Opinion No. 33-553
January 18, 1933
TO: Hon. John Bingham, State Bank Examiner, Santa Fe, New Mexico.
{*24} This has reference to the matters mentioned in the letter of J. W. {*25} Rodes, addressed to you, under date of January 16, 1933.
As I understand, he represents a mercantile company organized under the provisions of Section 13-901, 1929 Code. This company has a capital of $ 30,000.00 of which $ 25,000.00 has been allocated to the banking department. He wishes to know if the twenty per cent surplus mentioned in Section 13-108 should be computed on the $ 30,000.00 capital, or on the $ 25,000.00 capital allocated to the banking department.
Section 13-109, 1929 Code provides that all corporations engaging in business a portion only of which is banking shall, with respect to said banking business or banking department, be subject to all of the provisions of this act. It is, therefore, my opinion that the twenty per cent surplus should be computed on $ 25,000.00 in the case mentioned by Mr. Rodes.
By: QUINCY D. ADAMS,
Asst. Attorney General