A. After the capital structure has been fully subscribed, the organizers may apply to the director for permission to file with the state corporation commission [public regulation commission]. If no application for permission to file corporate papers is filed within one hundred eighty days following the filing of notice of intention, the application period may be extended for an additional one hundred eighty days, at the director's discretion. The agent for service shall submit a written request for extension prior to the expiration date of the original notice of intention and shall pay an extension fee of twenty-five hundred dollars ($2,500). The director shall respond to the written request for extension within five business days. All solicitation and collection activities concerning stock subscriptions shall be halted during the period following the expiration of the original notice of intention and shall resume only when the director approves the extension request. The organizers shall submit with the application:
(1) the proposed articles of incorporation in quadruplicate, in such form as the director prescribes, containing:
(a) the name of the state bank;
(b) if the state bank is to exercise trust powers, a statement to that effect;
(c) the community in which it is to be located;
(d) the amount of capital, the number of shares, the par value of the shares, the amount of surplus and undivided profits and organization expenses;
(e) a statement indicating whether voting for directors shall or shall not be cumulative and the extent of the preemptive rights of stockholders;
(f) the name and address of agent for service of process; and
(g) such other proper provisions to govern the business and affairs of the state bank as may be desired by the incorporators; and
(2) a copy of proposed bylaws.
B. The application shall be in such form and contain such information as the director may require, including:
(1) the name and residence of each subscriber and the number of shares for which he has subscribed; and
(2) the address at which it is proposed that the state bank do business or, if the address is not known, the area within the community in which it is proposed that the business be located.
C. If the proposed articles of incorporation, the application or any other accompanying documents do not comply with the requirements of the Banking Act, the director shall within twenty days after the receipt thereof notify the incorporators of the defect therein.
History: 1953 Comp., § 48-22-45, enacted by Laws 1963, ch. 305, § 45; 1975, ch. 330, § 32; 1991, ch. 120, § 4.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Laws 1998, ch. 108, § 80 provided that references to the state corporation commission be construed as references to the public regulation commission.
The 1991 amendment, effective June 14, 1991, substituted "director" for "commissioner" throughout the section; in Subsection A, in the first sentence, substituted "the application period may be extended for an additional one hundred eighty days, at the director's discretion" for "the entire application shall be cancelled" and added the second, third and fourth sentences; and made minor stylistic changes throughout the section.
Corporation organized under general corporation laws ousted from banking. — Since the corporation was organized under general incorporation laws and not the former banking act or the former so-called Mercantile Act, trial court was correct in concluding that it should be ousted from the conduct of banking business as an interloper or intruder. First Thrift & Loan Ass'n v. State ex rel. Robinson, 1956-NMSC-099, 62 N.M. 61, 304 P.2d 582.
A corporation cannot organize under the general corporation laws and thereafter conduct a banking business whether or not said corporation has two departments. First Thrift & Loan Ass'n v. State ex rel. Robinson, 1956-NMSC-099, 62 N.M. 61, 304 P.2d 582.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 22.
9 C.J.S. Banks and Banking § 36.
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.