After a determination of value, the supervisor may order that assets in the aggregate, to the extent that the assets exceed appraised value, be charged off, or that a special reserve or reserves equal to the depreciation in value be set up by transfers from surplus, undivided profits or reserves.
History: 1953 Comp., § 48-15-72, enacted by Laws 1967, ch. 61, § 28.
ANNOTATIONSCross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978.
Special reserves. — Net worth of a savings and loan association as defined by Section 58-10-2 NMSA 1978 does not include special reserves established pursuant to Section 58-10-28 NMSA 1978, 1982 Op. Att'y Gen. No.82-19.
Special reserves included in net worth. — The special reserves provided for in this section are to be included in the net worth of a savings and loan association, as net worth is defined by Section 58-10-2 NMSA 1978. 1968 Op. Att'y Gen. No. 68-56 (overruled by 1982 Op. Att'y Gen. No. 82-19).
Reserves are an appropriation or a segregation of surplus. 1968 Op. Att'y Gen. No. 68-56 (overruled by 1982 Op. Att'y Gen. No. 82-19).
Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 404, 405, 411.
9 C.J.S. Banks and Banking § 402.