Chapter 58, Article 11 NMSA 1978 may be cited as the “Credit Union Act”. History: Laws 1987, ch. 311, § 1; 1997, ch. 195, § 1. ANNOTATIONS Cross references. — For credit union share insurance corporations, see Chapter 58 Article 12 NMSA 1978. For exemption of director of financial institutions division, director of securities division, […]
A. Any seven or more residents of this state of legal age that share the common bond referred to in Section 58-11-21 NMSA 1978 may organize a credit union and become charter members thereof by complying with this section. B. The organizers shall prepare, adopt and execute in triplicate articles of organization and agree to […]
In order to simplify the organization of credit unions, the director shall cause to be prepared model articles of organization and bylaws, consistent with the Credit Union Act, which may be used by credit union organizers for their guidance. Such articles of organization and bylaws shall be available to persons desiring to organize a credit […]
A. The articles of organization and the bylaws may be amended as provided in the articles and bylaws, respectively. Amendments to the articles of organization or bylaws shall be submitted to the director who shall approve or disapprove the proposed amendments within thirty days after submission. B. The director shall not approve any amendment to […]
A. The name of every credit union organized under or subject to the Credit Union Act shall include the phrase “credit union”. No credit union shall adopt a name either identical to the name of any other credit union doing business in this state or so similar to the name of any other credit union […]
A. A credit union may change its principal place of business within this state upon thirty days notice to the director. B. A credit union may provide services through service facilities. C. A credit union may individually or in conjunction with other credit unions or other financial organizations operate or maintain automated terminals or other […]
The fiscal year of each credit union organized under or subject to the Credit Union Act shall end on the last day of December. History: Laws 1987, ch. 311, § 15; 1997, ch. 195, § 10. ANNOTATIONS Repeals and reenactments. — Laws 1987, Chapter 311 repealed 58-11-15 NMSA 1978, as amended by Laws 1973, ch. […]
A. An out-of-state credit union organized pursuant to the laws of another state or territory of the United States may conduct business as a credit union in this state with the approval of the director. B. Before granting approval for an out-of-state credit union to conduct business in New Mexico, the director shall determine that […]
A credit union organized under or subject to the Credit Union Act may do business outside this state, provided that it is legal for it to do so in the foreign state or territory involved. If the director deems it necessary to conduct an examination of the out-of-state office of a credit union, the actual […]
In addition to the powers authorized elsewhere in the Credit Union Act, a credit union may: A. enter into contracts of any nature; B. sue and be sued; C. adopt, use and display a corporate seal; D. acquire, lease, hold, assign, pledge, hypothecate, sell and discount or otherwise dispose of property or assets, either in […]
A credit union may exercise all incidental powers that are convenient, suitable or necessary to enable it to carry out its purposes as provided in its bylaws. History: Laws 1987, ch. 311, § 19; 1997, ch. 195, § 14. ANNOTATIONS Repeals and reenactments. — Laws 1987, Chapter 311 repealed 58-11-19 NMSA 1978, as amended by […]
As used in the Credit Union Act: A. “board member” means a member of the board of directors of a credit union; B. “capital” means share accounts, membership shares, reserves and undivided earnings; C. “credit union” means a cooperative, nonprofit, financial institution organized under or subject to the Credit Union Act for the purposes of […]
In addition to other powers provided for the director and for credit unions organized under or subject to the Credit Union Act and notwithstanding any law to the contrary, the director may adopt such rules and regulations as he deems necessary and proper, granting to state credit unions any of the powers and authority that […]
A. The membership of a credit union shall consist of those persons who share a common bond set forth in the bylaws, have been duly admitted members, have paid any required one-time or periodic membership fee, or both, have paid for in cash or its equivalent one or more shares and have complied with such […]
Central credit unions may be organized under the Credit Union Act, and such credit unions organized under prior law are subject to that act. In addition to the members referred to in Section 58-11-21 NMSA 1978, the membership of a central credit union may include: A. executive officers, board members, committee members and employees of […]
Any credit union organized under or subject to the Credit Union Act may accept as a member any other credit union organized under or subject to that act or any other act. History: Laws 1987, ch. 311, § 23; 1997, ch. 195, § 17. ANNOTATIONS Repeals and reenactments. — Laws 1987, Chapter 311 repealeds 58-11-23 […]
Members who cease to be eligible for membership in a credit union for reasons other than expulsion may be permitted to retain their membership in the credit union, subject to any restrictions which may be established by the bylaws. History: Laws 1987, ch. 311, § 24; 1997, ch. 195, § 18. ANNOTATIONS Repeals and reenactments. […]
The members of a credit union shall not be personally or individually liable for the payments of its debts solely by virtue of holding membership. History: Laws 1987, ch. 311, § 25. ANNOTATIONS Repeals and reenactments. — Laws 1987, Chapter 311 repealed 58-11-25 NMSA 1978, as amended by Laws 1975, ch. 344, § 23, relating […]
A. The annual meeting and any special meetings of the members shall be held in accordance with the bylaws. B. At all meetings a member shall have but one vote, irrespective of his shareholdings. No member may vote by proxy, but a member may vote by absentee ballot, mail or other method if the bylaws […]
A. A credit union shall be directed by a board of directors, consisting of an odd number of members, as provided in the bylaws, but not less than five in number, to be elected annually by and from the members. The election shall be held at the annual meeting or in such other manner as […]
