reglab/housing_qa huggingface dataset:
NM Stat § 62-15-9.1 (2021)
2021 New Mexico Statutes|Chapter 62 - Electric, Gas and Water Utilities|Article 15 - Rural Electric Cooperatives|Section 62-15-9.1 - Duties of trustees.

A trustee shall perform his duties as a trustee, including his duties as a member of any committee of the board upon which the trustee may serve, in good faith, in a manner the trustee believes to be in or not opposed to the best interests of the cooperative and with such care as an ordinarily prudent person would use under similar circumstances in a like position. In performing such duties, a trustee shall be entitled to rely on factual information, opinions, reports or statements including financial statements and other financial data in each case prepared or presented by: A. one or more officers or employees of the cooperative whom the trustee reasonably believes to be reliable and competent in the matters presented; B. counsel, public accountants or other persons as to matters which the trustee reasonably believes to be within such persons' professional or expert competence; C. a committee of the board upon which the trustee does not serve, duly designated in accordance with a provision of the articles of incorporation or the bylaws as to matters within its designated authority, which committee the trustee reasonably believes to merit confidence, but the trustee shall not be considered to be acting in good faith if the trustee has knowledge concerning the matter in question that would cause such reliance to be unwarranted; or D. any bulletin or other directive of the rural electrification administration, or successor agency, material to the matter in question. A person who so performs such duties shall have no liability to the cooperative or to its members by reason of being or having been a trustee of the cooperative. History: Laws 1987, ch. 238, § 13. ANNOTATIONSLaw reviews. — For article, "Statutory Adoption of Several Liability in New Mexico: A Commentary and Quasi-Legislative History," see 18 N.M.L. Rev. 483 (1988).
NM Stat § 62-15-10 (2021)
2021 New Mexico Statutes|Chapter 62 - Electric, Gas and Water Utilities|Article 15 - Rural Electric Cooperatives|Section 62-15-10 - Voting districts.

A. Notwithstanding any other provision of the Rural Electric Cooperative Act, the bylaws of a cooperative may provide that the territory in which a cooperative supplies electric energy to its members shall be divided into two or more voting districts and that, in respect of each such voting district:(1) a designated number of trustees shall be elected by the members residing in that district;(2) a designated number of delegates shall be elected by the members residing in that district; or(3) both trustees and delegates shall be elected by the members residing in that district.B. The bylaws shall prescribe the manner in which voting districts, and the members, delegates and trustees thereof, if any, elected therefrom, shall function. The bylaws shall also set forth the powers of the delegates, which may include the power to elect trustees. No delegate who has voted by proxy or by mail on an issue or question shall vote in person on the same issue or question.C. Voting by members at voting district meetings shall be in person, unless otherwise provided in the bylaws. The bylaws shall prescribe the conditions under which voting by mail shall be exercised. History: Laws 1939, ch. 47, § 10; 1941 Comp., § 48-410; 1953 Comp., § 45-4-10; 2011, ch. 38, § 1; 2019, ch. 131, § 2. ANNOTATIONSThe 2019 amendment, effective July 1, 2019, provided that no delegate of a rural electric cooperative who has voted by proxy or by mail on an issue or question shall vote in person on the same issue or question; and in Subsection B, after "No delegate", deleted "at any meeting shall vote" and added "who has voted", and after "by proxy or by mail", added "on an issue or question shall vote in person on the same issue or question".The 2011 amendment, effective June 17, 2011, added Subsection C to require that voting at voting district meetings be in person unless the bylaws provide otherwise, and to permit the bylaws to provide for voting by mail. Amendment vote by districts rather than at general meeting deemed legal. — It is legal to provide for the amendment of bylaws by a majority vote of the members voting by districts, rather than at a general meeting of all the members. This interpretation does no violence to Section 62-15-7 NMSA 1978, since that section mentions "regular annual meeting" and "special meeting," and does not exclude a regular annual meeting or special meeting of a voting district. The interpretation is supported by the liberal construction required to be given these statutes under Section 62-15-32 NMSA 1978. 1961 Op. Att'y Gen. No. 61-62. Rural electric cooperative cannot take away power of majority. — A rural electric cooperative may provide for the amendment of its bylaws by a vote taken at a series of meetings of voting districts rather than at a general meeting of all the members, but, in so doing, it cannot take away the power of the majority of members to adopt, amend or repeal the bylaws. 1961 Op. Att'y Gen. No. 61-62.
NM Stat § 62-15-11 (2021)
2021 New Mexico Statutes|Chapter 62 - Electric, Gas and Water Utilities|Article 15 - Rural Electric Cooperatives|Section 62-15-11 - Officers.

