2018 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 11 - Credit Unions
Section 58-11-32 - Officers.
A. At an organizational meeting held within thirty days following each annual election, the board of directors shall elect from its own number a chairman, a vice chairman and a secretary. It shall also elect any other board officers that are specified in the bylaws.
B. The terms of the board officers shall be one year or until their successors are chosen and have been duly qualified.
C. The duties of the board officers shall be prescribed in the bylaws.
D. The board of directors shall employ, elect or appoint an executive officer of the credit union who shall be responsible for credit union operations. The executive officer may be a member of the board of directors if not receiving paid compensation as executive officer, but may not be an officer of the board of directors. The executive officer will serve at the pleasure of the board of directors.
E. The board of directors may provide for other executive officers and prescribe their duties and authority in the bylaws.
F. Notwithstanding any other provisions of the Credit Union Act [58-11-1 NMSA 1978], a credit union may use any titles it chooses for the officials holding the positions described in this section, provided those titles are not misleading.
History: Laws 1987, ch. 311, § 32; 1991, ch. 51, § 9; 1997, ch. 195, § 23.
Repeals and reenactments. — Laws 1987, Chapter 311 repealed former 58-11-32 NMSA 1978, as amended by Laws 1985, ch. 20, § 1, relating to insurance of share and deposit balances, effective June 19, 1987, and enacted a new 58-11-32 NMSA 1978.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
The 1997 amendment, effective July 1, 1997, made a minor stylistic change in Subsection A, rewrote Subsection D, and substituted "Credit Union Act" for "Credit Union Regulatory Act" in Subsection F.
The 1991 amendment, effective July 1, 1991, inserted "board" in Subsections A through C, added Subsection E, redesignated former Subsection E as Subsection F, and made minor stylistic changes.
