A. Nothing in the law of this state shall restrict the right of a state bank to merge with or convert into a resulting national bank. The action to be taken by such merging or converting state bank and its rights and liabilities and those of its stockholders shall be the same as those prescribed for national banks at the time of the action by the law of the United States and not by the law of this state, except that a vote of the holders of two-thirds of each class of voting stock of a state bank, at a meeting called in conformity with the provisions of Section 5 [58-4-5 NMSA 1978], shall be required for the merger or conversion, and that on conversion by a state into a national bank the rights of dissenting stockholders shall be those specified in Section 10 [58-4-10 NMSA 1978].
B. Upon the completion of the merger or conversion, the franchise of any merging or converting state bank shall automatically terminate.
History: 1941 Comp., § 50-1902, enacted by Laws 1951, ch. 37, § 2; 1953 Comp., § 48-13-2.
ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 28.
Character as holder in due course of bank which takes over assets and assumes liabilities of another bank, 76 A.L.R. 1329.
Liability of guarantor of or surety for bank deposit as affected by reorganization, merger, or consolidation of bank, 78 A.L.R. 381.
Novation where bank transfers its assets to another bank which assumes its obligation, 79 A.L.R. 82.
9 C.J.S. Banks and Banking § 570.