An association shall not invest more in office buildings, sites and parking, than an amount equal to the net worth of the association. History: 1953 Comp., § 48-15-91, enacted by Laws 1967, ch. 61, § 47. ANNOTATIONSOutstanding capital debentures not used to satisfy net worth requirements. — Outstanding capital debentures or notes may not be used to satisfy the net worth requirements of Section 58-10-47 NMSA 1978, or any other section of the Savings and Loan Act except for Section 58-10-68 NMSA 1978, which is for the purpose of computing an association's reserve requirements. In that event, they are to be treated as capital. 1975 Op. Att'y Gen. No. 75-53. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 71, 205. 9 C.J.S. Banks and Banking § 237; 12 C.J.S. Building and Loan Associations § 50.
New Mexico Legal Code