N.M. Stat. § 58-1-68
This is the official text of N.M. Stat. § 58-1-68, 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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§ 58-1-68. Authority to declare dividends
Official statutory text
The board of directors of a state bank may declare dividends not more than once in each calendar quarter from undivided profits if:
(1) the undivided profits account has been maintained in accordance with the Banking Act; and
(2) the reserve against deposits required by the Banking Act is not and will not thereby be impaired.
(1) the undivided profits account has been maintained in accordance with the Banking Act; and
(2) the reserve against deposits required by the Banking Act is not and will not thereby be impaired.
Status: in_force
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