At any annual meeting or any special meeting called for the purpose, any association may, by majority vote of its members or stockholders who are entitled to vote, resolve to liquidate and dissolve the association. Before the resolution takes effect, a copy certified by the president and the secretary of the association, together with an itemized statement of its assets and liabilities sworn to by a majority of its board of directors, shall be filed with, and approved by, the supervisor. When the supervisor has approved the resolution, it is thereafter unlawful for the association to accept any additional savings accounts or additions to savings accounts or to make any additional loans, but all its income and receipts in excess of actual expenses of liquidation of the association shall be applied to the discharge of its liabilities. The board of directors of the association, under the supervision of the supervisor and in accordance with a plan of liquidation approved by him, shall thereupon proceed to liquidate the affairs of the association and reduce its assets to cash for the purpose of paying, satisfying and discharging all existing liabilities and obligations of the association, including the withdrawal value of all savings accounts, the balance remaining, if any, to be distributed pro rata among the savings account holders of record on the date of adoption by the association of the resolution to liquidate; but if the association has outstanding permanent capital stock, any balance remaining after all liabilities and obligations have been fully paid and satisfied, including the withdrawal value of all savings accounts, shall be distributed among the holders of the stock in proportion to their stockholding. All expenses incurred by the supervisor or any of his representatives during the course of any liquidation shall be paid from the assets of the association. Upon completion of liquidation, the board of directors shall file with the supervisor a final report and accounting of the liquidation. Approval of the report by the supervisor is a complete and final discharge of the board of directors and each member in connection with the liquidation of the association.
History: 1953 Comp., § 48-15-129, enacted by Laws 1967, ch. 61, § 85.
Cross references. — For dissolution of corporation generally, see 53-16-1 to 53-16-24 NMSA 1978.
For meaning of "supervisor", see 58-10-2J NMSA 1978.
Building and loan association could also dissolve under general corporation law. — A building and loan association could dissolve under 51-7-1, 1953 Comp. (former dissolution of corporation provision), as well as under 48-15-18, 1953 Comp. (former voluntary liquidation provision), this last being an operative provision of the Building and Loan Association Act. 1956 Op. Att'y Gen. No. 56-6482.
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 10 - Savings and Loan Associations
Section 58-10-1 - Short title.
Section 58-10-2 - Definitions.
Section 58-10-3 - Application for charter.
Section 58-10-4 - Permanent capital stock.
Section 58-10-5 - Stock requirements for proposed permanent capital stock associations.
Section 58-10-7 - Savings account requirements for proposed permanent capital stock associations.
Section 58-10-10 - Capital debentures or notes.
Section 58-10-11 - Hearings on charter application.
Section 58-10-12 - Approval of application for charter.
Section 58-10-13 - Refusal of charter application; appeal.
Section 58-10-14 - Forfeiture of charter for failure to commence business.
Section 58-10-15 - Amendment of charter and bylaws.
Section 58-10-16 - Corporate name; exclusive use.
Section 58-10-17 - Branch offices.
Section 58-10-18 - Change of office.
Section 58-10-19 - Board of directors.
Section 58-10-20 - Organizational meeting.
Section 58-10-21 - Qualification of directors.
Section 58-10-23 - Indemnity bonds of directors, officers and employees.
Section 58-10-24 - Meetings; voting.
Section 58-10-25 - Access to records.
Section 58-10-27 - Misdescription of assets.
Section 58-10-28 - Charging off or setting up reserves against bad assets.
Section 58-10-29 - Membership records.
Section 58-10-30 - Financial statement.
Section 58-10-31 - Annual reports; other reports.
Section 58-10-32 - Power to borrow.
Section 58-10-33 - General corporate powers.
Section 58-10-34 - Fiscal agent.
Section 58-10-35 - Powers under federal law.
Section 58-10-36 - Original real estate loans.
Section 58-10-37 - Dealing in real estate loans.
Section 58-10-38 - Participation with others in real estate loans.
Section 58-10-39 - Requirements in lending transactions.
