The following corporations shall be exempt from filing a report pursuant to the Corporate Reports Act:
A. state banks or insurance companies incorporated under the laws of New Mexico;
B. insurance companies which are incorporated under the laws of the United States, other states or foreign countries, and which are licensed to transact business in the state of New Mexico;
C. national banks; and
D. nonprofit corporations.
History: 1953 Comp., § 51-21-4, enacted by Laws 1959, ch. 181, § 4; 1969, ch. 154, § 1; 1977, ch. 103, § 4.
A capital stock building and loan association organized under the general corporation laws of this state cannot be a bank within the meaning of this section and is not exempt from the reporting requirements of 53-5-2 NMSA 1978. 1965 Op. Att'y Gen. No. 65-62.
A mutual building and loan association is not a bank within the meaning of this section and is not exempt from the reporting requirements of 53-5-2 NMSA 1978. 1965 Op. Att'y Gen. No. 65-62.
A financial corporation for the purposes of this act is a corporation treated as a financial corporation for the purposes of the Gross Receipts and Compensating Tax Act (Sections 7-9-1 to 7-9-90 NMSA 1978) and the former Banking and Financial Corporations Tax Act (Sections 7-6-1 to 7-6-9 NMSA 1978) (see Corporate Income Tax Act, 7-2A-1 NMSA 1978 et seq.). If there is any doubt as to the status of a corporation, the corporation commission (now secretary of state) may require the corporation to submit proof that it is being treated as a financial corporation by the bureau of revenue (now taxation and revenue department). 1970 Op. Att'y Gen. No. 70-30 (rendered prior to 1977 amendment).
Am. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Corporations § 14.
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