Every association incorporated pursuant to, or operating under, the provisions of the Savings and Loan Act has all powers authorized by the corporation laws of this state, is a body corporate and politic, may sue and be sued, may have a common seal which it may alter at pleasure and has all other powers incident to, or necessary for, the purpose of properly carrying on its business.
History: 1953 Comp., § 48-15-77, enacted by Laws 1967, ch. 61, § 33.
ANNOTATIONSCross references. — For the New Mexico general corporation laws, see Chapter 53 NMSA 1978.
Purchase of one association's assets by another permitted. — A New Mexico state chartered savings and loan association may purchase the assets, which include branch offices located more than 100 miles from the purchasing association's principal office, and assume the liabilities, of another state chartered savings and loan association. 1982 Op. Att'y Gen. No. 82-13.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 270 to 335.
9 C.J.S. Banks and Banking §§ 230, 231; 12 C.J.S. Building and Loan Associations § 6.