New Mexico Statutes
§ 58-1-68 — Authority to declare dividends
The board of directors of a state bank may declare dividends not more than once in each calendar quarter from undivided profits if:
(1)the undivided profits account has been maintained in accordance with the Banking Act; and (2) the reserve against deposits required by the Banking Act is not and will not thereby be impaired.
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Legislative History
1953 Comp., § 48-22-56, enacted by Laws 1963, ch. 305, § 56.
Nearby Sections
15
§ 58-1-1
Short title§ 58-1-11
Access by fiduciaries§ 58-1-13
Lease to minor§ 58-1-14
Search procedure on death§ 58-1-17
Qualification and fiduciary powers§ 58-1-18
Fiduciary bond or oath excused§ 58-1-2
Definitions of banks§ 58-1-2.1
Prohibition§ 58-1-20
Reserves against deposits§ 58-1-21
Loans