The officers of a cooperative shall consist of a president, vice president, secretary and treasurer, who shall be elected annually by and from the board of trustees. No person shall continue to hold any of the above offices after he shall have ceased to be a trustee. The offices of secretary and of treasurer may be held by the same person. The board of trustees may also elect or appoint such other officers, agents or employees as it shall deem necessary or advisable and shall prescribe the powers and duties thereof. Any officer may be removed from office and his successor elected in the manner prescribed in the bylaws. History: Laws 1939, ch. 47, § 11; 1941 Comp., § 48-411; 1953 Comp., § 45-4-11. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Cooperative Associations §§ 18, 19, 49. 43 C.J.S. Industrial Cooperative Societies §§ 6, 8.
NM Stat § 62-15-17 (2021)
2021 New Mexico Statutes|Chapter 62 - Electric, Gas and Water Utilities|Article 15 - Rural Electric Cooperatives|Section 62-15-17 - Initiative by members.

Notwithstanding any other provision of this act [62-15-1 to 62-15-32 NMSA 1978], any proposition embodied in a petition signed by not less than 10 per centum (10%) of all members of the cooperative, together with any document submitted with such petition to give effect to the proposition, shall be submitted to the members of a cooperative either at a special meeting of the members held within forty-five (45) days after the presentation of such petition or, if the date of the next annual meeting of members falls within ninety (90) days after such presentation or if the petition so requests, at such annual meeting. The approval of the board of trustees shall not be required in respect of any proposition or document submitted to the members pursuant to this section and approved by them, but such proposition or document shall be subject to all other applicable provisions of this act. Any affidavit or affidavits required to be filed with any such document pursuant to applicable provisions of this act shall, in such case, be modified to show compliance with the provisions of this section. History: Laws 1939, ch. 47, § 17; 1941 Comp., § 48-417; 1953 Comp., § 45-4-17.
NM Stat § 62-15-19 (2021)
2021 New Mexico Statutes|Chapter 62 - Electric, Gas and Water Utilities|Article 15 - Rural Electric Cooperatives|Section 62-15-19 - Filing of articles.

Articles of incorporation, amendment, consolidation, merger, conversion or dissolution, when executed and acknowledged and accompanied by such affidavits as may be required by applicable provisions of the Rural Electric Cooperative Act, shall be presented to the secretary of state for filing in the records of that office. If the secretary of state finds that the articles presented conform to the requirements of that act, the secretary of state shall, upon the payment of the fees as provided in that act, file the articles in the records of the secretary of state's office, and upon such filing the incorporation, amendment, consolidation, merger, conversion or dissolution provided for in those articles shall be in effect. The secretary of state, immediately upon the filing in the secretary of state's office of any articles pursuant to the Rural Electric Cooperative Act, shall transmit a certified copy of the articles to the county clerk of the county in which the principal office of each cooperative or corporation affected by the incorporation, amendment, consolidation, merger, conversion or dissolution is located. The clerk of any county, upon receipt of any such certified copy, shall file and index it in the records of the clerk's office, but the failure of the secretary of state or of a clerk of a county to comply with the provisions of this section shall not invalidate the articles. The provisions of this section shall apply to certificates of election to dissolve and affidavits of compliance executed pursuant to Paragraph (2) of Subsection B of Section 62-15-18 NMSA 1978. History: Laws 1939, ch. 47, § 19; 1941 Comp., § 48-419; 1953 Comp., § 45-4-19; 2013, ch. 75, § 32. ANNOTATIONSThe 2013 amendment, effective July 1, 2013, required that articles be filed with the secretary of state; in the first sentence, after "presented to the", deleted "state corporation commission" and added "secretary of state"; in the second sentence, at the beginning of the sentence, deleted "state corporation commission shall find" and added "secretary of state finds", after "requirements of that act", deleted "he" and added "the secretary of state", and after "in the records of", deleted "his" and added "the secretary of state"; and in the third sentence, at the beginning of the sentence, deleted "state corporation commission" and added "secretary of state", after "upon filing in", deleted "his" and added "the secretary of state's"; and in the fourth sentence, after "the failure of the", deleted "state corporation commission" and added "secretary of state".
NM Stat § 62-15-20 (2021)
2021 New Mexico Statutes|Chapter 62 - Electric, Gas and Water Utilities|Article 15 - Rural Electric Cooperatives|Section 62-15-20 - Refunds to members.

