N.M. Code R. § 12.20.33.8

Current through Register Vol. 35, No. 11, June 11, 2024

Section 12.20.33.8 - SAFEKEEPING RECEIPTS

A. In the interest of promoting and maintaining a sound savings and loan association system, the security of the savings account holders and other customers, the preservation of the liquid position of associations and in the interest of preventing injurious credit expansions and contractions, this regulation is hereby promulgated and is effective immediately.

B. Every association and its affiliated corporations which invest in, or obligate themselves to purchase any security of which they do not have physical possession, must have in their possession a safekeeping receipt evidencing ownership of that security. Such safekeeping receipt must be non-negotiable and be issued by a commercial bank, the deposits of which are insured by the federal deposit insurance corporation or by a state or federal officer acting in his official capacity.

C. The supervisor finds that an emergency exists, in that some associations and their affiliates have purchased or obligated themselves to purchase securities and are unable to establish ownership of the securities or that the securities even exist; therefore this regulation is issued pursuant to Sections 58-10-72 and 58-10-83 NMSA 1978.

N.M. Code R. § 12.20.33.8

8/31/78; 8/30/97; Recompiled 10/15/01