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Can you summarize Article 5, Chapter 58 NMSA?
Financial Institutions and Regulations > Organization and Management
Short Summary
The provided legal document content pertains to the organization and management of banks and trust companies in New Mexico. It states that banks and trust companies in New Mexico are required to comply with the reserve requirements of the Federal Reserve Act, which is considered as full compliance with the state laws. The document also discusses the process for banks to apply to the federal reserve board to subscribe to the stock of the federal reserve bank, granting them the powers of member banks. It further outlines the authorization for branch banks to conduct general banking business, subject to obtaining a permit from the director. The document also covers the legal holidays observed by banks in New Mexico, the designation of bank agencies as branches, the days and hours of operation for banking offices, and the procedures for interstate acquisition in the context of banks. Additionally, it mentions the requirement for board members of banks to take an oath when initially elected. The document does not specify any penalties or exemptions. Overall, this document provides important information regarding the organization and management of banks and trust companies in New Mexico.
Whom does it apply to?
Banks, trust companies, and financial institutions in New Mexico
What does it govern?
Organization and Management of banks and trust companies in New Mexico
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
New Mexico