reglab/housing_qa huggingface dataset:
NM Stat § 53-4-10 (2021)
2021 New Mexico Statutes|Chapter 53 - Corporations|Article 4 - Cooperative Associations|Section 53-4-10 - Regular and special meetings.

Regular meetings of members shall be held as prescribed in the by-laws [bylaws], but shall be held at least once a year. Special meetings may be demanded by a majority vote of the directors or by written petition of at least one-tenth of the members, in which case it shall be the duty of the secretary to call such meeting to take place within 30 days after such demand. Regular or special meetings, including meetings by units as hereinafter provided, may be held within or without this state as the articles or by-laws [bylaws] may prescribe. History: Laws 1939, ch. 164, § 10; 1941 Comp., § 54-1410; 1953 Comp., § 51-15-10. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Am. Jur. 2d, A.L.R. and C.J.S. references. — 18B Am. Jur. 2d Corporations §§ 1456, 1461, 1464, 1465, 1467, 1470, 1471. 18 C.J.S. Corporations §§ 362 to 396; 43 C.J.S. Industrial Cooperative Societies § 12.
NM Stat § 53-4-11 (2021)
2021 New Mexico Statutes|Chapter 53 - Corporations|Article 4 - Cooperative Associations|Section 53-4-11 - Notice of meeting.

The secretary shall give notice of the time and place of meetings by sending a notice thereof to each member at his last-known address not less than the number of days in advance of the meeting specified in the by-laws [bylaws]. In case of a special meeting the notice shall specify the purpose for which such meeting is called. History: Laws 1939, ch. 164, § 11; 1941 Comp., § 54-1411; 1953 Comp., § 51-15-11. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Am. Jur. 2d, A.L.R. and C.J.S. references. — 18B Am. Jur. 2d Corporations §§ 1448, 1452 to 1455, 1457, 1458, 1460, 1480 to 1482. 18 C.J.S. Corporations §§ 365 to 367.
NM Stat § 53-4-12 (2021)
2021 New Mexico Statutes|Chapter 53 - Corporations|Article 4 - Cooperative Associations|Section 53-4-12 - Meetings by units of the membership.

The articles or by-laws [bylaws] may provide for the holding of meetings by units of the membership and may provide for a method of transmitting the votes there cast to the central meeting, or for a method of representation by the election of delegates to the central meeting; or for a combination of both such methods. History: Laws 1939, ch. 164, § 12; 1941 Comp., § 54-1412; 1953 Comp., § 51-15-12. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Am. Jur. 2d, A.L.R. and C.J.S. references. — 18B Am. Jur. 2d Corporations §§ 1466, 1467, 1684 to 1686, 1726, 1727.
NM Stat § 53-4-13 (2021)
2021 New Mexico Statutes|Chapter 53 - Corporations|Article 4 - Cooperative Associations|Section 53-4-13 - One member - one vote.

Each member of an association shall have one and only one vote, except that, where an association has, as members, other associations, or groups organized on a cooperative basis, the voting rights of such member associations or groups may be prescribed in the article or by-laws [bylaws]. No voting agreement or other device to evade the one member-one vote rule shall be enforceable at law or in equity. History: Laws 1939, ch. 164, § 13; 1941 Comp., § 54-1413; 1953 Comp., § 51-15-13. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Am. Jur. 2d, A.L.R. and C.J.S. references. — 18B Am. Jur. 2d Corporations § 1476. 18 C.J.S. Corporations § 378.
NM Stat § 53-4-14 (2021)
2021 New Mexico Statutes|Chapter 53 - Corporations|Article 4 - Cooperative Associations|Section 53-4-14 - No proxy.

No member shall be permitted to vote by proxy. History: Laws 1939, ch. 164, § 14; 1941 Comp., § 54-1414; 1953 Comp., § 51-15-14. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Cooperative Associations § 32; 18B Am. Jur. 2d Corporations § 1478. 18 C.J.S. Corporations §§ 385 to 394.
NM Stat § 53-4-15 (2021)
2021 New Mexico Statutes|Chapter 53 - Corporations|Article 4 - Cooperative Associations|Section 53-4-15 - Voting by mail.

