Without approval by the director of the financial institutions division no asset shall be carried on the books of the resulting or purchasing state bank at a valuation higher than that on the books of the merging or converting bank at the time of its last examination by a state or national bank examiner before the effective date of the merger or conversion. History: 1941 Comp., § 50-1912, enacted by Laws 1951, ch. 37, § 12; 1953 Comp., § 48-13-12; Laws 1977, ch. 245, § 35. ANNOTATIONSCompiler's notes. — Laws 1951, ch. 37, § 13, provided where the act should be compiled in the 1941 Comp. Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 28. Novation where bank transfers its assets to another bank which assumes its obligation, 79 A.L.R. 82. 9 C.J.S. Banks and Banking § 128.
New Mexico Legal Code