No association shall borrow more money than an aggregate amount equal to fifty percent of its withdrawable savings on the date of borrowing, except that the supervisor may grant immediate authority to exceed this limit for the sole purpose of meeting withdrawals.
History: 1953 Comp., § 48-15-76, enacted by Laws 1967, ch. 61, § 32.
Cross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 289, 290.
9 C.J.S. Banks and Banking § 604; 12 C.J.S. Building and Loan Associations § 52.
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