Section 58-11-55 – Trust authority.
A credit union may accept, administer and execute trusts pursuant to prior approval by the director. History: Laws 1987, ch. 311, § 55. ANNOTATIONS Repeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
Section 58-11-30 – Compensation of officials.
No board or committee member may be compensated for services performed in the regular course of duties pertaining to that board or committee position. Notwithstanding any provision of the Credit Union Act to the contrary, board or committee members may be compensated for those services provided to the credit union while temporarily serving in an […]
Section 58-11-45 – Payable-on-death accounts.
Notwithstanding any other provision of law, a credit union may establish share accounts and deposit accounts payable to one or more persons during their lifetimes and on the death of all of them to one or more payable-on-death payees. Any transfer to a payable-on-death payee is effective by reason of the account contract and shall […]
Section 58-11-31 – Conflicts of interest.
No board member, committee member, executive officer, agent or employee of a credit union shall in any manner, directly or indirectly, participate in the deliberation upon or the determination of any question affecting his pecuniary interest, the pecuniary interest of his parents, children or siblings or spouses of any of those individuals or the pecuniary […]
Section 58-11-32 – Officers.
A. At an organizational meeting held within thirty days following each annual election, the board of directors shall elect from its own number a chairman, a vice chairman and a secretary. It shall also elect any other board officers that are specified in the bylaws. B. The terms of the board officers shall be one […]
Section 58-11-32.2 – Repealed.
ANNOTATIONS Repeals. — Laws 1987, Chapter 311, § 67 repeals 58-11-32.1 and 58-11-32.2 NMSA 1978, as enacted by Laws 1985, ch. 20, §§ 2, 3, relating to share insurance corporations, effective June 19, 1987.
Section 58-11-33 – Authority and responsibility of board members.
The board of directors shall have the authority and responsibility for providing the general direction of the business affairs, funds and records of the credit union. In addition to all other powers authorized in the Credit Union Act, the board of directors may: A. limit the dollar amount of share and deposit accounts which may […]
Section 58-11-34 – Repealed.
ANNOTATIONS Repeals. — Laws 1997, ch. 195, § 41 repealed 58-11-34 NMSA 1978, as enacted by Laws 1987, ch. 311, § 34, relating to the appointment of credit union executive committees by the board of directors, effective July 1, 1997. For provisions of former section, see the 1996 NMSA 1978 on NMOneSource.com.
Section 58-11-35 – Meetings of board members.
Each month either the board of directors or the executive committee shall meet. These bodies shall meet on other occasions as necessary. History: Laws 1987, ch. 311, § 35. ANNOTATIONS Repeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on […]
Section 58-11-36 – Duties of board members.
A. The board of directors shall: (1) act upon applications for membership or to appoint one or more membership officers to approve applications for membership under such conditions as the board prescribes. A record of the actions taken by a membership officer shall be made available in writing to the board of directors for inspection. […]