Chapter 58 — Chapter 58
1,014 sections in this chapter.
NMSA 1978, § 58-1B-3 Purpose and intent of act
0.4K chars
The purpose of the Interstate Bank Acquisition Act is to establish the conditions under which a company may acquire a New Mexico bank or a New Mexico bank holding company. In enacting it the legislature intends to avoid discrimination against out-of- state bank holding companies …
NMSA 1978, § 58-1B-4 Permitted acquisitions
1.2K chars
A. Except as provided in Subsection B of this section, a company may not acquire a New Mexico state bank or a New Mexico bank holding company without the prior approval of the director unless federal law expressly permits the acquisition without that approval. B. The prohibition …
NMSA 1978, § 58-1B-5 Required application; forms
0.8K chars
A. A company that proposes to make an acquisition pursuant to the Interstate Bank Acquisition Act shall: (1) file with the director a copy of the application that the company has filed with the responsible federal bank supervisory agency and any additional information prescribed …
NMSA 1978, § 58-1B-6 Standards for approval
2.0K chars
A. In deciding whether to approve an application for a proposed acquisition pursuant to the Interstate Bank Acquisition Act, the director shall consider whether the acquisition may: (1) be detrimental to the safety and soundness of the New Mexico state bank or the New Mexico bank…
NMSA 1978, § 58-1B-7 Procedures relating to applications
1.1K chars
A. The director shall approve or disapprove an application for acquisition pursuant to the Interstate Bank Acquisition Act within ninety days after receipt of a completed application unless the director requests additional information from the applicant following receipt of a com…
NMSA 1978, § 58-1B-8 Reports; examinations
1.2K chars
A. To the extent specified by the director by regulation, order or written request, each bank holding company that directly or indirectly controls a New Mexico state bank or a New Mexico bank holding company, or the home state regulator of the company, shall submit to the directo…
NMSA 1978, § 58-1B-9 Agency activities
2.8K chars
A. If it complies with the requirements of this section, a New Mexico state bank may agree to act as an agent for any affiliated bank depository institution to receive deposits, renew time deposits, close loans, service loans, receive payments on loans and other obligations and p…
NMSA 1978, § 58-1C-1 Short title
0.2K chars
Sections 14 through 27 [58-1C-1 to 58-1C-13 NMSA 1978] of this act may be cited as the "Interstate Bank Branching Act". History: Laws 1996, ch. 2, § 14.
NMSA 1978, § 58-1C-10 Examinations; periodic reports; cooperative agreements;
3.3K chars
assessment of fees. A. To the extent consistent with Subsection C of this section, the director may make examinations of any branch established and maintained in this state by an out-of-state state bank pursuant to the Interstate Bank Branching Act as the director deems necessary…
NMSA 1978, § 58-1C-11 Enforcement
0.7K chars
If the director determines that a branch maintained by an out-of-state state bank in this state is being operated in violation of the laws of this state, is not reasonably meeting the credit needs of the community served or is being operated in an unsafe and unsound manner, the d…
NMSA 1978, § 58-1C-12 Regulations
0.2K chars
The director may adopt regulations necessary or appropriate to implement the provisions of the Interstate Bank Branching Act. History: Laws 1996, ch. 2, § 25.
NMSA 1978, § 58-1C-13 Notice of subsequent merger and other transactions
0.7K chars
An out-of-state state bank that has established and maintains a branch in this state pursuant to the Interstate Bank Branching Act shall give at least thirty days prior written notice or, in the case of an emergency transaction, shorter notice consistent with applicable state or …
NMSA 1978, § 58-1C-2 Purpose
0.3K chars
The purpose of the Interstate Bank Branching Act is to permit interstate bank branching by merger pursuant to the provisions of the federal Regle-Neal Interstate Banking and Branching Efficiency Act of 1994, P.L. 103-328. History: Laws 1996, ch. 2, § 15.
NMSA 1978, § 58-1C-3 Definitions
3.1K chars
As used in the Interstate Bank Branching Act: A. "bank" means that term as defined in 12 U.S.C.A. Section 1813(h), but "bank" does not include any "foreign bank" as defined in 12 U.S.C.A. Section 3101(7), unless the foreign bank is organized under the laws of a territory of the U…
NMSA 1978, § 58-1C-4 Authority of state banks to establish interstate branches
1.4K chars
by merger. A. If it obtains the prior approval of the director, a New Mexico state bank may establish, maintain and operate one or more branches in a state other than New Mexico pursuant to an interstate merger transaction in which the New Mexico state bank is the resulting bank.…
NMSA 1978, § 58-1C-5 Interstate merger transactions and branching permitted
1.4K chars
A. One or more New Mexico banks may enter into an interstate merger transaction with one or more out-of-state banks pursuant to the Interstate Bank Branching Act, and an out-of-state bank resulting from the transaction may maintain and operate as branches in New Mexico the former…
NMSA 1978, § 58-1C-6 De novo branching and acquisition of individual branches
0.2K chars
not permitted. Interstate branching, either de novo or by acquisition of one or more branches, not involving all or substantially all of the assets and branches of a New Mexico bank is prohibited. History: Laws 1996, ch. 2, § 19.
