AI-assisted research summary: This section defines terms used in the Interstate Bank Acquisition Act.
58-1B-2. Definitions. As used in the Interstate Bank Acquisition Act: A. "acquire" means: (1) for a company to merge or consolidate with a bank holding company; (2) for a company to assume direct or indirect ownership or control of: (a) more than twenty-five percent of any class of voting shares of a bank holding company or a bank, if the acquiring company was not a bank holding company prior to the acquisition; (b) more than five percent of any class of voting shares of a bank holding company or a bank, if the acquiring company was a bank holding company prior to the acquisition; or (c) all or substantially all of the assets of a bank holding company or a bank; or (3) for a company to take any other action that results in the direct or indirect acquisition by the company of control of a bank holding company or a bank; B. "affiliate" means that term as defined in 12 U.S.C.A. Section 371c(b); C. "bank" means that term as defined in 12 U.S.C.A. Section 1841(c); D. "bank holding company" means that term as defined in 12 U.S.C.A. Section 1841(a) and includes a New Mexico bank holding company, an out-of-state bank holding company and a foreign bank holding company; E. "Bank Holding Company Act" means the federal Bank Holding Company Act of 1956, 12 U.S.C.A. Section 1841 et seq.; F. "bank supervisory agency" means: (1) an agency of another state with primary responsibility for chartering and supervising banks; and (2) the office of the comptroller of the currency, the federal deposit insurance corporation, the board of governors of the federal reserve system and any successor to these agencies; G. "branch" means that term as defined in Subsection C of Section 58-5-2 NMSA 1978; H. "company" means that term as defined in 12 U.S.C.A. Section 1841(b); I. "control" means that term as defined in 12 U.S.C.A. Section 1841(a)(2); J. "deposit" means that term as defined in 12 U.S.C.A. Section 1813(l); K. "depository institution" means an institution defined as an "insured depository institution" in 12 U.S.C.A. Sections 1813(c)(2) and (c)(3); L. "director" means the director of the financial institutions division of the regulation and licensing department; M. "foreign bank holding company" means a bank holding company that is organized under the laws of a country other than the United States or a territory or possession of the United States; N. "home state regulator" means, with respect to an out-of-state bank holding company, the primary bank supervisory agency of the state in which the company maintains its principal place of business; O. "New Mexico bank" means a bank that is: (1) organized under the laws of this state; or (2) organized under federal law and having its principal place of business in this state; P. "New Mexico bank holding company" means a bank holding company that: (1) had its principal place of business in this state on July 1, 1966 or the date on which it became a bank holding company, whichever is later; and (2) is not controlled by an out-of-state bank holding company; Q. "New Mexico state bank" means a bank chartered by the state of New Mexico; R. "out-of-state bank holding company" means a bank holding company that is not a New Mexico bank holding company; S. "principal place of business" of a bank holding company means the state in which the largest percentage of the total deposits of its bank subsidiaries was deposited on the later of July 1, 1966 or the date on which the company became a bank holding company; T. "state" means the District of Columbia or a state, territory or possession of the United States; and U. "subsidiary" means that term as defined in 12 U.S.C.A. Section 1841(d). History: Laws 1996, ch. 2, § 2.