2018 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 11 - Credit Unions
Section 58-11-41 - Withdrawals.
A. Funds in share accounts and deposit accounts may be withdrawn for payment to the account holder or to third parties, in a manner and in accordance with procedures established by the board of directors subject to any regulations or orders the director prescribes.
B. Share accounts and deposit accounts shall be subject to any withdrawal notice requirement which is imposed pursuant to the bylaws; however, in the case of shares, not more than sixty days, and in the case of deposits, not more than thirty days notice may be required.
C. A membership share may not be redeemed or withdrawn except upon termination of membership in the credit union.
History: Laws 1987, ch. 311, § 41.
Laws 1997, ch. 195, § 42 repeals Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
