New Mexico § 58-11A-1 Authority to engage in leasing safe deposit facilities;

New Mexico Statutes

§ 58-11A-1 — Authority to engage in leasing safe deposit facilities;

New Mexico § 58-11A-1

Ch. 58Financial Institutions and Regulations

Art. 11ALeasing of Safe Deposit Facilities

This text of New Mexico § 58-11A-1 (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. § 58-11A-1 (2026).

Text

subsidiary company.

A.Subject to such regulations as the director may prescribe, a credit union 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 for them.

B.A credit union may own stock in safe deposit box companies not exceeding in aggregate cost fifteen percent of its regular reserve and undivided earnings, but at least ninety percent of the stock in each safe deposit box company must be owned by credit unions, banks or trust companies.

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subsidiary company. A. Subject to such regulations as the director may prescribe, a credit union 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 for them. B. A credit union may own stock in safe deposit box companies not exceeding in aggregate cost fifteen percent of its regular reserve and undivided earnings, but at least ninety percent of the stock in each safe deposit box company must be owned by credit unions, banks or trust companies.