1. A. A bank may operate a deposit account in the name of a minor or in the name of two or more persons, one or more of whom are minors, with the same effect upon its liability as if such minors were of full age.
2. B. Subject to such regulations as the commissioner [director of the financial institutions division of the regulation and licensing department] may prescribe for the protection of depositors, a bank may contract with the proper authorities of any elementary or secondary school, or of any institution caring for minors, for the participation by the bank in any school or institutional thrift or savings plan, and it may accept deposits at such a school or institution, either by its own collector or by any representative of the school or institution who becomes the agent of the bank for such purpose.

History: 1953 Comp., § 48-22-6, enacted by Laws 1963, ch. 305, § 6.

ANNOTATIONS

Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.

Laws 1977, ch. 245, § 4 abolished the department of banking, with § 3 of that act establishing the commerce and industry department consisting of five divisions, including the financial institutions division. Section 12 provided that all references in the law to the department of banking were to be construed to mean the financial institutions division of the commerce and industry department. Furthermore, the powers and duties of the commissioner of banking were transferred to the director of the financial institutions division, and all statutory references to the commissioner were to be construed to mean the director. See 58-1-32 NMSA 1978 and the general definitions of 58-1-3 NMSA 1978. However, Laws 1983, ch. 297, § 33, abolished the commerce and industry department, and § 20 of that act created the regulation and licensing department with a financial institutions division. Laws 1983, ch. 297, § 31, transfers the personnel, etc., of the financial institutions division of the commerce and industry department to the financial institutions division of the regulation and licensing department. See 9-16-4 NMSA 1978.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 359.

9 C.J.S. Banks and Banking §§ 147 et seq., 211 et seq.