Section 58-10-8 - Savings account requirements for proposed associations without permanent capital stock.

58-10-8. Savings account requirements for proposed associations without permanent capital stock.

A.     As a prerequisite to approval of an application for charter for an association without permanent capital stock, the incorporators must show to the satisfaction of the supervisor subscribed and pledged savings accounts in the following aggregate amounts, based on the total population of the area in which the principal office of the association is to be located:   

  Population of Area Minimum Paid-in Expense Fund       Below 10,000      $300,000       10,001 to 25,000      400,000       25,001 to 50,000      500,000       50,001 to 100,000      550,000       100,001 to 200,000      600,000       200,001 to 350,000      700,000       Over 350,000      800,000   

B.     The provisions of this section are not retroactive with respect to associations established or approved by the director of the financial institutions division prior to the effective date of the Savings and Loan Act {58-10-1 NMSA 1978].