NMSA 1978, § 58-1C-7 Notice and filing requirements
0.7K chars
An out-of-state bank that will be the resulting bank pursuant to an interstate merger transaction involving a New Mexico state bank shall notify the director of the proposed merger no later than the date on which it files an application for an interstate merger transaction with t…
NMSA 1978, § 58-1C-8 Condition for interstate merger prior to June 1, 1997
1.1K chars
An interstate merger transaction prior to June 1, 1997 resulting in a New Mexico branch of an out-of-state bank shall not be consummated and any out-of-state bank resulting from such a merger shall not operate a branch in New Mexico, unless the director first: A. finds that the l…
NMSA 1978, § 58-1C-9 Powers; additional branches
0.8K chars
A. An out-of-state state bank with branches in New Mexico authorized pursuant to the Interstate Bank Branching Act may conduct any activities at its branches that are authorized pursuant to the laws of this state for New Mexico state banks. B. A New Mexico state bank may conduct …
NMSA 1978, § 58-2-1 ["Banking institution" defined.]
0.4K chars
The term "banking institution," as used in this act [58-2-1 to 58-2-8 NMSA 1978] shall be construed to mean any bank, trust company, bank and trust company, stock savings bank or mutual savings bank, which is now or may hereafter be organized under the laws of this state. History…
NMSA 1978, § 58-2-2 [Acceptance of federal laws.]
1.4K chars
Any banking institution now or hereafter reorganized under the laws of this state is hereby empowered, on the authority of its board of directors, or a majority thereof, to enter into such contracts, incur such obligations and generally to do and perform any and all such acts and…
NMSA 1978, § 58-2-3 [Liquidation of banks by federal deposit insurance
1.3K chars
corporation.] The federal deposit insurance corporation created by Section eight of the federal "Banking Act of 1933" (Section 12B of the Federal Reserve Act, as amended) is hereby authorized and empowered to be and act without bond as receiver or liquidator of any banking instit…
NMSA 1978, § 58-2-4 [Subrogation of federal corporation.]
1.0K chars
Whenever any banking institutions shall have been closed as aforesaid, and said federal deposit insurance corporation shall pay or make available for payment the insured deposit liabilities of such closed institution, the corporation, whether or not it shall have become receiver …
NMSA 1978, § 58-2-5 Exchange of information
2.0K chars
The director of the financial institutions division is authorized to accept in his discretion in lieu of any examination authorized by the laws of this state to be conducted by the division of a banking institution the examination that may have been made of same within a reasonab…
NMSA 1978, § 58-2-6 Loans by and sale of assets to federal corporation
1.4K chars
With respect to any banking institution, which is now or may hereafter be closed on account of inability to meet the demands of its depositors or by action of the director of the financial institutions division or of a court or by action of its directors or in the event of its in…
NMSA 1978, § 58-2-7 [Federal corporation as receiver or liquidator; possession of
0.5K chars
and title to assets.] Upon the acceptance of the appointment of receiver or liquidator aforesaid by said corporation, the possession of and title to all the assets, business and property of such banking institution of every kind and nature shall pass to and vest in said corporati…
NMSA 1978, § 58-2-8 [Enforcement of individual liability of stockholders and
0.4K chars
directors of closed banks.] Among its other powers, said corporation, in the performance of its powers and duties as such receiver or liquidator, shall have the right and power upon the order of a court of record of competent jurisdiction to enforce the individual liability of th…
NMSA 1978, § 58-3-1 Interest on accounts
0.6K chars
A. A state bank may maintain time and savings deposit accounts and pay interest on balances therein at rates which need not be uniform. The director of the financial institutions division may, by general regulation, fix maximum rates of interest. B. Time or savings account deposi…
NMSA 1978, § 58-3-2 Refusal to accept signatures or endorsements
0.9K chars
A. A bank may refuse to pay any check, draft or order drawn upon it when the officers of the bank or national bank have reason to believe that the person signing or endorsing the instrument is or was so under the influence of alcohol or drug as to make it reasonably doubtful whet…
NMSA 1978, § 58-3-3 Repealed
0.2K chars
ANNOTATIONS Repeals. — Laws 1978, ch. 122, §§ 1 and 2, repeal 48-10-3, 1953 Comp. (58-3-3 NMSA 1978), relating to joint accounts, effective March 6, 1978.
