Central credit unions may be organized under the Credit Union Act, and such credit unions organized under prior law are subject to that act. In addition to the members referred to in Section 58-11-21 NMSA 1978, the membership of a central credit union may include:

1. A. executive officers, board members, committee members and employees of credit unions organized under any credit union act or the executive officers, directors and employees of an employer with insufficient numbers or with executive officers, directors and employees who do not desire to form or conduct the affairs of a separate credit union;
2. B. persons in the field of membership of liquidated credit unions that have entered into or are about to enter into voluntary or involuntary liquidation proceedings; and
3. C. members of the immediate families of members qualified pursuant to Subsection A or B of this section.

History: Laws 1987, ch. 311, § 22; 1991, ch. 51, § 5; 1997, ch. 195, § 16.

ANNOTATIONS

Repeals and reenactments. — Laws 1987, Chapter 311 repealed former 58-11-22 NMSA 1978, as amended by Laws 1975, ch. 344, § 20, relating to dividends, effective June 19, 1987, and enacted a new 58-11-22 NMSA 1978.

Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.

The 1997 amendment, effective July 1, 1997, substituted "Credit Union Act" for "Credit Union Regulatory Act" in Subsection A and made a minor stylistic change in Subsection B.

The 1991 amendment, effective July 1, 1991, in the second sentence of the introductory paragraph, substituted "Section 58-11-21 NMSA 1978" for "Section 21 of the Credit Union Regulatory Act", in Subsection A, inserted "executive" in three places, and, in Subsection C, substituted "pursuant to Subsection A or B of this section" for "above".