Authority to declare dividends
Known as the Banking Act
The act spans §§ 58–58 (88 sections).
1953 Comp., § 48-22-56, enacted by Laws 1963, ch. 305, § 56.
The board of directors of a state bank may declare dividends not more than once in each calendar quarter from undivided profits if:
(1) the undivided profits account has been maintained in accordance with the Banking Act; and
(2) the reserve against deposits required by the Banking Act is not and will not thereby be impaired.
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.