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§ 58-10-46 NMSA 1978

Acquisition of real property

Known as the Savings and Loan Act

The act spans §§ 58–58 (111 sections).

1953 Comp., § 48-15-90, enacted by Laws 1967, ch. 61, § 46.

A. An association may own real property upon which any facility used in connection with the operation of the association is or will be located. The supervisor may order that any property be sold which cannot reasonably be expected to be used as a future location.

B. An association may acquire or hold real property for the purpose of investment, development or improvement up to an aggregate value not to exceed five percent of its total assets.

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.