A. The director shall examine the condition of each state bank at least once in each twelve-month period. A report of examination shall be sent to the board of directors of the organization examined.

Terms Used In New Mexico Statutes 58-1-46

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.

B. A bank may be examined within each eighteen-month period if:

(1)     the bank has total assets of less than two hundred fifty million dollars ($250,000,000);

(2)     the bank is well-capitalized;

(3)     when the bank was most recently examined, it was found to be well- managed, and its composite condition was found to be outstanding; or for a bank that has total assets of not more than one hundred million dollars ($100,000,000), it was found to be outstanding or good;

(4)     the bank is not subject to a formal enforcement proceeding or order; and

(5)     no person acquired control of the bank during the twelve-month period in which an examination would be required but for this subsection.

C. Whenever the director deems it necessary, he may examine any corporation, the majority of the stock of which is owned by a state bank or which he finds is controlled by a state bank.