The articles or by-laws [bylaws] may provide for either or both of the following types of voting by mail: A. that the secretary shall send to the members a copy of any proposed schedule to be offered at a meeting, together with the notice of said meeting, and that the mail votes cast by the members shall be counted together with those cast at the meeting if such mail votes are returned to the association within a specified number of days; B. that the secretary shall send to any member absent from a meeting an exact copy of the proposal acted upon at the meeting, and that the mail vote of the member upon such proposal, if returned within a specified number of days, shall be counted together with the votes cast at said meeting. The articles or by-laws [bylaws] may also determine whether and to what extent mail votes shall be counted in computing a quorum. History: Laws 1939, ch. 164, § 15; 1941 Comp., § 54-1415; 1953 Comp., § 51-15-15. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
NM Stat § 53-4-16 (2021)
2021 New Mexico Statutes|Chapter 53 - Corporations|Article 4 - Cooperative Associations|Section 53-4-16 - Application of voting provisions herein to voting by mail.

If an association has provided for voting by mail, any provision herein referring to votes cast by the members shall be construed to include the votes cast by mail. History: Laws 1939, ch. 164, § 16; 1941 Comp., § 54-1416; 1953 Comp., § 51-15-16.
NM Stat § 53-4-17 (2021)
2021 New Mexico Statutes|Chapter 53 - Corporations|Article 4 - Cooperative Associations|Section 53-4-17 - Application of voting provisions herein to voting by delegates.

If an association has provided for voting by delegates, any provision herein referring to votes cast by the members shall apply to votes cast by delegates; but this shall not permit delegates to vote by mail. History: Laws 1939, ch. 164, § 17; 1941 Comp., § 54-1417; 1953 Comp., § 51-15-17.
NM Stat § 53-4-18 (2021)
2021 New Mexico Statutes|Chapter 53 - Corporations|Article 4 - Cooperative Associations|Section 53-4-18 - Directors.

An association shall be managed by a board of not less than five directors, who shall be elected by and from the members of the association, and shall hold office until their successors are elected, or until removed. Vacancies in the board of directors, otherwise than by removal or expiration of term, shall be filled in such manner as the by-laws [bylaws] may provide. The by-laws [bylaws] may provide for a method of apportioning the number of directors among the units into which the association may be divided, and for the election of directors by the respective units to which they are apportioned. An executive committee of the board of directors may be elected in such a manner and with such powers and duties as the articles or by-laws [bylaws] may prescribe. Meetings of directors or of the executive committee may be held within or without the state. History: Laws 1939, ch. 164, § 18; 1941 Comp., § 54-1418; 1953 Comp., § 51-15-18. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Am. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Cooperative Associations §§ 18, 19; 18A Am. Jur. 2d Corporations §§ 953 to 955, 986, 1159; 18B Am. Jur. 2d Corporations §§ 1362, 1363, 1365, 1366, 1371, 1381. 19 C.J.S. Corporations §§ 433 to 553; 43 C.J.S. Industrial Cooperative Societies § 8.
NM Stat § 53-4-18.1 (2021)
2021 New Mexico Statutes|Chapter 53 - Corporations|Article 4 - Cooperative Associations|Section 53-4-18.1 - Duties of directors.

A director shall perform his duties as a director, including his duties as a member of any committee of the board upon which the director may serve, in good faith, in a manner the director believes to be in or not opposed to the best interests of the association and with such care as an ordinarily prudent person would use under similar circumstances in a like position. In performing such duties, a director 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 association whom the director reasonably believes to be reliable and competent in the matters presented; B. counsel, public accountants or other persons as to matters which the director reasonably believes to be within such persons' professional or expert competence; or C. a committee of the board upon which the director 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 director reasonably believes to merit confidence, but the director shall not be considered to be acting in good faith if the director has knowledge concerning the matter in question that would cause such reliance to be unwarranted. History: 1978 Comp., § 53-4-18.1, enacted by Laws 1987, ch. 238, § 2.
NM Stat § 53-4-18.2 (2021)
2021 New Mexico Statutes|Chapter 53 - Corporations|Article 4 - Cooperative Associations|Section 53-4-18.2 - Liability of directors.

