58-1-68. Authority to declare dividends.
The board of directors of a state bank may declare dividends not more than once in each calendar quarter from undivided profits if:
(1) the undivided profits account has been maintained in accordance with the Banking Act [58-1-1 NMSA 1978]; and
(2) the reserve against deposits required by the Banking Act is not and will not thereby be impaired.
58-1-68. Authority to declare dividends.
The board of directors of a state bank may declare dividends not more than once in each calendar quarter from undivided profits if:
(1) the undivided profits account has been maintained in accordance with the Banking Act [58-1-1 NMSA 1978]; and
(2) the reserve against deposits required by the Banking Act is not and will not thereby be impaired.
58-1-68. Authority to declare dividends.
The board of directors of a state bank may declare dividends not more than once in each calendar quarter from undivided profits if:
(1) the undivided profits account has been maintained in accordance with the Banking Act [58-1-1 NMSA 1978]; and
(2) the reserve against deposits required by the Banking Act is not and will not thereby be impaired.
