state bank shall direct and require good and sufficient fidelity bonds on all active officers and employees, whether or not they draw salary or compensation, which bonds shall provide for indemnity to such bank on account of any losses sustained by it as the result of any dishonest, fraudulent or […]
Section 58-1-68 – Authority to declare dividends.
The board of directors of a state bank may declare dividends not more than once in each calendar quarter from undivided profits if: (1) the undivided profits account has been maintained in accordance with the Banking Act; and (2) the reserve against deposits required by the Banking Act is not and will not thereby be […]
Section 58-1-53 – General corporate powers.
State banks shall have: A. all the powers provided and conferred on them in the Banking Act and such general corporate powers as are appropriate to its purpose; B. the power to act as a fiduciary in any capacity, after proper qualifications under the Banking Act, and if authorized by its articles of incorporation or […]
Section 58-1-54 – Powers of director and of state banks.
In addition to other powers provided for the director and for state banks in the Banking Act notwithstanding any other provision of laws, the director may grant to state banks any of the powers and authority that national banks or federally chartered or insured depository institutions are or may be authorized, empowered, permitted or otherwise […]
Section 58-1-55 – Capital structure; impairment of capital.
A. A state bank shall have such capital structure as the commissioner [director of the financial institutions division of the regulation and licensing department] shall deem adequate, except that no bank hereafter organized shall do business unless it shall have a bona fide minimum paid-up capital stock structure of at least, five hundred thousand dollars […]