A state bank may be organized by five or more individual incorporators or a bank holding company subject to the requirements of the Banking Act. A majority of the incorporators shall be residents of the state. Each incorporator shall subscribe and pay in full in cash for stock having a value of not less than one percent of the authorized capital structure.
§ 58-1-52 NMSA 1978
Incorporators
Known as the Banking Act
The act spans §§ 58–58 (88 sections).
1953 Comp., § 48-22-41, enacted by Laws 1963, ch. 305, § 41; 1997, ch. 23, § 5.
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.