Section 58-1-68 - Authority to declare dividends.

58-1-68. Authority to declare dividends.

The board of directors of a state bank may declare dividends not more than once in each calendar quarter from undivided profits if:   

(1)     the undivided profits account has been maintained in accordance with the Banking Act [58-1-1 NMSA 1978]; and   

(2)     the reserve against deposits required by the Banking Act is not and will not thereby be impaired.