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 […]
A. With approval of the supervisor and of the stockholders owning two-thirds of the issued and outstanding shares of the association entitled to vote, a permanent capital stock association may issue and sell its capital debentures or notes. With approval of the supervisor and of a majority of its members entitled to vote, an association […]
Any association without permanent capital stock may convert itself into a permanent capital stock association upon a vote of fifty-one percent or more of the votes of members of the association without permanent capital stock cast at an annual meeting or at any special meeting called for the purpose. Copies of the minutes of the […]
A. No foreign corporation or foreign association shall transact the business of an association within this state beyond a radius of one hundred miles from its principal office. B. Any foreign corporation or foreign association seeking to transact business within this state shall: (1) comply with all laws of this state pertaining to the admission […]
Any federal association whose principal office is located in New Mexico is not a foreign corporation. Unless federal laws or regulations provide otherwise, such federal association and its members possesses [possess] all rights, powers, privileges, benefits, immunities and exceptions now or hereafter provided by the laws of this state for associations and for the members […]
A. Where no executor or administrator of a deceased savings account depositor has qualified and given notice of his qualification to a savings and loan association, it may pay out of all savings accounts maintained with it by the deceased in his individual capacity all sums which do not exceed two thousand dollars ($2,000) in […]
A. Subject to any regulations the supervisor may prescribe, an association may maintain and lease safe deposit boxes and may accept property or documents for safekeeping if, with the exception of night depositories, it issues a receipt for each transaction. B. An association may own stock in safe deposit companies not exceeding in aggregate cost […]
A. Where access to a safe deposit box is requested by one or more persons acting as fiduciaries, the lessor may, except as otherwise expressly provided in the lease or the writings pursuant to which such fiduciaries are acting, allow access to, and removal of, the contents of the safe deposit box upon obtaining proper […]
When a lessor, without knowledge of a lessee’s death or of an adjudication of his incapacity, deals with a lessee’s agent pursuant to a written power of attorney signed by the lessee, the transaction binds the lessee’s estate and the lessee. History: 1953 Comp., § 48-15-146, enacted by Laws 1971, ch. 242, § 6; 1975, […]
A lessor may lease a safe deposit box to, and in this connection deal with, a minor with the same effect as if leasing to, and dealing with, a person of full legal capacity. History: 1953 Comp., § 48-15-147, enacted by Laws 1971, ch. 242, § 7. ANNOTATIONS Cross references. — For the age of […]
A. A lessor shall permit the person named in a court order for the purpose or, if no order has been served upon the lessor, the spouse, a parent, an adult descendant or a person named as an executor in a copy of a purported will produced by him, to open and examine the contents […]
A. An adverse claim to the contents of a safe deposit box, or to property held in safekeeping, is not sufficient to require the lessor to deny access to its lessee unless: (1) the lessor is directed to do so by a court order issued in an action in which the lessee is served with […]
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 […]
A. If the rental due on a safe deposit box has not been paid for one year, the lessor may send a notice by certified or registered mail to the lessee’s last known address stating that the safe deposit box will be opened and its contents stored at the lessee’s expense unless payment of rental […]
Any association which makes a loan whose proceeds the borrower uses, or may use, to finance the design, manufacture, construction, repair, modification or improvement of real or personal property for sale or lease to others is not liable to third persons for: A. any loss or damage resulting from any defect in the property; or […]
A. The supervisor shall not approve any charter application unless he affirmatively finds from the data furnished with the application, the evidence adduced at the public hearing and his official records that: (1) where applicable, the prerequisites set forth in Sections 3 through 9 [58-10-3 to 58-10-9 NMSA 1978] of the Savings and Loan Act […]
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 […]
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, […]
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. […]
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 […]
