The state treasurer shall deposit all money in his custody equitably among bank and savings and loan association depositories and, at his discretion in credit unions applying therefor when qualifying under the terms of this Act subject to the control and regulation of the state board of finance as otherwise in this Act provided.
History: Laws 1923, ch. 76, § 12; C.S. 1929, § 112-112; 1941 Comp., § 7-231; 1953 Comp., § 11-2-34; Laws 1987, ch. 79, § 16.
Compiler's notes. — The term "this Act," which appears twice in this section, refers to Laws 1923, ch. 76, presently compiled as 6-1-1, 6-10-2, 6-10-3, 6-10-20, 6-10-29, 6-10-37 to 6-10-42, 6-10-44, 6-10-46, 6-10-47, 6-10-50, 6-10-52 to 6-10-54, 6-10-58 and 6-10-61 NMSA 1978.
The 1987 amendment, effective June 19, 1987, substituted "among bank and savings and loan association depositories and, at his discretion in credit unions" for "bank depository" and made a minor change in language.
State board of finance has no authority to distribute funds in various depository banks, nor to specify the amount each should receive. Nor has it, nor any other state agency, the right to use public funds in payment of services in making collections from other state depositories. 1922 Op. Att'y Gen. No. 22-3272.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 26A C.J.S. Depositaries § 11.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
