After a determination of value, the supervisor may order that assets in the aggregate, to the extent that the assets exceed appraised value, be charged off, or that a special reserve or reserves equal to the depreciation in value be set up by transfers from surplus, undivided profits or reserves.
§ 58-10-28 NMSA 1978
Charging off or setting up reserves against bad assets
Known as the Savings and Loan Act
The act spans §§ 58–58 (111 sections).
1953 Comp., § 48-15-72, enacted by Laws 1967, ch. 61, § 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.