Section 58-11-62 – Criminal liability.
Any credit union executive officer, director, committee member, employee or agent who willfully does any of the following is guilty of a fourth degree felony: A. with intent to deceive, falsifies any books of account, report, statement, record or other document of a credit union whether by alteration, false entry, omission or otherwise; B. signs, […]
Section 58-11-63 – Slander; libel.
Whoever maliciously and knowingly spreads false reports or utters false statements about the management or finances of any credit union is guilty of a third degree felony. History: Laws 1987, ch. 311, § 63. ANNOTATIONS Repeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the […]
Section 58-11-64 – Repealed.
ANNOTATIONS Repeals. — Laws 2003, ch. 28, § 15 repeals 58-11-64 NMSA 1978, being Laws 1987, ch. 311, § 64, as amended, relating to payment from the account of a deceased member, effective June 20, 2003. For provisions of former section, see the 2002 NMSA 1978 on NMOneSource.com.
Section 58-11-65 – False affidavit; penalty.
Any person who makes a false statement in writing for the purpose of obtaining credit union funds is guilty of a third degree felony. History: Laws 1987, ch. 311, § 65. ANNOTATIONS Repeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this […]
Section 58-11-56 – Investments.
A. Funds not required to satisfy member demands for extensions of credit may be invested in: (1) securities, obligations or other instruments of or issued by or fully guaranteed as to principal and interest by the United States or any agency of the United States or in any trust investing solely, directly or indirectly, in […]
Section 58-11-57 – Repealed.
ANNOTATIONS Repeals. — Laws 2003, ch. 28, § 15 repeals 58-11-57 NMSA 1978, being Laws 1987, ch. 311, § 57, as amended, relating to reserve requirements, effective June 20, 2003. For provisions of former section, see the 2002 NMSA 1978 on NMOneSource.com. For present similar provisions, see 58-11-57.1 NMSA 1978.
Section 58-11-57.1 – Capitalization and reserves.
A. A credit union shall maintain a well-capitalized status as determined by the director. B. A credit union shall set aside and maintain such reserves as may be required by the insurer of its share accounts and deposit accounts. History: Laws 2003, ch. 28, § 14. ANNOTATIONS Effective dates. — Laws 2003, ch. 28, contains […]
Section 58-11-58 – Dissolution.
A. A credit union may elect to dissolve voluntarily and liquidate its affairs in the manner prescribed in this section. B. If it decides to begin the procedure, the board of directors shall adopt a resolution recommending the credit union be dissolved voluntarily and directing that the question of liquidation be submitted to the members. […]
Section 58-11-59 – Merger of credit unions.
A. A credit union organized under or subject to the Credit Union Act may, with the approval of the director and regardless of common bond, merge with one or more other credit unions subject to that act, the laws of another state or territory of the United States or the laws of the United States. […]
Section 58-11-60 – Conversion.
A. A credit union organized under the laws of this state may be converted to a credit union organized under the laws of any other state or under the laws of the United States, subject to regulations issued by the director. B. A credit union organized under the laws of the United States or of […]