New Mexico Statutes 58-4-12. Book value of assets
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Without approval by the director of the financial institutions division no asset shall be carried on the books of the resulting or purchasing state bank at a valuation higher than that on the books of the merging or converting bank at the time of its last examination by a state or national bank examiner before the effective date of the merger or conversion.
Terms Used In New Mexico Statutes 58-4-12
- converting bank: means a bank converting from a state bank to a national bank or the reverse. See New Mexico Statutes 58-4-1
- merger: includes consolidation. See New Mexico Statutes 58-4-1
- National Bank Examiner: An employee of the Comptroller of the Currency whose function is to examine national banks periodically to determine the financial position of a bank and the security of its deposits. The examiner also verifies that the bank maintains procedures consistent with federal banking laws and regulations. Source: OCC