New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 20 - SAVINGS AND LOAN ASSOCIATIONS
Part 11 - BOARD OF DIRECTORS
Section 12.20.11.8 - BOARD OF DIRECTORS' TERM OF OFFICE
Universal Citation: 12 NM Admin Code 12.20.11.8
Current through Register Vol. 35, No. 6, March 26, 2024
Notwithstanding the provisions of Section 58-10-19 NMSA 1978, the bylaws of an association may provide that the board of directors shall be divided into three classes as nearly equal as possible, and that the members of each class shall be elected for a term of three years and until their successors are elected and qualified. One class shall be elected by ballot annually.
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