New Mexico Statutes 58-4-2. Resulting national bank
A. Nothing in the law of this state shall restrict the right of a state bank to merge with or convert into a resulting national bank. The action to be taken by such merging or converting state bank and its rights and liabilities and those of its stockholders shall be the same as those prescribed for national banks at the time of the action by the law of the United States and not by the law of this state, except that a vote of the holders of two-thirds of each class of voting stock of a state bank, at a meeting called in conformity with the provisions of Section 5 [58-4-5 N.M. Stat. Ann.], shall be required for the merger or conversion, and that on conversion by a state into a national bank the rights of dissenting stockholders shall be those specified in Section 10 [58-4-10 N.M. Stat. Ann.].
Terms Used In New Mexico Statutes 58-4-2
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- merger: includes consolidation. See New Mexico Statutes 58-4-1
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
B. Upon the completion of the merger or conversion, the franchise of any merging or converting state bank shall automatically terminate.