2018 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 11 - Credit Unions
Section 58-11-40 - Dividends and interest.
A. Periodically, and after provision for the required reserves, the board of directors may declare, dividends to be paid on share accounts and membership shares. Dividends may be paid from the credit union's undivided earnings; provided, no such payment shall result in or increase a debit balance in the undivided earnings account.
B. Dividends may be paid at various rates with due regard to the conditions that pertain to each type of account, such as minimum balance, notice and time requirements.
C. Dividends need not be paid on membership shares, but if such a dividend is paid, it shall be added to the membership share held by each member.
D. A credit union may receive payments on deposit accounts from its members and other credit unions subject to such terms, rates and conditions as the board of directors establishes.
E. Interest may be paid on deposit accounts at various rates with due regard to the conditions that pertain to each type of account, such as minimum balance, notice and time requirements.
History: Laws 1987, ch. 311, § 40; 1997, ch. 195, § 28.
Repeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.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, substituted "Periodically" for "At intervals and for periods, the board of directors may authorize" at the beginning of Subsection A.
