Section 58-9-9 - Powers of director.
58-9-9. Powers of director.
In addition to other powers conferred by the Trust Company Act [58-9-1 NMSA 1978], the director of the financial institutions division has power to:
A. examine the business and affairs of each trust company at least once each year and at such other times and to such extent as he may deem necessary or advisable. The expense of every examination shall be paid by the corporation examined, in such amount as the director certifies to be just and reasonable;
B. regulate the procedure and practice at hearings;
C. implement by order and regulation the provisions of the Trust Company Act and obtain restraining orders and injunctions to prevent violation of and enforce compliance with the orders and regulations issued pursuant to the provisions of the Trust Company Act. In making orders and regulations to implement the Trust Company Act, the director shall act in the interest of promoting and maintaining a sound trust company system, the security of assets and trust accounts and the protection of persons utilizing trust services;
D. order any person or trust company to cease violating orders and regulations issued pursuant to the provisions of the Trust Company Act or to cease engaging in breaches of trust. A copy of such orders shall be mailed to each director of the trust company involved;
E. suspend, after notice and hearing, any officer or director, or any employee of a nonprofit corporation, for fraud, embezzlement or failure to comply with orders or regulations issued pursuant to the Trust Company Act or any provision of that act; and
F. subpoena witnesses, compel their attendance, require the production of evidence, administer an oath and examine any person under oath in connection with any subject relating to a duty imposed upon or a power vested in the director.