A. The articles of organization and the bylaws may be amended as provided in the articles and bylaws, respectively. Amendments to the articles of organization or bylaws shall be submitted to the director who shall approve or disapprove the proposed amendments within thirty days after submission.
B. The director shall not approve any amendment to articles or bylaws which he determines would be detrimental to any credit union's safety or soundness or to the welfare of a credit union's members. No amendment shall become effective until approved by the director. If the director disapproves any proposed amendment, the credit union may appeal the disapproval to the court of appeals within thirty days.
History: Laws 1987, ch. 311, § 12.
Repeals and reenactments. — Laws 1987, Chapter 311 repealed 58-11-12 NMSA 1978, as amended by Laws 1975, ch. 344, § 12, relating to directors and officers, effective June 19, 1987, and enacted the present section.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Section 58-11-1 - Short title.
Section 58-11-2 - Definitions.
Section 58-11-3 - Supervision and regulation.
Section 58-11-4 - Appeal rights and court review.
Section 58-11-5 - Examinations; supervision fees.
Section 58-11-8 - Records of the division.
Section 58-11-9 - Conflicts of interest.
Section 58-11-10 - Formation of credit union.
Section 58-11-11 - Forms of articles and bylaws.
Section 58-11-12 - Amendments.
Section 58-11-13 - Use of name exclusive.
Section 58-11-14 - Service facilities.
Section 58-11-15 - Fiscal year.
Section 58-11-17 - Doing business outside this state.
Section 58-11-18 - Powers of credit unions.
Section 58-11-19 - Incidental powers.
Section 58-11-20 - Advantageous federal powers.
Section 58-11-21 - Membership.
Section 58-11-22 - Central credit unions.
Section 58-11-23 - Other credit unions.
Section 58-11-24 - Member eligibility.
Section 58-11-25 - Liability of members.
Section 58-11-26 - Meetings of members.
Section 58-11-27 - Direction of affairs.
Section 58-11-28 - Record of officials.
Section 58-11-30 - Compensation of officials.
Section 58-11-31 - Conflicts of interest.
Section 58-11-32.2 - Repealed.
Section 58-11-33 - Authority and responsibility of board members.
Section 58-11-35 - Meetings of board members.
Section 58-11-36 - Duties of board members.
Section 58-11-38 - Supervisory committee.
Section 58-11-39 - Members' accounts.
Section 58-11-40 - Dividends and interest.
Section 58-11-41 - Withdrawals.
Section 58-11-42 - Accounts of minors.
Section 58-11-43 - Joint accounts.
Section 58-11-44 - Trust accounts.
Section 58-11-45 - Payable-on-death accounts.
Section 58-11-47 - Dormant accounts.
Section 58-11-48 - Share and deposit insurance.
Section 58-11-49 - Loan policies.
Section 58-11-50 - Insurance for members.
Section 58-11-51 - Liability and fidelity insurance for officials and employees.
Section 58-11-52 - Group purchasing.
Section 58-11-53 - Money-type instruments.
Section 58-11-54 - Retirement accounts.
Section 58-11-55 - Trust authority.
Section 58-11-56 - Investments.
Section 58-11-57.1 - Capitalization and reserves.
Section 58-11-58 - Dissolution.
Section 58-11-59 - Merger of credit unions.
Section 58-11-60 - Conversion.
Section 58-11-62 - Criminal liability.