Any seven or more credit unions in this state or in any other state organized and existing under the provisions of the Credit Union Act [Chapter 58, Article 11 NMSA 1978] or under other substantially similar state laws may, subject to the prior approval of the director, form a corporation under the Credit Union Share Insurance Corporation Act to be known as the "New Mexico credit union share insurance corporation" for the purpose of creating and maintaining a fund for the insurance of shares and deposits of those credit unions that become members. Each of the credit unions participating in the formation of the corporation shall execute articles of incorporation therefor, which shall be submitted for filing to the secretary of state with a filing fee of five dollars ($5.00) after the articles of incorporation have been approved by the director. In the event that credit unions chartered in other states join this corporation, the corporate name may be changed by the board of directors to reflect such multistate membership. Any contract or agreement or amendment thereto for the purposes of joining this corporation to which a credit union chartered in another state is a party shall be subject to prior review and approval by the director.
History: 1953 Comp., § 48-19A-3, enacted by Laws 1973, ch. 114, § 3; 1979, ch. 95, § 2; 2013, ch. 75, § 19.
Cross references. — For meaning of "commissioner", see 58-12-2C NMSA 1978 and notes thereto.
The 2013 amendment, effective July 1, 2013, required that articles of incorporation of credit unions be filed with the secretary of state; in the first sentence, after "provisions of", deleted "Sections 58-11-1 through 58-11-33 NMSA 1978" and added "the Credit Union Act"; deleted "commissioner " and added "director" throughout the section; in the second sentence, after "filing to the", deleted "state corporation commission" and added "secretary of state" and after "five dollars ($5.00) after", delete "same has" and added "the articles of incorporation have".
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 12 - Credit Union Share Insurance Corporations
Section 58-12-1 - Short title.
Section 58-12-2 - Definitions.
Section 58-12-3 - Formation of corporation; purpose.
Section 58-12-3.1 - Out-of-state members.
Section 58-12-4 - Corporation organization and bylaws.
Section 58-12-5 - Corporation directors and officers.
Section 58-12-6 - Corporation; board meetings.
Section 58-12-7 - Corporation; powers and duties of the board.
Section 58-12-8 - Corporation; termination of membership; penalty.
Section 58-12-9 - Corporation; membership.
Section 58-12-10 - Corporation; assessments.
Section 58-12-11 - Assessments; for operational purposes.
Section 58-12-12 - Financial assistance.
Section 58-12-13 - Dissolution of the corporation.