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Can you summarize 58-9-8.1 NMSA?
Trust Companies > Principal and branch offices.
Short Summary
This legal document governs the establishment and operation of principal and branch offices for trust companies engaged in trust business. A trust company may establish its principal office in any county. It may also establish one or more branch offices, subject to certain restrictions and obtaining the approval of the director. To establish a branch office, a trust company must submit an application and investigation fee to the director. The director will consider various factors, such as the financial condition of the trust company and the needs of the community to be served, before approving the application. Branch offices are operated as branches of the parent trust company under the control and direction of the board of directors and executive officers. However, branch offices in existence prior to the effective date of this section are exempt from these provisions, as well as nonprofit corporations. Copies of records of accounts may be maintained at the principal office or a branch office, provided appropriate safety and security measures are in place.
Whom does it apply to?
Trust companies engaged in trust business
What does it govern?
Establishment and operation of principal and branch offices for trust companies
What are exemptions?
Branch offices in existence prior to the effective date of this section and nonprofit corporations
What are the Penalties?
No penalties mentioned.
Jurisdiction
New Mexico