Notwithstanding any language herein to the contrary, any member not chartered in New Mexico shall only be subject to the statutes, rules and regulations enacted or issued by the member's chartering state or applicable supervisory agency. As a condition of participation in the New Mexico credit union share insurance corporation, the member not chartered in the state of New Mexico shall appoint the New Mexico secretary of state as agent for service of process. Provided, however, nothing herein shall be construed to limit the powers of the corporation over its members, whether chartered by the state of New Mexico or by any other state.
History: 1978 Comp., § 58-12-3.1, enacted by Laws 1979, ch. 95, § 3.
Cross references. — For service of process upon the secretary of state, see 38-1-5 NMSA 1978.
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.