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 or national bank examiner before the effective date of the merger or conversion.
History: 1941 Comp., § 50-1912, enacted by Laws 1951, ch. 37, § 12; 1953 Comp., § 48-13-12; Laws 1977, ch. 245, § 35.
Compiler's notes. — Laws 1951, ch. 37, § 13, provided where the act should be compiled in the 1941 Comp.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 28.
Novation where bank transfers its assets to another bank which assumes its obligation, 79 A.L.R. 82.
9 C.J.S. Banks and Banking § 128.
Structure 2021 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 4 - Merger and Consolidation of Banks
Section 58-4-1 - Additional definitions.
Section 58-4-2 - Resulting national bank.
Section 58-4-3 - Resulting state bank.
Section 58-4-4 - Merger procedure; resulting state bank.
Section 58-4-5 - Merger; approval by stockholders of state banks.
Section 58-4-7 - Conversion of national into state bank.
Section 58-4-8 - Continuation of corporate entity; use of old name.
Section 58-4-9 - Sale of all assets of bank or department.
Section 58-4-10 - Dissenting stockholders.
Section 58-4-11 - Nonconforming assets or business.
Section 58-4-12 - Book value of assets.
Section 58-4-13 - Conversion of savings association to a state bank.