A. A bank may operate a deposit account in the name of a minor or in the name of two or more persons, one or more of whom are minors, with the same effect upon its liability as if such minors were of full age.
B. Subject to such regulations as the commissioner [director of the financial institutions division of the regulation and licensing department] may prescribe for the protection of depositors, a bank may contract with the proper authorities of any elementary or secondary school, or of any institution caring for minors, for the participation by the bank in any school or institutional thrift or savings plan, and it may accept deposits at such a school or institution, either by its own collector or by any representative of the school or institution who becomes the agent of the bank for such purpose.
History: 1953 Comp., § 48-22-6, enacted by Laws 1963, ch. 305, § 6.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Laws 1977, ch. 245, § 4 abolished the department of banking, with § 3 of that act establishing the commerce and industry department consisting of five divisions, including the financial institutions division. Section 12 provided that all references in the law to the department of banking were to be construed to mean the financial institutions division of the commerce and industry department. Furthermore, the powers and duties of the commissioner of banking were transferred to the director of the financial institutions division, and all statutory references to the commissioner were to be construed to mean the director. See 58-1-32 NMSA 1978 and the general definitions of 58-1-3 NMSA 1978. However, Laws 1983, ch. 297, § 33, abolished the commerce and industry department, and § 20 of that act created the regulation and licensing department with a financial institutions division. Laws 1983, ch. 297, § 31, transfers the personnel, etc., of the financial institutions division of the commerce and industry department to the financial institutions division of the regulation and licensing department. See 9-16-4 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 359.
9 C.J.S. Banks and Banking §§ 147 et seq., 211 et seq.
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Section 58-1-2 - Definitions of banks.
Section 58-1-2.1 - Prohibition.
Section 58-1-4 - Effect on existing banks.
Section 58-1-5 - Deposit of minor; school or institutional deposits.
Section 58-1-6 - Designating agent.
Section 58-1-7 - Adverse claim to deposit.
Section 58-1-8 - Payment from account when no executor or administrator has qualified.
Section 58-1-9 - Transmitting money; foreign exchange.
Section 58-1-10 - Authority to engage in leasing safe deposit facilities; subsidiary company.
Section 58-1-11 - Access by fiduciaries.
Section 58-1-12 - Effect of lessee's death or incapacity.
Section 58-1-13 - Lease to minor.
Section 58-1-14 - Search procedure on death.
Section 58-1-15 - Adverse claims to contents of safe deposit box.
Section 58-1-16 - Special remedies for nonpayment of rent.
Section 58-1-17 - Qualification and fiduciary powers.
Section 58-1-18 - Fiduciary bond or oath excused.
Section 58-1-20 - Reserves against deposits.
Section 58-1-22 - Investments.
Section 58-1-23 - Acceptances.
Section 58-1-24 - Diversification of loans and investments.
Section 58-1-25 - Acquisition of property to satisfy or protect previous loan.
Section 58-1-26 - Acquisition of banking premises and equipment.
Section 58-1-27 - Sale of assets in ordinary course.
Section 58-1-29 - Issuance of capital debentures or notes.
Section 58-1-30 - Pledge of assets.
Section 58-1-31 - Endorsement and signature guaranty and unauthorized assumption of liability.
Section 58-1-33 - Oath of secrecy; surety bonds.
Section 58-1-34 - Powers of director.
Section 58-1-35 - Employees [Examiners] and clerks; designation of deputy.
Section 58-1-36 - Seal of the director.
Section 58-1-37 - Office of the commissioner [director]; delegation of powers.
Section 58-1-39 - Bank records; prescribing manner of keeping.
Section 58-1-40 - Reports of condition; special reports; failure to make; penalty.
Section 58-1-41 - Supervision fees.
Section 58-1-41.1 - Trust department examination; fees.
Section 58-1-41.2 - Additional examinations.
Section 58-1-43 - Fees and penalties; disposition.
Section 58-1-44 - Copies of reports and records; evidence; fees.
Section 58-1-45 - Court review.
Section 58-1-46 - Examinations and reports.
Section 58-1-47 - Commissioner's [Director's] annual report.
Section 58-1-48 - Records of division.
Section 58-1-50 - Limitation of personal liability.
Section 58-1-51 - Standards in regulations.
Section 58-1-52 - Incorporators.
Section 58-1-53 - General corporate powers.
Section 58-1-54 - Powers of director and of state banks.
Section 58-1-55 - Capital structure; impairment of capital.
Section 58-1-56 - Notice of intention.
Section 58-1-57 - Application for permission to file corporate papers.
Section 58-1-59 - Subscription calls.
Section 58-1-65 - Directors and officers.
Section 58-1-66 - Directors; meetings and duties.
Section 58-1-67 - Fidelity bonds and other insurance.
Section 58-1-68 - Authority to declare dividends.
Section 58-1-69 - Capital, surplus and undivided profits; accounting requirements.
Section 58-1-70 - Deposit insurance; membership in federal reserve system.
Section 58-1-71 - Waivers; corporate action by unanimously signed writing.
Section 58-1-72 - Voluntary liquidation and dissolution.
Section 58-1-73 - Director in possession.
Section 58-1-74 - Requirements of reorganization plan.
Section 58-1-75 - Liquidation by commissioner [director].
Section 58-1-76 - Unauthorized conduct of banking business.
Section 58-1-77 - Receipt of deposits while insolvent.
Section 58-1-78 - Unlawful service as officer or director.
Section 58-1-80 - Unlawful concealment of transaction.
Section 58-1-81 - Improper maintenance of accounts; false or deceptive entries and statements.
Section 58-1-82 - Reimbursement for fines and penalties.
Section 58-1-83 - Unlawful use of words "safe deposit.".
Section 58-1-84 - Unlawful sanctions; violations of rules and orders.