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2019 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 11A - Leasing of Safe Deposit Facilities
Section 58-11A-1 - Authority to engage in leasing safe deposit facilities; subsidiary company.
Universal Citation: NM Stat § 58-11A-1 (2019)
A. Subject to such regulations as the director may prescribe, a credit union may maintain and lease safe deposit boxes and may accept property or documents for safekeeping if, except in the case of night depositories, it issues a receipt for them.
B. A credit union may own stock in safe deposit box companies not exceeding in aggregate cost fifteen percent of its regular reserve and undivided earnings, but at least ninety percent of the stock in each safe deposit box company must be owned by credit unions, banks or trust companies.
History: Laws 1991, ch. 51, ยง 21.
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