NMSA 1978, § 58-3-4 Repealed
0.2K chars
ANNOTATIONS Repeals. — Laws 1989, ch. 209, § 18 repeals 58-3-4 NMSA 1978, as amended by Laws 1987, ch. 331, § 1, relating to withdrawals from financial institutions, effective June 16, 1989. ARTICLE 4 Merger and Consolidation of Banks
NMSA 1978, § 58-4-1 Additional definitions
0.7K chars
As used in this article, unless the context otherwise requires: A. "association" includes a state or federal savings and loan association unless limited by use of the words "state" or "federal"; B. "converting bank" means a bank converting from a state bank to a national bank or …
NMSA 1978, § 58-4-10 Dissenting stockholders
2.4K chars
A. A dissenting stockholder of a state bank shall be entitled to receive the value in each of only those shares which were voted against a merger to result in a state bank, against the conversion of a state bank into a national bank or against a sale of all or substantially all o…
NMSA 1978, § 58-4-11 Nonconforming assets or business
0.7K chars
If a merging, converting or selling bank has assets which do not conform to the requirements of state law for the resulting or purchasing state bank or carries on business activities which are not authorized or permitted for the resulting or purchasing state bank, the director of…
NMSA 1978, § 58-4-12 Book value of assets
0.5K chars
Without approval by the director of the financial institutions division no asset shall be carried on the books of the resulting or purchasing state bank at a valuation higher than that on the books of the merging or converting bank at the time of its last examination by a state o…
NMSA 1978, § 58-4-13 Conversion of savings association to a state bank
6.5K chars
A. Any association may convert to a state bank pursuant to this section. A mutual association shall first convert to a stock association before applying for conversion to a state bank. A transaction in which the resulting bank is a subsidiary or an affiliate of a bank holding com…
NMSA 1978, § 58-4-2 Resulting national bank
1.0K chars
A. Nothing in the law of this state shall restrict the right of a state bank to merge with or convert into a resulting national bank. The action to be taken by such merging or converting state bank and its rights and liabilities and those of its stockholders shall be the same as …
NMSA 1978, § 58-4-3 Resulting state bank
0.6K chars
Upon approval by the director of the financial institutions division, banks may be merged to result in a state bank or a national bank may convert into a state bank as hereafter prescribed, except that the action by a national bank shall be taken in the manner prescribed by and s…
NMSA 1978, § 58-4-4 Merger procedure; resulting state bank
2.8K chars
A. The board of directors of each merging state bank shall, by a majority of the entire board, approve a merger agreement which shall contain: (1) a statement or recital that the agreement is subject to approval by the director of the financial institutions division and by the st…
NMSA 1978, § 58-4-5 Merger; approval by stockholders of state banks
1.2K chars
A. To be effective, a merger which is to result in a state bank must be approved by the stockholders of each merging state bank by a vote of two-thirds of the outstanding voting stock of each class at a meeting called to consider such action, which vote shall constitute the adopt…
NMSA 1978, § 58-4-6 Effective date of merger; filing of approved agreement;
1.2K chars
certificate of merger as evidence. A. A merger or sale which is to result in a state bank shall, unless a late date is specified in the agreement, become effective upon the filing with the director of the financial institutions division of the executed agreement together with cop…
NMSA 1978, § 58-4-7 Conversion of national into state bank
1.0K chars
A. A national bank located in this state which follows the procedure prescribed by the laws of the United States to convert into a state bank, shall be granted a charter by the director of the financial institutions division unless he finds that the bank does not meet the standar…
NMSA 1978, § 58-4-8 Continuation of corporate entity; use of old name
1.1K chars
A. A resulting state or national bank shall be the same business and corporate entity as each merging bank or as the converting bank with all the property, rights, powers and duties of each merging bank or the converting bank, except as affected by the law of this state in the ca…
NMSA 1978, § 58-4-9 Sale of all assets of bank or department
2.7K chars
A. Any state bank or trust company may sell to any other bank or trust company: (1) all or substantially all of the selling bank assets and business; or (2) all or substantially all of the assets and business of any department of the selling bank. B. Any state bank or trust compa…
NMSA 1978, § 58-5-1 Board of directors; oaths
0.9K chars
A. A board member, when initially elected, shall take an oath that: (1) he will, so far as the duty devolves upon him, diligently and honestly administer the affairs of the bank and will not knowingly violate or willingly permit to be violated any of the provisions of the Banking…
NMSA 1978, § 58-5-10 [Federal reserve member banks; state examination.]
0.7K chars
Such bank or trust company shall continue to be subject to the supervision and examination required by the laws of this state, except that the federal reserve board shall have the right, if it deems necessary, to make examinations; and the authorities of this state having supervi…
NMSA 1978, § 58-5-11 Interstate acquisition; procedures
2.9K chars
A. A bank holding company which has control over a company operating as a bank in some jurisdiction, but not in this state, may acquire all, substantially all or such lesser portion as the director deems reasonable of the assets and liabilities of a bank operating in this state, …
NMSA 1978, § 58-5-2 Branch banks
2.2K chars
A. Banks duly authorized to transact business in New Mexico are authorized to conduct branches subject to the limitations of Section 58-5-3 NMSA 1978 with the powers and limitations provided in this article, after having first obtained written approval of the director, which appr…
NMSA 1978, § 58-5-3 Branch banks; permit to open; powers; location
0.4K chars
Branches of banks authorized under the provisions of this article are authorized to accept deposits, cash checks, buy and sell exchange, make loans and do a general banking business. A permit to open the branch shall first be obtained from the director. History: 1941 Comp., § 50-…