The board of directors shall have the authority and responsibility for providing the general direction of the business affairs, funds and records of the credit union. In addition to all other powers authorized in the Credit Union Act, the board of directors may: A. limit the dollar amount of share and deposit accounts which may be owned by a member, provided such limitations shall equally apply to all members; and B. authorize the credit union to contribute funds to any nonprofit civic, charitable, educational, research or service organization. History: Laws 1987, ch. 311, § 33; 1997, ch. 195, § 24. ANNOTATIONSRepeals and reenactments. — Laws 1987, Chapter 311 repealed 58-11-33 NMSA 1978, as amended by Laws 1985, ch. 20, § 3, relating to nonrequirement of notice of payment, effective June 19, 1987, and enacted a new section. Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.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, added the last sentence in the introductory language and added Subsections A and B.
New Mexico Legal Code