Corporations may be organized under the Business Corporation Act for any lawful purpose or purposes, except banking, insurance, credit unions, savings and loan associations, railroads and waterworks organized under the Laws of 1887, Chapter 12.
History: 1953 Comp., § 51-24-3, enacted by Laws 1967, ch. 81, § 3.
Compiler's notes. — Laws 1887, ch. 12, referred to in this section, is compiled as 62-2-1 to 62-2-15, 62-2-17 to 62-2-19, 62-2-21 and 62-2-22 NMSA 1978.
This section is derived from Section 3 of the ABA Model Business Corporation Act.
Statute not for incorporation of savings bank. — If the purpose, or one of the purposes, of incorporating is to operate a savings bank, this statute is not available. First Thrift & Loan Ass'n v. State ex rel. Robinson, 1956-NMSC-099, 62 N.M. 61, 304 P.2d 582 (decided under 51-2-6, 1953 Comp., now repealed).
No banking business under general corporation laws. — A corporation cannot organize under the general corporation laws and thereafter conduct a banking business whether or not said corporation has two departments. First Thrift & Loan Ass'n v. State ex rel. Robinson, 1956-NMSC-099, 62 N.M. 61, 304 P.2d 582 (decided under 51-2-6, 1953 Comp., now repealed).
Law reviews. — For survey, "Article VII of the New Probate Code: In Pursuit of Uniform Trust Administration," see 6 N.M.L. Rev. 213 (1976).
Am. Jur. 2d, A.L.R. and C.J.S. references. — 18A Am. Jur. 2d Corporations §§ 192 to 198, 204.
18 C.J.S. Corporations § 28.
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