Upon approval by the director of the financial institutions division, banks may be merged to result in a state bank or a national bank may convert into a state bank as hereafter prescribed, except that the action by a national bank shall be taken in the manner prescribed by and shall be subject to limitations and requirements imposed by the law of the United States which shall also govern the rights of its dissenting stockholders. History: 1941 Comp., § 50-1903, enacted by Laws 1951, ch. 37, § 3; 1953 Comp., § 48-13-3; Laws 1977, ch. 245, § 28. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 28. Character as holder in due course of bank which takes over assets and assumes liabilities of another bank, 76 A.L.R. 1329. Liability of guarantor of or surety for bank deposit as affected by reorganization, merger, or consolidation of bank, 78 A.L.R. 381. 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 §§ 158 et seq., 570.
New Mexico Legal Code