Section 58-1-52 - Incorporators.
58-1-52. Incorporators.
A state bank may be organized by five or more individual incorporators or a bank holding company subject to the requirements of the Banking Act [58-1-1 NMSA 1978]. A majority of the incorporators shall be residents of the state. Each incorporator shall subscribe and pay in full in cash for stock having a value of not less than one percent of the authorized capital structure.