Section 58-9-12 - Penalty for noncompliance. - New Mexico Statutes

58-9-12. Penalty for noncompliance.

It shall be unlawful for any corporation to carry on or conduct a trust company business or to advertise or hold itself as being engaged in or doing a trust company business, or to use in connection with its business the words "trust company" or words of similar import without first having complied with all the provisions of law relating to trust companies. All officers, directors or trustees of any corporation violating this section shall be guilty of a misdemeanor and shall be punished by a fine not to exceed five thousand dollars ($5,000) or imprisonment in the county jail for a definite term not exceeding one year or both such fine and imprisonment.