New Mexico § 58-1-2 - Definitions of banks

§ 58-1-2. Definitions of banks

As used in the Banking Act: A. “bank” means: (1) an “insured bank” as defined in Section 3(h) of the Federal Deposit Insurance

Act; 1 (2) any institution that is eligible to make application to become an insured bank

pursuant to Section 5 of the Federal Deposit Insurance Act; 2 or (3) any institution organized under the laws of this state, the laws of the United

States, any state of the United States, the District of Columbia, any territory of

the United States, Puerto Rico, Guam, American Samoa or the Virgin Islands, that accepts

deposits that the depositor may withdraw by check or similar means for payment to

third parties and is engaged in the business of making commercial loans. The term does not include any organization operating under Section 25 3 or Section 25a 4 of the Federal Reserve Act or any organization that does not do business within the

United States except as an incident to its activities outside the United States or

any savings and loan association organized under the laws of this state, the laws

of the United States, any state of the United States, the District of Columbia, any

territory of the United States, Puerto Rico, Guam, American Samoa or the Virgin Islands; B. “bank holding company” means any company which has control over any bank or over

another company that is or becomes a bank holding company; C. “company” means any corporation, partnership, trust other than a voting trust,

association or similar organization but shall not include any corporation the majority

of the shares of which are owned by the United States or by any state; D. “control” means: (1) any direct or indirect operation through one or more other persons which owns,

directs or has power to vote twenty-five percent or more of any class of voting securities

of the bank or company; (2) the direction in any manner of the election of a majority of the directors or

trustees of the bank or company; or (3) the direct or indirect exercise of substantial influence over the management of

policies of the bank or company, as determined by the director of the financial institutions

division, after notice and opportunity for hearing; and E. “state bank” means any bank authorized to do banking business by the laws of this

state. 1

12 U.S.C.A. § 1813(h). 2

12 U.S.C.A. § 1815. 3

12 U.S.C.A. § 604a. 4

12 U.S.C.A. § 611 et seq.