A. Any membership applicant shall first give notice in writing to the corporation of its intention to become a member and shall submit such preliminary financial statements and other information concerning its assets, liabilities and affairs as the commissioner or supervisory agency and the board may determine.
B. An applicant, before admission to the corporation, shall also be subject to such audit, if any, as the commissioner or supervisory agency and the board determine to be necessary. If the board and the commissioner or supervisory agency find that the applicant is solvent, has adequate management and is conducting its business in a safe and sound manner, or in the case of a newly organized credit union, proposes to conduct its business in a safe and sound manner, the application shall be granted.
History: 1953 Comp., § 48-19A-9, enacted by Laws 1973, ch. 114, § 9; 1979, ch. 95, § 9.
Cross references. — For meaning of "commissioner", see 58-12-2C NMSA 1978 and notes thereto.
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.