N.M. Stat. § 58-1-26
This is the official text of N.M. Stat. § 58-1-26, part of New Mexico’s Stat — part of the compiled statutory law of New Mexico, published by the state as "Stat." Browse the sections below, each linked to its official government source.
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§ 58-1-26. Acquisition of banking premises and equipment
Official statutory text
A. A state bank may acquire real estate and equipment and improve real estate to be used in the transaction of its business and may rent to others any space so acquired in a building in excess of actual need. Unless a larger investment is authorized by the director of the financial institutions division of the regulation and licensing department, no bank shall invest:
(1) more than sixty percent of capital and surplus in land, building and equipment (other than safe deposit equipment); nor
(2) more than ten percent of capital and surplus, in addition to the above, in safe deposit equipment.
B. A state bank may become the owner and lessor of personal property acquired upon the specific request and for the use of a customer and may incur such additional obligations as may be incident to becoming an owner and lessor of such property.
(1) more than sixty percent of capital and surplus in land, building and equipment (other than safe deposit equipment); nor
(2) more than ten percent of capital and surplus, in addition to the above, in safe deposit equipment.
B. A state bank may become the owner and lessor of personal property acquired upon the specific request and for the use of a customer and may incur such additional obligations as may be incident to becoming an owner and lessor of such property.
Status: in_force
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