A. The state board of finance shall consist of seven members:

(1) the governor;

(2) the lieutenant governor;

(3) the state treasurer; and

(4) four members appointed by the governor with the advice and consent of the senate, no more than two of these members to be from the same political party.

B. The terms of office for members appointed by the governor shall be two years. The term of each remaining member shall be coextensive with his term of office. If the office of lieutenant governor becomes vacant, his position on the state board of finance shall remain vacant until the election and qualification of a new lieutenant governor.

C. Members of the state board of finance, other than the governor and the state treasurer, shall be reimbursed for attending meetings of the board as provided in the Per Diem and Mileage Act [10-8-1 to 10-8-8 NMSA 1978] and shall receive no other compensation, perquisite or allowance.

D. The governor shall be president of the state board of finance, and the board shall annually elect a secretary from its membership. Meetings of the board shall be held at the state capitol at times determined by the governor. Four voting members of the board constitute a quorum for the transaction of business. Minutes of all proceedings and transactions of the board shall be kept in the offices of the department of finance and administration.

E. The state board of finance, in addition to other powers and duties provided by law, has general supervision of the fiscal affairs of the state and of the safekeeping and depositing of all money and securities belonging to or in the custody of the state, and it may make rules and regulations for carrying out the provisions of Sections 6-1-1, 6-10-2, 6-10-3, 6-10-20, 6-10-29, 6-10-37 through 6-10-44, 6-10-46, 6-10-47, 6-10-50, 6-10-52 through 6-10-54, 6-10-58 and 6-10-61 NMSA 1978. The board shall have access to all reports and correspondence relating to the condition of banks, and savings and loan associations whose deposits are insured by an agency of the United States, in this state which are in the financial institutions division or any department or agency of the state. If the board deems action necessary to enable it to perform its duties, it may require the director of the financial institutions division to make a special examination of any state bank or trust company or any state savings and loan association whose deposits are insured by an agency of the United States.

F. The state board of finance may make investigations it deems necessary to enable it to perform the duties imposed on it by law and may instruct the director of the board of finance division to employ experts, auditors, accountants and attorneys as it may, from time to time, deem necessary and prescribe their duties and fix their compensation within the appropriations made for that purpose by the legislature for use by the board.

G. The state board of finance is established in connection with the board of finance division of the department of finance and administration. The secretary of finance and administration, with the approval of the board, shall appoint a director of the division. This subsection shall not be construed to affect the exercise of any board power or duty nor shall it be construed as placing the board under the provisions of the Executive Reorganization Act [9-1-1 to 9-1-10 NMSA 1978] or the provisions of Section 9-6-5 NMSA 1978.

History: Laws 1923, ch. 76, § 3; 1925, ch. 85, § 1; C.S. 1929, § 112-103; 1941 Comp., § 7-101; Laws 1953, ch. 161, § [1]; 1953 Comp., § 11-1-1; Laws 1957, ch. 47, § 1; 1959, ch. 8, § 1; 1968, ch. 18, § 1; 1969, ch. 56, § 1; 1970, ch. 37, § 1; 1971, ch. 6, § 1; 1977, ch. 247, § 93; 1980, ch. 151, § 3; 1989, ch. 108, § 1.

Cross references. — For the State Rules Act, see Chapter 14, Article 4 NMSA 1978.

Single bond propositions required. — Section 8 of N.M. Const., Art. IX requires the legislature to submit individual or interrelated bond propositions to the voters. Thus, the bond propositions contained in the 1992 General Obligation Bond Act could not be lumped together on one ballot but had to be on separate ballots, since the capital outlay projects varied and had no commonality beyond public welfare. Ryan v. Gonzales, 1992-NMSC-052, 114 N.M. 346, 838 P.2d 963.

State board of finance is an executive agency. The state board of finance does not exert legislative power; it makes no appropriations; the emergency appropriation provision states the object thereof in compliance with constitutional requirements. 1959 Op. Att'y Gen. No. 59-79.

Authority to require additional security. — The state board of finance may exercise its authority under Section 6-10-20 NMSA 1978 to require additional security for deposits made by the state treasurer from the severance tax permanent fund. 1980 Op. Att'y Gen. No. 80-11.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 81A C.J.S. States §§ 133, 134.