1. 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 Savings Accounts 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

   Population of Area

   Minimum Paid-in Savings Accounts

   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

2. B. The population of the area shall be determined by the supervisor.
3. 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.

History: 1953 Comp., § 48-15-51, enacted by Laws 1967, ch. 61, § 7; 1977, ch. 245, § 39.

ANNOTATIONS

Cross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978.

Effective dates. — Laws 1967, ch. 61, § 101 made the Savings and Loan Act effective July 1, 1967.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 456.

9 C.J.S. Banks and Banking § 603.