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GARNAND v. UPTON

No. 7993.

419 P.2d 972 (1966)

77 N.M. 132

Bruce F. GARNAND, W.J. Rounseville, C.B. Pike, Donald P. Beers, Leo Norrell, Alfred P. Whittaker, Claude Lucero and Ron Deutsch, Petitioners-Appellees, v. W.J. UPTON, Commissioner of Banking of the State of New Mexico, Respondent-Appellant.

Supreme Court of New Mexico.

November 7, 1966.

Attorney(s) appearing for the Case

Boston E. Witt, Atty. Gen., Wayne C. Wolf, Roy G. Hill, Asst. Attys. Gen., Santa Fe, for appellant.

Melvin T. Yost, Santa Fe, for appellees.

OPINION

COMPTON, Justice.

The respondent appeals from an order directing him to approve articles of incorporation of Security Mutual Savings and Loan Association of Santa Fe filed with him by the petitioners.

The main ground for disapproval of the articles of incorporation was respondent's belief and conviction that he was entitled to exercise his discretion in determining the amount of capital stock of the corporation, the number of shares, and...

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