Section 58-10-40 - Advances to protect security.
Section 58-10-41 - Charges for real estate loans.
Section 58-10-42 - Insured and guaranteed loans.
Section 58-10-43 - Loans on security of savings accounts.
Section 58-10-44 - Property improvement, educational and manufactured home financing loans.
Section 58-10-45 - Investment in securities.
Section 58-10-46 - Acquisition of real property.
Section 58-10-47 - Investment in office buildings.
Section 58-10-48 - Valuation of real property of an association.
Section 58-10-49 - Appraisals of real estate owned.
Section 58-10-50 - Powers and privileges of association.
Section 58-10-51 - Limitation on savings accounts.
Section 58-10-52 - Uninsured accounts; notice.
Section 58-10-53 - Insurance of accounts; failure to obtain or maintain.
Section 58-10-54 - Who may open a savings account.
Section 58-10-55 - Savings contracts.
Section 58-10-56 - Evidence of account ownership.
Section 58-10-57 - Transfer of savings accounts.
Section 58-10-58 - Lost or destroyed evidence of ownership.
Section 58-10-59 - Savings accounts of minors.
Section 58-10-60 - Power of attorney on savings accounts.
Section 58-10-61 - Pledge of savings account in joint tenancy.
Section 58-10-62 - Accounts of fiduciaries.
Section 58-10-63 - Withdrawals from savings accounts.
Section 58-10-64 - Redemption of savings accounts.
Section 58-10-65 - Lien on savings accounts.
Section 58-10-66 - Paying dividends on savings accounts.
Section 58-10-67 - Computation of net income.
Section 58-10-68 - Transfers to loss reserves.
Section 58-10-69 - Dividends on permanent capital stock.
Section 58-10-70 - Use of surplus accounts and expense fund contributions.
Section 58-10-71 - Savings and loan supervisor.
Section 58-10-72 - General powers of supervisor.
Section 58-10-73 - Regulations.
Section 58-10-74 - Confidential information.
Section 58-10-75 - Supervisor; disposition of fees.
Section 58-10-76 - Audits and examinations; fees.
Section 58-10-77 - Other examinations.
Section 58-10-78 - Federal examination.
Section 58-10-79 - Additional examinations.
Section 58-10-80 - Order to discontinue violations.
Section 58-10-81 - Removal of directors, officers and employees.
Section 58-10-82 - Order to refrain from voting shares.
Section 58-10-83 - Emergency power of supervisor.
Section 58-10-84 - When order is final; appeal.
Section 58-10-85 - Receivership.
Section 58-10-86 - Communications from supervisor.
Section 58-10-87 - Reorganization; merger; consolidation.
Section 58-10-88 - Voluntary liquidation.
Section 58-10-89 - Exemption from securities laws.
Section 58-10-90 - All businesses to conform.
Section 58-10-91 - Outstanding items considered as savings accounts.
Section 58-10-92 - Judicial review.
Section 58-10-93 - Slander; felony.
Section 58-10-94 - Violation of act; civil penalty.
Section 58-10-95 - Violations; criminal penalties.
Section 58-10-96 - Suppressing evidence; felony.
Section 58-10-97 - Disclosure of confidential information; felony; civil liability.
Section 58-10-98 - Conversion into federal association.
Section 58-10-99 - Conversion into state chartered association.
Section 58-10-101 - Foreign associations.
Section 58-10-102 - Federal associations; applicability.
Section 58-10-103 - Payment from savings account of decedent.
Section 58-10-104 - Authority to engage in leasing safe deposit facilities; subsidiary company.
Section 58-10-105 - Access by fiduciaries.
Section 58-10-106 - Effect of lessee's death or incapacity.
Section 58-10-107 - Lease to minor.
Section 58-10-108 - Search procedure on death.
Section 58-10-109 - Adverse claims to contents of safe deposit box.
Section 58-10-110 - Special remedies for nonpayment of rent.
Section 58-10-111 - Limitation of liability on construction loans.