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Can you summarize Article 4, Chapter 58 NMSA?
Financial Institutions and Regulations > Merger and Consolidation of Banks
Short Summary
The provided legal document content pertains to the merger and consolidation of banks in New Mexico. It outlines the procedure and requirements for merging state banks and converting national banks into state banks. The approval of the director of the financial institutions division is required for these actions. The document also covers the rights and liabilities of dissenting stockholders, the valuation of assets during the merger or conversion, the sale of bank assets and business, the continuation of corporate entities, and the effectiveness of mergers and conversions upon filing the executed agreement. The document provides guidelines for stockholder approval, conversion of national banks, and the formation of resulting state banks. It also defines various terms related to the merger and consolidation process. However, no specific exemptions or penalties are mentioned in the document.
Whom does it apply to?
State banks, national banks, stockholders of merging or converting banks
What does it govern?
Merger and consolidation of banks
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
New Mexico