The commissioner of public lands is directed to remit all such royalties to the state treasurer, with the proper memorandum of distribution of such funds attached thereto and such moneys shall be placed in a special suspense fund by the state treasurer, to be known as 'the oil and gas royalty suspense fund,' and such fund shall be segregated from all other funds in the hands of the state treasurer; all moneys of such fund shall from time to time be invested by the state treasurer in the same manner as the permanent school fund is now required to be invested or such funds may be placed on time deposit in qualified state depositories under the provisions of Chapter 92 of the Session Laws of 1929 [6-10-31, 6-10-32 NMSA 1978]. All income accruing from such investments or deposits shall likewise be held in said special suspense fund. History: Laws 1931, ch. 17, § 3; 1941 Comp., § 8-1134; 1953 Comp., § 7-11-35. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Cross references. — For statutory provisions regarding investment of permanent school fund and other permanent funds, see 19-1-17 NMSA 1978 et seq. nserted by the compiler and is not part of the law. Cross references. — For statutory provisions regarding investment of permanent school fund and other permanent funds, see 19-1-17 NMSA 1978 et seq. For establishment of permanent school fund and investment of same, see N.M. Const., art. XII, §§ 2, 7.
New Mexico Legal Code