Section 58-10-99 – Conversion into state chartered association.
Any federal association may convert itself into an association under the Savings and Loan Act upon a vote of fifty-one percent or more of the votes of members of the federal association cast at an annual meeting or at a special meeting called for the purpose. Copies of the minutes of the proceedings of the […]
Section 58-10-100 – Conversion of association without permanent stock into permanent capital stock 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 […]
Section 58-10-101 – Foreign associations.
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 […]
Section 58-10-102 – Federal associations; applicability.
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 […]
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. […]
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 […]
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 […]
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 […]
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, […]
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 […]