§ 58-1-53 — General corporate powers

New Mexico § 58-1-53

• Jurisdiction: New Mexico
• Ch. 58: Financial Institutions and Regulations
• Art. 1: Banking Generally

Text

State banks shall have: A. all the powers provided and conferred on them in the Banking Act and such general corporate powers as are appropriate to its purpose; B. the power to act as a fiduciary in any capacity, after proper qualifications under the Banking Act, and if authorized by its articles of incorporation or any amendment thereto; C. perpetual succession by its corporate name unless a limited period of duration is stated in its articles of incorporation; D. the power to sue and be sued in any court of law or equity; E. the power to make and use a common seal, and alter the same at pleasure; F. the power to appoint such officers and agents as the business of the corporation shall require, and to allow them suitable compensation; and G. the power to make contributions to the extent authorized, approved or ratified by action of the board of directors of the corporation, except as otherwise specifically provided or limited by its articles of incorporation, or its bylaws, or by resolution duly adopted by its stockholders, or by statute.

Legislative History

1953 Comp., § 48-22-42, enacted by Laws 1963, ch. 305, § 42; 1975, ch. 330,