2011 New Mexico Statutes
Chapter 58: Financial Institutions and Regulations
Article 10: Savings and Loan Associations, 58-10-1 through 58-10-111
Section 58-10-69: Dividends on permanent capital stock.
58-10-69. Dividends on permanent capital stock.
The balance of net income of an association, if any, may be credited to a surplus account from which the board of directors of any association with permanent capital stock may, at its discretion and at such times as it may determine, declare and pay dividends in cash or additional stock to the holders of record of the stock outstanding at the date the dividends are declared. The reserve fund shall, at all times, be maintained at not less than the minimum amounts required in the Savings and Loan Act [58-10-1 NMSA 1978].
Disclaimer: These codes may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
