2006 New Mexico Statutes - Section 58-10-7 — Savings account requirements for proposed permanent capital stock associations.

58-10-7. Savings account requirements for proposed permanent capital stock associations.

A.     As a prerequisite to approval of an application for charter for an association with authority to issue permanent capital stock, the incorporators must show to the satisfaction of the supervisor subscribed and pledged savings accounts in the following aggregate amounts, based on the total population of the area in which the principal office of the association is to be located:   

    Population of Area                      Minimum Paid-in Savings Accounts
      Below 10,000                                        $ 225,000
      10,001 to 25,000                                      300,000
      25,001 to 50,000                                      375,000
      50,001 to 100,000                                     400,000
     100,001 to 200,000                                     450,000
     200,001 to 350,000                                     525,000
     Over 350,000                                           600,000 

B.     The population of the area shall be determined by the supervisor.   

C.     The provisions of this section are not retroactive with respect to associations established or approved by the director of the financial institutions division prior to the effective date of the Savings and Loan Act.