No director of the association shall be personally liable to the association or its members for monetary damages for breach of fiduciary duty as a director unless: A. the director has breached or failed to perform the duties of the director's office in compliance with Section 53-4-18.1 NMSA 1978; and B. the breach or failure to perform constitutes willful misconduct or recklessness. The provisions of this section shall, however, only eliminate the liability of a director for action taken as a director or any failure to take action as a director at meetings of the board of directors or of a committee of the board of directors on or after the date when the provisions of this section become effective. History: 1978 Comp., § 53-4-18.2, enacted by Laws 1987, ch. 238, § 3. ANNOTATIONSCompiler's notes. — The phrase "the date when the provisions of this section become effective" in the last sentence refers to April 9, 1987, the effective date of Laws 1987, Chapter 238.
NM Stat § 53-4-18.3 (2021)
2021 New Mexico Statutes|Chapter 53 - Corporations|Article 4 - Cooperative Associations|Section 53-4-18.3 - Repealed.

ANNOTATIONSRepeals. — Laws 1993, ch. 318, § 6 repealed 53-4-18.3 NMSA 1978, as enacted by Laws 1991, ch. 170, § 3, requiring any person elected or appointed to a board of directors to file an affidavit with the corporation stating that he consents to be a member of the board of directors, effective June 18, 1993. For provisions of former section, see the 1992 NMSA 1978 on NMOneSource.com.
NM Stat § 53-4-19 (2021)
2021 New Mexico Statutes|Chapter 53 - Corporations|Article 4 - Cooperative Associations|Section 53-4-19 - Officers.

The officers of an association shall include a president, one or more vice presidents, a secretary and a treasurer or a secretary-treasurer. The officers shall be elected annually by the directors unless the by-laws [bylaws] otherwise provide. The president and at least one vice president must be directors, but no other officer need be a director. History: Laws 1939, ch. 164, § 19; 1941 Comp., § 54-1419; 1953 Comp., § 51-15-19. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Am. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Cooperative Associations §§ 33, 35; 18B Am. Jur. 2d Corporations §§ 1360, 1361, 1364, 1406. 19 C.J.S. Corporations §§ 433 to 553; 43 C.J.S. Industrial Cooperative Societies § 8.
NM Stat § 53-4-20 (2021)
2021 New Mexico Statutes|Chapter 53 - Corporations|Article 4 - Cooperative Associations|Section 53-4-20 - Removal of directors and officers.

A director or officer may be removed with or without cause, by a vote of two-thirds of the members voting at a regular or special meeting. The director or officer involved shall have an opportunity to be heard at said meeting. A vacancy caused by any such removal shall be filled by the vote provided in the by-laws [bylaws] for election of directors. History: Laws 1939, ch. 164, § 20; 1941 Comp., § 54-1420; 1953 Comp., § 51-15-20. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Am. Jur. 2d, A.L.R. and C.J.S. references. — 18B Am. Jur. 2d Corporations §§ 1430, 1432, 1439, 1440, 1443, 1690, 2065, 2077, 2078. 19 C.J.S. Corporations §§ 454 to 457; 43 C.J.S. Industrial Cooperative Societies § 8.
NM Stat § 53-4-21 (2021)
2021 New Mexico Statutes|Chapter 53 - Corporations|Article 4 - Cooperative Associations|Section 53-4-21 - Referendum.

