A. Any membership applicant shall first give notice in writing to the corporation of its intention to become a member and shall submit such preliminary financial statements and other information concerning its assets, liabilities and affairs as the commissioner or supervisory agency and the board may determine.
B. An applicant, before admission to the corporation, shall also be subject to such audit, if any, as the commissioner or supervisory agency and the board determine to be necessary. If the board and the commissioner or supervisory agency find that the applicant is solvent, has adequate management and is conducting its business in a safe and sound manner, or in the case of a newly organized credit union, proposes to conduct its business in a safe and sound manner, the application shall be granted.
History: 1953 Comp., § 48-19A-9, enacted by Laws 1973, ch. 114, § 9; 1979, ch. 95, § 9.
ANNOTATIONSCross references. — For meaning of "commissioner", see 58-12-2C NMSA 1978 and notes thereto.