Any association may, by resolution adopted by a majority vote of its members or stockholders present or represented by proxy and entitled to vote at any annual meeting or any special meeting called for the purpose, amend its charter or bylaws in any manner not inconsistent with the provisions of the Savings and Loan Act. Before the amendments become effective, they shall be filed with, and approved by, the supervisor. A copy of any amendments to the charter shall be filed with the state corporation commission [public regulation commission].
History: 1953 Comp., § 48-15-59, enacted by Laws 1967, ch. 61, § 15.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Laws 1998, ch. 108, § 80 provided that references to the state corporation commission be construed as references to the public regulation commission.
Cross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 26.
9 C.J.S. Banks and Banking § 627; 12 C.J.S. Building and Loan Associations § 7.