2021 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 5 - Organization and Management
Section 58-5-8 - [Federal reserve; bank may become stockholder or member.]

Any incorporated bank may apply to the federal reserve board for the right to subscribe to the stock of the federal reserve bank organized within the federal reserve district where the applicant bank is located, and may become a stockholder of such bank and exercise all of the powers of member banks in accordance with the provisions of the act of congress entitled "Federal Reserve Act," approved December 23, 1913.

History: Laws 1915, ch. 67, § 96; 1919, ch. 120, § 35; C.S. 1929, § 13-701; 1941 Comp., § 50-222; 1953 Comp., § 48-2-27.

Compiler's notes. — Laws 1915, ch. 67, § 97, which was renumbered as § 99 thereof by Laws 1919, ch. 120, § 36, and in which the only other changes were the insertions of the parenthetical references, read: "Sections 244 to 254 inclusive (sections 395 to 405 N.M. Statutes Annotated 1915), and sections 260 to 284 (sections 406 to 430 N.M. Statutes Annotated 1915) inclusive of the Compiled Laws of 1897, and all acts and parts of acts amendatory thereof, chapter 62 of the Laws of 1899 (sections 472 to 474 N.M. Statutes Annotated 1915), chapter 52 of the Laws of 1903 (sections 431 to 455 N.M. Statutes Annotated 1915), and all acts and parts of acts amendatory thereof, and all acts and parts of acts in conflict herewith are hereby repealed. Provided: That such repeal shall not abate or affect any suit, action or proceeding, civil or criminal, commenced under any of the laws so repealed prior to the taking of effect of this act, but all such suits, actions or proceedings may be prosecuted to final determination under the laws so repealed, and Provided further; that such repeal shall not affect, abridge, deny, divest or impair any right or cause of action, civil or criminal, accruing under the laws hereby repealed, but such right or cause of action so accruing or arising shall be brought and prosecuted under the laws so repealed."

Cross references. — For the Federal Reserve Act, see 12 U.S.C. § 221.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 5.

Interest in respect of insured deposit, liability of federal deposit insurance corporation for, 153 A.L.R. 532.

State laws regarding superadded liability of stockholders in state banks as affected by federal legislation, 169 A.L.R. 942.

9 C.J.S. Banks and Banking § 661.