Upon approval by the director of the financial institutions division, banks may be merged to result in a state bank or a national bank may convert into a state bank as hereafter prescribed, except that the action by a national bank shall be taken in the manner prescribed by and shall be subject to limitations and requirements imposed by the law of the United States which shall also govern the rights of its dissenting stockholders.
History: 1941 Comp., § 50-1903, enacted by Laws 1951, ch. 37, § 3; 1953 Comp., § 48-13-3; Laws 1977, ch. 245, § 28.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 28.
Character as holder in due course of bank which takes over assets and assumes liabilities of another bank, 76 A.L.R. 1329.
Liability of guarantor of or surety for bank deposit as affected by reorganization, merger, or consolidation of bank, 78 A.L.R. 381.
Novation where bank transfers its assets to another bank which assumes its obligation, 79 A.L.R. 82.
9 C.J.S. Banks and Banking §§ 158 et seq., 570.
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 4 - Merger and Consolidation of Banks
Section 58-4-1 - Additional definitions.
Section 58-4-2 - Resulting national bank.
Section 58-4-3 - Resulting state bank.
Section 58-4-4 - Merger procedure; resulting state bank.
Section 58-4-5 - Merger; approval by stockholders of state banks.
Section 58-4-7 - Conversion of national into state bank.
Section 58-4-8 - Continuation of corporate entity; use of old name.
Section 58-4-9 - Sale of all assets of bank or department.
Section 58-4-10 - Dissenting stockholders.
Section 58-4-11 - Nonconforming assets or business.
Section 58-4-12 - Book value of assets.
Section 58-4-13 - Conversion of savings association to a state bank.