Compliance on the part of any bank or trust company exercising the right conferred by Section 96 [58-5-8 NMSA 1978] hereof with the reserve requirements of the Federal Reserve Act shall be held to be a full compliance with these [those] provisions of the laws of this state which require banks or trust companies to maintain cash balances in their vaults or with other banks, and no such bank or trust company shall be required to carry or maintain reserve other than such as is required under the terms of the Federal Reserve Act.
History: Laws 1915, ch. 67, § 97, enacted by Laws 1919, ch. 120, § 35; C.S. 1929, § 13-702; 1941 Comp., § 50-223; 1953 Comp., § 48-2-28.
ANNOTATIONSCompiler's notes. — The bracketed material was inserted by the compiler and is not part of the law.
Cross references. — For the Federal Reserve Act, see 12 U.S.C. § 221.
Law reviews. — For student symposium, "Constitutional Revision - State Aid to Private Enterprise in New Mexico," see 9 Nat. Resources J. 457 (1969).