New Mexico § 58-10-14 Forfeiture of charter for failure to commence business

New Mexico Statutes

§ 58-10-14 — Forfeiture of charter for failure to commence business

New Mexico § 58-10-14

Ch. 58Financial Institutions and Regulations

Art. 10Savings and Loan Associations

This text of New Mexico § 58-10-14 (Forfeiture of charter for failure to commence business) 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. § 58-10-14 (2026).

Text

Any association whose charter has been approved under the Savings and Loan Act shall commence business within six months after satisfactory proof has been filed with the supervisor showing that insurance of accounts has been obtained. If an association has not commenced business within this time, the incorporators may request a hearing before the supervisor, and, if good cause is shown for the failure, the supervisor may grant a reasonable extension of the time for commencing business to give the association an opportunity to overcome the cause for the delay in commencing business. Failure to commence business as required in this section constitutes grounds for forfeiture of the association's charter.

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

Any association whose charter has been approved under the Savings and Loan Act shall commence business within six months after satisfactory proof has been filed with the supervisor showing that insurance of accounts has been obtained. If an association has not commenced business within this time, the incorporators may request a hearing before the supervisor, and, if good cause is shown for the failure, the supervisor may grant a reasonable extension of the time for commencing business to give the association an opportunity to overcome the cause for the delay in commencing business. Failure to commence business as required in this section constitutes grounds for forfeiture of the association's charter.