Revenues of a cooperative for any fiscal year in excess of the amount thereof necessary: A. to defray expenses of the cooperative and of the operation and maintenance of its facilities during such fiscal year; B. to pay interest and principal obligation of the cooperative coming due in such fiscal year; C. to finance, or to provide a reserve for the financing of, the construction or acquisition by the cooperative of additional facilities to the extent determined by the board of trustees; D. to provide a reasonable reserve for working capital; E. to provide a reserve for the payment of indebtedness of the cooperative maturing more than one (1) year after the date of the incurrence of such indebtedness in an amount not less than the total of the interest and principal payments in respect thereof required to be made during the next following fiscal year; and F. to provide a fund for education in cooperation and for the dissemination of information concerning the effective use of electric energy and other services made available by the cooperative, shall, unless otherwise determined by a vote of the members, be distributed by the cooperative to its members as patronage refunds prorated in accordance with the patronage of the cooperative by the respective members paid for during such fiscal year. Nothing herein contained shall be construed to prohibit the payment by a cooperative of all or any part of its indebtedness prior to the date when the same shall become due. History: Laws 1939, ch. 47, § 20; 1941 Comp., § 48-420; 1953 Comp., § 45-4-20. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Cooperative Associations §§ 19, 22, 23.
NM Stat § 62-15-21 (2021)
2021 New Mexico Statutes|Chapter 62 - Electric, Gas and Water Utilities|Article 15 - Rural Electric Cooperatives|Section 62-15-21 - Disposition of property.

A cooperative may not sell, convey, lease, exchange, transfer or otherwise dispose of all or any substantial portion of its property unless such sale, conveyance, lease, exchange, transfer or other disposition is authorized at a duly held meeting of the members thereof by the affirmative vote of not less than two-thirds of all of the members of the cooperative, and unless the notice of such proposed sale, lease or other disposition shall have been contained in the notice of the meeting; provided, however, that notwithstanding anything herein contained, or any other provisions of law, the board of trustees of a cooperative, without authorization by the members thereof, shall have full power and authority to authorize the execution and delivery of a mortgage or mortgages or a deed or deeds of trust upon, or the pledging, assignment for security purposes or encumbering of, any or all of the property, assets, rights, privileges, licenses, franchises and permits of the cooperative, whether acquired or to be acquired, and wherever situated, as well as the revenues and income therefrom, all upon such terms and conditions as the board of trustees shall determine, to secure any indebtedness of the cooperative. History: Laws 1939, ch. 47, § 21; 1941 Comp., § 48-421; 1953 Comp., § 45-4-21; Laws 1971, ch. 8, § 2. ANNOTATIONSSeverability. — Laws 1971, ch. 8, § 3, provided for the severability of the act if any part or application thereof is held invalid. Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 C.J.S. Industrial Cooperative Societies § 8.
NM Stat § 62-15-22 (2021)
2021 New Mexico Statutes|Chapter 62 - Electric, Gas and Water Utilities|Article 15 - Rural Electric Cooperatives|Section 62-15-22 - Nonliability of members for debts of cooperative.

