New Mexico § 60-2E-23 - Finding of suitability required for directors, officers and key executives; removal from position if found unsuitable; suspension of suitability by board

§ 60-2E-23. Finding of suitability required for directors, officers and key executives; removal from position if found unsuitable; suspension of suitability by board

A. Each officer, director and key executive of a holding company, intermediary company

or publicly traded corporation who the board determines is or is to become actively

and directly engaged in the administration or supervision of, or in any other significant

involvement with, the activities of the subsidiary licensee or applicant shall apply

for a finding of suitability. B. If any officer, director or key executive of a holding company, intermediary company

or publicly traded corporation required to be found suitable pursuant to Subsection

A of this section fails to apply for a finding of suitability within thirty days after

being requested to do so by the board, or is not found suitable by the board, or if

his finding of suitability is revoked after appropriate findings by the board, the

holding company, intermediary company or publicly traded corporation shall immediately

remove that officer, director or key executive from any office or position in which

the person is engaged in the administration or supervision of, or any other involvement

with, the activities of the certified subsidiary until the person is thereafter found

to be suitable. If the board suspends the finding of suitability of any officer, director or key

executive, the holding company, intermediary company or publicly traded corporation

shall immediately and for the duration of the suspension suspend that officer, director

or key executive from performance of any duties in which he is actively and directly

engaged in the administration or supervision of, or any other involvement with, the

activities of the subsidiary licensee.