A state bank may borrow money and issue evidence of indebtedness for a loan for temporary purposes in an amount not exceeding its capital and surplus or in such larger amount or for such other purposes as the commissioner [director of the financial institutions division of the regulation and licensing department] approves.
§ 58-1-28 NMSA 1978
Borrowing
Known as the Banking Act
The act spans §§ 58–58 (88 sections).
1953 Comp., § 48-22-28, enacted by Laws 1963, ch. 305, § 28.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.