A. As a prerequisite to approval of an application for charter for an association with authority to issue permanent capital stock, the incorporators must show to the satisfaction of the supervisor subscribed and pledged savings accounts in the following aggregate amounts, based on the total population of the area in which the principal office of the association is to be located:
Population of Area
Minimum Paid-in Savings Accounts
Below 10,000
$225,000
10,001 to 25,000
300,000
25,001 to 50,000
375,000
50,001 to 100,000
400,000
100,001 to 200,000
450,000
200,001 to 350,000
525,000
Over 350,000
600,000
B. The population of the area shall be determined by the supervisor.
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., § 48-15-51, enacted by Laws 1967, ch. 61, § 7; 1977, ch. 245, § 39.
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 § 456.
9 C.J.S. Banks and Banking § 603.
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