AI-assisted research summary: This section defines several banking terms, including “bank,” “bank holding company,” “company,” “control,” and “state bank.”
58-1-2. Definitions of banks. As used in the Banking Act [Chapter 58, Articles 1, 2 to 6 and 8 NMSA 1978]: A. "bank" means: (1) an "insured bank" as defined in Section 3(h) of the Federal Deposit Insurance Act; (2) any institution that is eligible to make application to become an insured bank pursuant to Section 5 of the Federal Deposit Insurance Act; or (3) any institution organized under the laws of this state, the laws of the United States, any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa or the Virgin Islands, that accepts deposits that the depositor may withdraw by check or similar means for payment to third parties and is engaged in the business of making commercial loans. The term does not include any organization operating under Section 25 or Section 25a of the Federal Reserve Act or any organization that does not do business within the United States except as an incident to its activities outside the United States or any savings and loan association organized under the laws of this state, the laws of the United States, any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa or the Virgin Islands; B. "bank holding company" means any company which has control over any bank or over another company that is or becomes a bank holding company; C. "company" means any corporation, partnership, trust other than a voting trust, association or similar organization but shall not include any corporation the majority of the shares of which are owned by the United States or by any state; D. "control" means: (1) any direct or indirect operation through one or more other persons which owns, directs or has power to vote twenty-five percent or more of any class of voting securities of the bank or company; (2) the direction in any manner of the election of a majority of the directors or trustees of the bank or company; or (3) the direct or indirect exercise of substantial influence over the management of policies of the bank or company, as determined by the director of the financial institutions division, after notice and opportunity for hearing; and E. "state bank" means any bank authorized to do banking business by the laws of this state. History: 1953 Comp., § 48-22-2, enacted by Laws 1963, ch. 305, § 2; 1985, ch. 56, § 1.