Within thirty days after the corporate existence of an association begins, the initial board of directors shall hold an organizational meeting and, pursuant to the provisions of the Savings and Loan Act and the bylaws, shall elect officers and take other appropriate action in connection with beginning the transaction of business by the association. Upon good cause being shown, the supervisor may, by order, extend the time within which the organizational meeting shall be held.
History: 1953 Comp., § 48-15-64, enacted by Laws 1967, ch. 61, § 20.
ANNOTATIONSCross 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 §§ 20 to 26.
9 C.J.S. Banks and Banking § 98.