There is a newer version of the New Mexico Statutes
2013 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 11 - Credit Unions
Section 58-11-18 - Powers of credit unions. (2003)
NM Stat § 58-11-18 (2013) What's This?
58-11-18. Powers of credit unions. (2003)
In addition to the powers authorized elsewhere in the Credit Union Act [58-11-1 NMSA 1978], a credit union may:
A. enter into contracts of any nature;
B. sue and be sued;
C. adopt, use and display a corporate seal;
D. acquire, lease, hold, assign, pledge, hypothecate, sell and discount or otherwise dispose of property or assets, either in whole or in part, necessary or incidental to its operations;
E. lend funds to members;
F. borrow from any source; provided that a credit union shall have prior approval of the director before borrowing in excess of an aggregate of fifty percent of its capital;
G. purchase the assets of another credit union, subject to the approval of the director;
H. offer various financial services approved by the director;
I. hold membership in other credit unions organized under the Credit Union Act, the Federal Credit Union Act or other acts and in associations and organizations controlled by or fostering the interests of credit unions, including a central liquidity facility organized under state or federal law;
J. engage in activities and programs as requested by any governmental unit;
K. act as fiscal agent and receive payments on deposit accounts from a governmental unit;
L. sell or offer to sell insurance to the same extent allowed by law to other state chartered lending institutions; and
M. provide services to persons within the credit union's field of membership, including electronic funds transfers and the sale and negotiation of instruments, including money orders, traveler's checks and stored value cards.
History: Laws 1987, ch. 311, § 18; 1997, ch. 195, § 13; 2003, ch. 28, § 5.
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