This act [58-12-1 to 58-12-3, 58-12-4 to 58-12-15 NMSA 1978] may be cited as the “Credit Union Share Insurance Corporation Act”. History: 1953 Comp., § 48-19A-1, enacted by Laws 1973, ch. 114, § 1. ANNOTATIONS Cross references. — For credit unions, see Chapter 58, Article 11 NMSA 1978.
A. As a basic assessment for the purpose of establishing the “share insurance fund”, the board shall require the original members and each new member to pay over in cash to the corporation an amount equal to one percent of its total member share and deposit balances as shown by its latest June 30 or […]
In or within thirty days after June 30 or December 31 of each year except as hereinbefore provided, while a member, such member shall pay to the corporation an assessment equal to one-fourth of one percent of its share and deposit liabilities payable as shown on its financial statement as of said dates, to be […]
The board may by resolution borrow money for the purposes of the share insurance fund and may pledge any assets in which such fund is invested as security for such loans. The board may have the right to buy reinsurance and bonds or participate in the capital structure of a business for the purpose of […]
The directors of the corporation, at a special meeting called for the purpose of dissolution of the corporation and held in accordance with the bylaws and Section 58-12-6 NMSA 1978, may determine by vote of four-fifths of all directors that as a fact the corporation is no longer needed for the insurance of shares and […]
The corporation shall be exempt from all state and local taxation except in respect to any real estate owned and used by it for its corporate purposes. History: 1953 Comp., § 48-19A-14, enacted by Laws 1973, ch. 114, § 14.
Except as herein provided, any or all of the corporation funds may be invested by the board only in cash, securities or investments which are legal. History: 1953 Comp., § 48-19A-15, enacted by Laws 1973, ch. 114, § 15.
As used in the Credit Union Share Insurance Corporation Act: A. “corporation” means the credit union share insurance corporation of this state; B. “board” means the board of directors of the corporation; C. “commissioner” means the director of the financial institutions division; D. “directors” means the directors of the corporation; E. “member” means a credit […]
Any seven or more credit unions in this state or in any other state organized and existing under the provisions of the Credit Union Act [Chapter 58, Article 11 NMSA 1978] or under other substantially similar state laws may, subject to the prior approval of the director, form a corporation under the Credit Union Share […]
Notwithstanding any language herein to the contrary, any member not chartered in New Mexico shall only be subject to the statutes, rules and regulations enacted or issued by the member’s chartering state or applicable supervisory agency. As a condition of participation in the New Mexico credit union share insurance corporation, the member not chartered in […]
A. Except as otherwise provided, each delegate shall have one vote in the election of directors and in voting in any matter legally coming before a meeting. However, delegates shall not vote by proxy nor shall any one delegate represent more than one member. B. A quorum shall consist of a majority of the delegates […]
A. The corporation shall have a board of directors consisting of seven persons, six of whom shall be elected by the delegates from among their members, with the remaining director to be elected by the other six directors and to be the chief administrative officer of the corporation. In addition, the commissioner or the director […]
The annual meeting of the corporation shall be held in the month of April and shall be called by the secretary at a time and place to be designated by the board. Special meetings of the corporation may be called by request either of a majority of the members of the board or the commissioner […]
A. To the extent authorized by the commissioner or any supervisory agency, the board may review the financial condition of any member as it relates to share insurance and, after the review, submit a report of the review to the commissioner and the supervisory agency accompanied with the recommendations of the board. B. Upon request […]
A. Whenever it shall appear to the board and the commissioner or supervisory agency that a member has conducted its business in an unsafe or unsound manner or has knowingly or negligently permitted any of its officers or agents to violate any provision of any law or regulation to which the member is subject, or […]
A. Any membership applicant shall first give notice in writing to the corporation of its intention to become a member and shall submit such preliminary financial statements and other information concerning its assets, liabilities and affairs as the commissioner or supervisory agency and the board may determine. B. An applicant, before admission to the corporation, […]
