A. A certificate shall not be issued to an applicant for certification pursuant to the Trust Company Act having capital of less than five hundred thousand dollars ($500,000). B. The minimum capital requirement shall be waived for nonprofit corporations. History: 1953 Comp., § 48-24-6, enacted by Laws 1973, ch. 191, § 6; 1991, ch. 250, § 2; 2013, ch. 88, § 3; 2013, ch. 97, § 3; 2018, ch. 64, § 4. ANNOTATIONSThe 2018 amendment, effective July 1, 2018, revised the minimum capital requirement, removed language related to a past deadline, and made stylistic changes; added subsection designations 'A.' and 'B.'; in Subsection A, after 'an applicant', added 'for certification pursuant to the Trust Company Act', after 'having', deleted 'a paid up', and after '($500,000)', deleted 'All trust companies that have been issued certificates pursuant to the Trust Company Act as of December 31, 2012 shall meet the increased paid-up capital requirement of five hundred thousand dollars ($500,000) on or before December 31, 2017.' The 2013 amendment, effective June 14, 2013, increased the minimum required paid-up capital; in the first sentence, after 'capital of not less than', deleted 'one hundred r before December 31, 2017.' The 2013 amendment, effective June 14, 2013, increased the minimum required paid-up capital; in the first sentence, after 'capital of not less than', deleted 'one hundred fifty thousand dollars ($150,000)' and added 'five hundred thousand dollars ($500,000)'; and added the second sentence. The 1991 amendment, effective June 14, 1991, added the second sentence and made a minor stylistic change. Am. Jur. 2d, A.L.R. and C.J.S. references. — 9 C.J.S. Banks and Banking § 629.
New Mexico Legal Code