2011 New Mexico Statutes
Chapter 58: Financial Institutions and Regulations
Article 12: Credit Union Share Insurance Corporations, 58-12-1 through 58-12-15
Section 58-12-3: Formation of corporation; purpose.

58-12-3. Formation of corporation; purpose.

Any seven or more credit unions in this state or in any other state, organized and existing under the provisions of Sections 58-11-1 through 58-11-33 NMSA 1978, or under other substantially similar state laws, may, subject to the prior approval of the commissioner, form a corporation under the Credit Union Share Insurance Corporation Act [58-12-1 NMSA 1978] to be known as the "New Mexico credit union share insurance corporation", for the purpose of creating and maintaining a fund for the insurance of shares and deposits of those credit unions which become members. Each of said credit unions participating in the formation of the corporation shall execute articles of incorporation therefor, which shall be submitted for filing to the state corporation commission [public regulation commission] with a filing fee of five dollars ($5.00), after same has been approved by the commissioner. In the event that credit unions chartered in other states join this corporation, the corporate name may be changed by the board of directors to reflect such multistate membership. Any contract or agreement or amendment thereto for the purposes of joining this corporation to which a credit union chartered in another state is a party shall be subject to prior review and approval by the commissioner.