Members who cease to be eligible for membership in a credit union for reasons other than expulsion may be permitted to retain their membership in the credit union, subject to any restrictions which may be established by the bylaws. History: Laws 1987, ch. 311, § 24; 1997, ch. 195, § 18. ANNOTATIONSRepeals and reenactments. — Laws 1987, Chapter 311 repealed 58-11-24 NMSA 1978, as amended by Laws 1975, ch. 344, § 22, relating to dissolution, effective June 19, 1987, and enacts the present section. Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997. The 1997 amendment, effective July 1, 1997, inserted 'in a credit union for reasons other than expulsion' near the beginning of the section, substituted 'bylaws' for 'board of directors' at the end of the section and made a minor stylistic change.
New Mexico Legal Code