Pursuant to a plan adopted by the board of directors and approved by the supervisors [supervisor] as equitable to the members of the association and as not impairing the usefulness and success of other properly conducted associations in the same vicinity, an association may reorganize or merge or consolidate with another association or federal association. The plan of reorganization, merger or consolidation shall be approved by a majority of the total vote of the members or stockholders who are entitled to vote. Approval may be voted at either an annual meeting or at a special meeting called to consider the action. In all cases, the corporate continuity of the resulting corporation shall possess the same incidents as that of an association which has converted in accordance with the Savings and Loan Act. History: 1953 Comp., § 48-15-128, enacted by Laws 1967, ch. 61, § 84. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Cross references. — For meetings and voting generally, see 58-10-24 NMSA 1978. For meaning of 'supervisor', see 58-10-2J NMSA 1978. d material was inserted by the compiler and is not part of the law. Cross references. — For meetings and voting generally, see 58-10-24 NMSA 1978. For meaning of 'supervisor', see 58-10-2J NMSA 1978. Requirements not applicable to purchase of one association by another. — The board of directors of a savings and loan association is required to obtain both the savings and loan supervisor's approval and the vote of the association's stockholders on any plan for the reorganization, merger or consolidation of the association with another association. This is not required, however, if the entire transaction consists of a purchase of assets and assumption of liabilities. 1982 Op. Att'y Gen. No. 82-13.
New Mexico Legal Code