Section 58-10-58 – Lost or destroyed evidence of ownership.
A new account book or certificate may be issued in the name of the holder of record at any time when requested by the holder or his legal representative upon proof satisfactory to the association that the original book or certificate has been lost or destroyed. The new account book or certificate shall expressly state […]
Section 58-10-59 – Savings accounts of minors.
Any association operating under the Savings and Loan Act, and any federal savings and loan association doing business in this state, may accept savings accounts in the name of a minor or in the name of two or more persons, one or more of whom are minors, and pay the account to the order of […]
Section 58-10-60 – Power of attorney on savings accounts.
Any association or federal association may continue to recognize the authority of an attorney-in-fact authorized in writing to manage or to make withdrawals, in whole or in part, from the savings account of a member, whether minor or adult, until it receives written notice or is on actual notice of the revocation of his authority. […]
Section 58-10-61 – Pledge of savings account in joint tenancy.
The pledge or hypothecation to any association or federal association of all or part of a savings account in joint tenancy signed by any tenant or tenants, whether minor or adult, upon whose signature or signatures withdrawals may be made from the account, unless the terms of the savings account provide specifically to the contrary, […]
Section 58-10-46 – Acquisition of real property.
A. An association may own real property upon which any facility used in connection with the operation of the association is or will be located. The supervisor may order that any property be sold which cannot reasonably be expected to be used as a future location. B. An association may acquire or hold real property […]
Section 58-10-47 – Investment in office buildings.
An association shall not invest more in office buildings, sites and parking, than an amount equal to the net worth of the association. History: 1953 Comp., § 48-15-91, enacted by Laws 1967, ch. 61, § 47. ANNOTATIONS Outstanding capital debentures not used to satisfy net worth requirements. — Outstanding capital debentures or notes may not […]
Section 58-10-48 – Valuation of real property of an association.
No association shall carry any real estate on its books at a sum in excess of the total amount invested by the association on account of the real estate, including advances, costs and improvements. Any association selling real estate under a contract of sale may carry the amount due the association under terms of the […]
Section 58-10-49 – Appraisals of real estate owned.
Every association shall appraise every parcel of real estate at the time of acquisition and upon completion of any permanent improvements. The report of the appraisal shall be in writing and kept in the records of the association. History: 1953 Comp., § 48-15-93, enacted by Laws 1967, ch. 61, § 49. ANNOTATIONS Am. Jur. 2d, […]
Section 58-10-50 – Powers and privileges of association.
Notwithstanding any other provision of the Savings and Loan Act, every company, association or corporation licensed under the provisions of the savings and loan laws of this state whose accounts are insured by the federal savings and loan insurance corporation or its successor, and which is a member of a federal home loan bank or […]
Section 58-10-51 – Limitation on savings accounts.
There is no limit on the number and value of savings accounts an association may accept unless limits are fixed by its board of directors or by Section 67 [58-10-68 NMSA 1978] of the Savings and Loan Act. Any association may refuse to accept deposits as it deems advisable. History: 1953 Comp., § 48-15-95, enacted […]