Section 58-10-86 – Communications from supervisor.
Every approval or rejection by the supervisor given pursuant to the provisions of the Savings and Loan Act, and every communication having the effect of an order or instruction to any association, shall be sent by mail to the association affected, addressed to its president at the principal office of the association, and shall be […]
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 58-10-74 – Confidential information.
The supervisor, deputy and his employees shall not divulge any information acquired by them in the discharge of their duties under the Savings and Loan Act except as necessary by law or under order of court. The supervisor may furnish information as to the condition of any association to the federal home loan bank board […]
Section 58-10-75 – Supervisor; disposition of fees.
All money collected by the supervisor shall be paid to the state treasurer for credit to the state general fund. History: 1953 Comp., § 48-15-118, enacted by Laws 1967, ch. 61, § 74. ANNOTATIONS Cross references. — For meaning of “supervisor”, see 58-10-2J NMSA 1978.
Section 58-10-76 – Audits and examinations; fees.
The supervisor shall, at least once each year without previous notice, examine or cause an examination to be made into the affairs of each association subject to the Savings and Loan Act. If an association is not audited at least once each year in a manner satisfactory to the supervisor, he shall order an audit […]
Section 58-10-77 – Other examinations.
The supervisor may examine any service corporation in which an association has invested its funds, and any corporation owning twenty-five percent or more of the outstanding capital stock of an association, the same as if the corporation were an association. History: 1953 Comp., § 48-15-119.1, enacted by Laws 1976, ch. 57, § 3. ANNOTATIONS Cross […]
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 […]