New Mexico § 58-1-10 Authority to engage in leasing safe deposit facilities;

New Mexico Statutes

§ 58-1-10 — Authority to engage in leasing safe deposit facilities;

New Mexico § 58-1-10

Ch. 58Financial Institutions and Regulations

Art. 1Banking Generally

This text of New Mexico § 58-1-10 (Authority to engage in leasing safe deposit facilities;) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 58-1-10 (2026).

Text

subsidiary company.

A.Subject to such regulations as the commissioner [director of the financial institutions division of the commerce and industry department] may prescribe, a state bank or safe deposit company may maintain and lease safe deposit boxes and may accept property or documents for safekeeping if, except in the case of night depositories, it issues a receipt therefor.

B.A state bank may own stock in safe deposit companies not exceeding in aggregate cost fifteen percent of its capital and surplus, but at least ninety percent of the stock in each such safe deposit company must be owned by banks.

Free access — add to your briefcase to read the full text and ask questions with AI

subsidiary company. A. Subject to such regulations as the commissioner [director of the financial institutions division of the commerce and industry department] may prescribe, a state bank or safe deposit company may maintain and lease safe deposit boxes and may accept property or documents for safekeeping if, except in the case of night depositories, it issues a receipt therefor. B. A state bank may own stock in safe deposit companies not exceeding in aggregate cost fifteen percent of its capital and surplus, but at least ninety percent of the stock in each such safe deposit company must be owned by banks.