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2018 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 1 - Banking Generally
Section 58-1-68 - Authority to declare dividends.
Universal Citation: NM Stat § 58-1-68 (2018)
58-1-68. Authority to declare dividends.
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 [58-1-1 NMSA 1978]; and
(2) the reserve against deposits required by the Banking Act is not and will not thereby be impaired.
History: 1953 Comp., § 48-22-56, enacted by Laws 1963, ch. 305, § 56.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 69.
Validity of cancellation of accrued dividends on preferred bank stock, 8 A.L.R.2d 893.
9 C.J.S. Banks and Banking § 60.
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