A. As a prerequisite to approval of an application for charter for an association with authority to issue permanent capital stock, the supervisor shall require that a paid-in operating fund, which may be used in lieu of earnings to pay organization and operating expenses, be paid to the association in cash in the following amounts, based on the total population of the area in which its principal office is to be located:

Population of Area

Paid-in Surplus

Paid-in Operating Fund

Below 10,000

$50,000

$25,000

10,001 to 25,000

50,000

50,000

25,001 to 50,000

50,000

50,000

50,001 to 100,000

75,000

75,000

100,001 to 200,000

75,000

75,000

200,001 to 350,000

100,000

75,000

Over 350,000

125,000

75,000

B. If the application is not approved, or if the proposed association does not proceed to do business, the stock subscriptions for permanent capital stock, paid-in surplus and paid-in operating fund shall be returned pro rata to the subscribers, less any lawful expenditures.

C. The provisions of this section are not retroactive with respect to associations established or approved by the director of the financial institutions division prior to the effective date of the Savings and Loan Act.

History: 1953 Comp., § 48-15-50, enacted by Laws 1967, ch. 61, § 6; 1977, ch. 245, § 38.

Cross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978.

Effective dates. — Laws 1967, ch. 61, § 101 made the Savings and Loan Act effective July 1, 1967.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 40.

9 C.J.S. Banks and Banking § 629; 12 C.J.S. Building and Loan Associations § 6.