Section 58-1-17 - Qualification and fiduciary powers. - New Mexico Statutes

58-1-17. Qualification and fiduciary powers.

No state bank shall act as fiduciary unless it is authorized by its articles of incorporation and has a permit from the commissioner [director of the financial institutions division of the regulation and licensing department]. The commissioner [director] shall not grant the permit unless he finds:   

A.     the bank has not less than five hundred thousand dollars ($500,000) capital and surplus;   

B.     the bank is in a sound financial condition and operated in a prudent and businesslike manner; and   

C.     qualified personnel are available to handle trust matters.