A. As a prerequisite to approval of an application for charter for an association without permanent capital stock, the incorporators must show to the satisfaction of the supervisor subscribed and pledged savings accounts in the following aggregate amounts, based on the total population of the area in which the principal office of the association is to be located: Population of Area Minimum Paid-in Savings Account Below 10,000 $300,000 10,001 to 25,000 400,000 25,001 to 50,000 500,000 50,001 to 100,000 550,000 100,001 to 200,000 600,000 200,001 to 350,000 700,000 Over 350,000 800,000 B. The provisions of this section are not retroactive with respect to associations established or approved by the director of the financial institutions division prior to the effective date of the Savings and Loan Act. History: 1953 Comp., § 48-15-52, enacted by Laws 1967, ch. 61, § 8; 1977, ch. 245, § 40. ANNOTATIONSCross references. — For meaning of 'supervisor', see 58-10-2J NMSA 1978. Effective dates. — Laws 1967, ch. 61, § 101 made the Savings and Loan Act effective July 1, 1967. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 456. 9 C.J.S. Banks and Banking § 23.
New Mexico Legal Code