There is created the "savings and loan bureau" in the financial institutions division of the commerce and industry department [regulation and licensing department]. The chief of the bureau shall be the "savings and loan supervisor." The supervisor and any examiners shall not be interested in any association directly or indirectly, or be directors, officers, employees, borrowers, trustees or attorneys for any association, or received [receive], directly or indirectly, any payment or gratuity from any association.
History: 1953 Comp., § 48-15-114, enacted by Laws 1967, ch. 61, § 70; 1977, ch. 245, § 43.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Laws 1983, ch. 297, § 33 abolished the commerce and industries department. See 9-16-4 NMSA 1978 for the financial institutions division.
Cross references. — For provision that "supervisor" also means "director of the financial institutions division" if the position of chief of the savings and loan bureau is vacant, see 58-10-2J NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 17.
9 C.J.S. Banks and Banking § 10 et seq.
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