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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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, […]
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 […]
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 […]