2021 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 10 - Savings and Loan Associations
Section 58-10-28 - Charging off or setting up reserves against bad assets.

After a determination of value, the supervisor may order that assets in the aggregate, to the extent that the assets exceed appraised value, be charged off, or that a special reserve or reserves equal to the depreciation in value be set up by transfers from surplus, undivided profits or reserves.

History: 1953 Comp., § 48-15-72, enacted by Laws 1967, ch. 61, § 28.

Cross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978.

Special reserves. — Net worth of a savings and loan association as defined by Section 58-10-2 NMSA 1978 does not include special reserves established pursuant to Section 58-10-28 NMSA 1978, 1982 Op. Att'y Gen. No.82-19.

Special reserves included in net worth. — The special reserves provided for in this section are to be included in the net worth of a savings and loan association, as net worth is defined by Section 58-10-2 NMSA 1978. 1968 Op. Att'y Gen. No. 68-56 (overruled by 1982 Op. Att'y Gen. No. 82-19).

Reserves are an appropriation or a segregation of surplus. 1968 Op. Att'y Gen. No. 68-56 (overruled by 1982 Op. Att'y Gen. No. 82-19).

Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 404, 405, 411.

9 C.J.S. Banks and Banking § 402.