The private property of the members of a cooperative shall be exempt from execution for the debts of the cooperative and no member shall be liable or responsible for any debts of the cooperative. History: Laws 1939, ch. 47, § 22; 1941 Comp., § 48-422; 1953 Comp., § 45-4-22. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Cooperative Associations § 32.
NM Stat § 62-15-23 (2021)
2021 New Mexico Statutes|Chapter 62 - Electric, Gas and Water Utilities|Article 15 - Rural Electric Cooperatives|Section 62-15-23 - Recordation of mortgages.

Any mortgage, deed of trust or other instrument executed by a cooperative or foreign corporation transacting business in this state, pursuant to this act [62-15-1 to 62-15-32 NMSA 1978], which, by its terms, creates a lien upon real and personal property then owned or after-acquired, and which is recorded as a mortgage of real property in any county in which such property is located or is to be located, shall have the same force and effect as if the mortgage, deed of trust or other instrument were also recorded or filed in the proper office in such county as a mortgage of personal property. Recordation of any such mortgage, deed of trust or other instrument shall cause the lien thereof to attach to all after-acquired property of the mortgagor of the nature herein described as being mortgaged or pledged thereby immediately upon the acquisition thereof by the mortgagor, and such lien shall be superior to all claims of creditors of the mortgagor and purchasers of such property and to all other liens, except liens of prior record, affecting such property. History: Laws 1939, ch. 47, § 23; 1941 Comp., § 48-423; 1953 Comp., § 45-4-23.
NM Stat § 62-15-24 (2021)
2021 New Mexico Statutes|Chapter 62 - Electric, Gas and Water Utilities|Article 15 - Rural Electric Cooperatives|Section 62-15-24 - Waiver of notice.

Whenever any notice is required to be given under the provisions of this act [62-15-1 to 62-15-32 NMSA 1978] or under the provisions of the articles of incorporation or bylaws of a cooperative, waiver thereof in writing, signed by the person or persons entitled to such notice, whether before or after the time fixed for the giving of such notice, shall be deemed equivalent to such notice. If a person or persons entitled to notice of a meeting shall attend such meeting, such attendance shall constitute a waiver of notice of the meeting, except in case the attendance is for the express purpose of objecting to the transaction of any business because the meeting shall not have been lawfully called or convened. History: Laws 1939, ch. 47, § 24; 1941 Comp., § 48-424; 1953 Comp., § 45-4-24. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Cooperative Associations §§ 33, 34.
NM Stat § 62-15-25 (2021)
2021 New Mexico Statutes|Chapter 62 - Electric, Gas and Water Utilities|Article 15 - Rural Electric Cooperatives|Section 62-15-25 - Trustees, officers or members; notaries.

No person who is authorized to take acknowledgments under the laws of this state shall be disqualified from taking acknowledgments of instruments executed in favor of a cooperative or to which it is a party, by reason of being an officer, director or member of such cooperative. History: Laws 1939, ch. 47, § 25; 1941 Comp., § 48-425; 1953 Comp., § 45-4-25.
NM Stat § 62-15-26 (2021)
2021 New Mexico Statutes|Chapter 62 - Electric, Gas and Water Utilities|Article 15 - Rural Electric Cooperatives|Section 62-15-26 - Foreign corporations.

Any corporation organized on a nonprofit or a cooperative basis for the purpose of supplying electric energy in rural areas and owning and operating electric transmission or distribution lines in a state adjacent to this state shall be permitted to extend its lines into and to transact business in this state without complying with any statute of this state pertaining to the qualification of foreign corporations for the transaction of business in this state. Any such foreign corporation, as a prerequisite to the extension of its lines into and the transaction of business in this state, shall, by an instrument executed and acknowledged in its behalf by its president or vice president under its corporate seal attested by its secretary, designate the secretary of state as its agent to accept service of process in its behalf. If any process is served upon the secretary of state, the secretary of state shall forthwith forward the process by registered mail to the corporation at the address specified in such instrument. Any such corporation may sue and be sued in the courts of this state to the same extent that a cooperative may sue or be sued in such courts. Any such foreign corporation may secure its notes, bonds or other evidences of indebtedness by mortgage, pledge, deed of trust or other encumbrance upon any or all of its then-owned or after-acquired real or personal property, assets or franchises located or to be located in this state and upon the revenues and income. History: Laws 1939, ch. 47, § 26; 1941 Comp., § 48-426; 1953 Comp., § 45-4-26; 2013, ch. 75, § 33. ANNOTATIONSThe 2013 amendment, effective July 1, 2013, required that foreign corporations designate the secretary of state as agent to accept service of process; in the second sentence, after "designate the", deleted "state corporation commission" and added "secretary of state"; and in the third sentence, after "is served upon the", deleted "state corporation commission" and added "secretary of state".
NM Stat § 62-15-26.1 (2021)
2021 New Mexico Statutes|Chapter 62 - Electric, Gas and Water Utilities|Article 15 - Rural Electric Cooperatives|Section 62-15-26.1 - Distribution cooperative utilities organized in other states; application.

