State banks shall have:

A. all the powers provided and conferred on them in the Banking Act and such general corporate powers as are appropriate to its purpose;

B. the power to act as a fiduciary in any capacity, after proper qualifications under the Banking Act, and if authorized by its articles of incorporation or any amendment thereto;

C. perpetual succession by its corporate name unless a limited period of duration is stated in its articles of incorporation;

D. the power to sue and be sued in any court of law or equity;

E. the power to make and use a common seal, and alter the same at pleasure;

F. the power to appoint such officers and agents as the business of the corporation shall require, and to allow them suitable compensation; and

G. the power to make contributions to the extent authorized, approved or ratified by action of the board of directors of the corporation, except as otherwise specifically provided or limited by its articles of incorporation, or its bylaws, or by resolution duly adopted by its stockholders, or by statute.

History: 1953 Comp., § 48-22-42, enacted by Laws 1963, ch. 305, § 42; 1975, ch. 330, § 30.

Cross references. — For fiduciary or custodian depositing securities in clearing corporation, see 46-1-12 NMSA 1978.

No claim of ultra vires act by pledging assets. — It was held under former law that the receiver of bank may not be heard to say that the pledging of the assets of the bank to secure a deposit of public funds was an ultra vires act. Melaven v. Hunker, 1931-NMSC-023, 35 N.M. 408, 299 P. 1075.

A solvent bank has a right to pledge its securities to indemnify a surety who signs a bond in its behalf in order that the bank may obtain a deposit of public funds. Melaven v. Hunker, 1931-NMSC-023, 35 N.M. 408, 299 P. 1075 (decided under former law).

Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 270 et seq.

Forfeiture or expiration of corporate charter, powers after, 47 A.L.R. 1297, 97 A.L.R. 477.

Power of a business corporation to donate to a charitable or similar institution, 39 A.L.R.2d 1192.

Banking corporation's power to enter into partnership or joint venture, 60 A.L.R.2d 917.

9 C.J.S. Banks and Banking §§ 230, 231.