Section 58-10-7 - Savings account requirements for proposed permanent capital stock associations.
58-10-7. Savings account requirements for proposed permanent capital stock associations.
A. As a prerequisite to approval of an application for charter for an association with authority to issue permanent capital stock, the incorporators must show to the satisfaction of the supervisor subscribed and pledged savings accounts in the following aggregate amounts, based on the total population of the area in which the principal office of the association is to be located:
Population of Area Minimum Paid-in Expense Fund Below 10,000 $225,000 10,001 to 25,000 300,000 25,001 to 50,000 375,000 50,001 to 100,000 400,000 100,001 to 200,000 450,000 200,001 to 350,000 525,000 Over 350,000 600,000
B. The population of the area shall be determined by the supervisor.
C. The provisions of this section are not retroactive with respect to associations established or approved by the director of the financial institutions division prior to the effective date of the Savings and Loan Act (58-10-1 NMSA 1978].