A distribution cooperative utility organized pursuant to the laws of another state and providing bundled services in this state on April 1, 1999 to not more than twenty percent of its total customers may file an application with the commission seeking approval of its election to be governed by the laws related to electric restructuring of the state where the utility was organized. The commission shall approve the application if the distribution cooperative utility: A. does not provide supply service to other than its service customers in this state; and B. remains subject to the jurisdiction and authority of the commission for bundled service provided in this state. History: Laws 2003, ch. 336, § 5. ANNOTATIONSEffective dates. — Laws 2003, ch. 60 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 20, 2003, 90 days after adjournment of the legislature.
NM Stat § 62-15-27 (2021)
2021 New Mexico Statutes|Chapter 62 - Electric, Gas and Water Utilities|Article 15 - Rural Electric Cooperatives|Section 62-15-27 - Fees.

The secretary of state shall charge and collect for: A. filing articles of incorporation, five dollars ($5.00); B. filing articles of amendment, three dollars ($3.00); C. filing articles of consolidation or merger, five dollars ($5.00); D. filing articles of conversion, five dollars ($5.00); E. filing certificate of election to dissolve, two dollars ($2.00); F. filing articles of dissolution, three dollars ($3.00); and G. filing certificate of change of principal office, one dollar ($1.00). History: Laws 1939, ch. 47, § 27; 1941 Comp., § 48-427; 1953 Comp., § 45-4-27; 2013, ch. 75, § 34. ANNOTATIONSThe 2013 amendment, effective July 1, 2013, prescribed fees that the secretary of state is required to charge; and in the introductory sentence, deleted "state corporation commission" and added "secretary of state". Am. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Cooperative Associations §§ 34, 40, 44, 46.
NM Stat § 62-15-29 (2021)
2021 New Mexico Statutes|Chapter 62 - Electric, Gas and Water Utilities|Article 15 - Rural Electric Cooperatives|Section 62-15-29 - Repealed.

ANNOTATIONSRepeals. — Laws 1998, ch. 108, § 81 repealed 62-15-29 NMSA 1978, as enacted by Laws 1939, ch. 47, § 29, relating to exemption from jurisdiction of the state corporation commission, effective January 1, 1999. For provisions of former section, see the 1997 NMSA 1978 on NMOneSource.com.
NM Stat § 62-15-30 (2021)
2021 New Mexico Statutes|Chapter 62 - Electric, Gas and Water Utilities|Article 15 - Rural Electric Cooperatives|Section 62-15-30 - Securities Act exemption.

The provisions of the Securities Act, Chapter 44, Session Laws of New Mexico, 1921, shall not apply to the issuance of any note, bond or other evidence of indebtedness issued, executed and delivered by any cooperative to the United States of America or any agency or instrumentality thereof. The provisions of said Securities Act shall not apply to the issuance of membership certificates by any cooperative. History: Laws 1939, ch. 47, § 30; 1941 Comp., § 48-430; 1953 Comp., § 45-4-30. ANNOTATIONSCompiler's notes. — Laws 1955, ch. 131, § 20, repeals the Securities Act, Laws 1921, ch. 44, referred to in this section. For present Securities Act of New Mexico, see 58-13B-1 to 58-13B-57 NMSA 1978.