Section 58-1-4 - Effect on existing banks.
58-1-4. Effect on existing banks.
The articles of incorporation of state banks existing at the time of the adoption of the Banking Act [58-1-1 NMSA 1978] shall continue in full force and effect, but all state banks and, to the extent applicable, all banks shall thereafter be operated in accordance with the provisions of the Banking Act, and any state bank by filing an application for an amendment of its articles of incorporation, or for a merger, consolidation or sale of all, or substantially all, of its assets or the assets of any department under the Banking Act and its articles of incorporation, shall thereafter be subject to the Banking Act.