The articles or by-laws [bylaws] may provide that within a specified period of time any action taken by the directors must be referred to the members for approval or disapproval if demanded by petition of at least ten percent (10%) of all the members or by vote of at least a majority of the directors. However, the rights of third parties which have vested between the time of such action and such referendum shall not be impaired thereby. History: Laws 1939, ch. 164, § 21; 1941 Comp., § 54-1421; 1953 Comp., § 51-15-21. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
NM Stat § 53-4-21.1 (2021)
2021 New Mexico Statutes|Chapter 53 - Corporations|Article 4 - Cooperative Associations|Section 53-4-21.1 - Disposition of property.

An association 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 association 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 directors of an association, 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 association, 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 directors shall determine, to secure any indebtedness of the association. History: 1978 Comp., § 53-4-21.1, enacted by Laws 1987, ch. 238, § 4.
NM Stat § 53-4-22 (2021)
2021 New Mexico Statutes|Chapter 53 - Corporations|Article 4 - Cooperative Associations|Section 53-4-22 - Limitations on interest-dividends.

Interest-dividends shall not exceed fifteen percent per year and shall be noncumulative. Total interest-dividends distributed for any single period shall not exceed fifty percent of the net savings for that period. History: Laws 1939, ch. 164, § 22; 1941 Comp., § 54-1422; 1953 Comp., § 51-15-22; Laws 1983, ch. 14, § 1. ANNOTATIONSThe 1983 amendment, effective June 17, 1983, combined the former first and second paragraphs into the present single paragraph and substituted "fifteen percent per year" for "six percent per annum" in the first sentence. Am. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Cooperative Associations § 22; 18B Am. Jur. 2d Corporations §§ 1175, 1263 to 1276, 1305. Distribution of funds by nonprofit corporation absent dissolution, 51 A.L.R.3d 1318. Validity and enforceability of bylaw amendment reducing benefits available to members, 61 A.L.R.3d 976.
NM Stat § 53-4-23 (2021)
2021 New Mexico Statutes|Chapter 53 - Corporations|Article 4 - Cooperative Associations|Section 53-4-23 - Eligibility and admission to membership.

Any natural person, association, incorporated or unincorporated group organized on a cooperative basis, or any nonprofit group shall be eligible for membership in an association if it has met any qualifications for eligibility stated in the articles or by-laws [bylaws], and shall be deemed a member upon payment in full for the minimum amount of share or membership capital stated in the articles as necessary to qualify for membership. History: Laws 1939, ch. 164, § 23; 1941 Comp., § 54-1423; 1953 Comp., § 51-15-23. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Am. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Cooperative Associations §§ 14, 21; 18A Am. Jur. 2d Corporations §§ 728 to 730. 18 C.J.S. Corporations §§ 293 to 304.
NM Stat § 53-4-24 (2021)
2021 New Mexico Statutes|Chapter 53 - Corporations|Article 4 - Cooperative Associations|Section 53-4-24 - Subscribers.

Any natural person or group eligible for membership and legally obligated to purchase a share or shares of, or membership in, an association shall be deemed a subscriber; the articles or by-laws [bylaws] may determine whether, and the conditions under which, any rights of membership shall be granted to subscribers. History: Laws 1939, ch. 164, § 24; 1941 Comp., § 54-1424; 1953 Comp., § 51-15-24. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Am. Jur. 2d, A.L.R. and C.J.S. references. — 18A Am. Jur. 2d Corporations §§ 578 to 580.
NM Stat § 53-4-25 (2021)
2021 New Mexico Statutes|Chapter 53 - Corporations|Article 4 - Cooperative Associations|Section 53-4-25 - Share and membership certificates; issuance and contents.

No certificate for shares or for membership shall be issued until paid for in full. There shall be printed upon each certificate issued by an association a statement embodying the requirements of Sections 13, 14 and 26 [53-4-13, 53-4-14, 53-4-26 NMSA 1978] herein and of any provisions in its articles which limit the right of the certificate holder to assign or transfer such certificate. History: Laws 1939, ch. 164, § 25; 1941 Comp., § 54-1425; 1953 Comp., § 51-15-25. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Corporations §§ 42, 45; 18A Am. Jur. 2d Corporations §§ 663, 736, 890. 18 C.J.S. Corporations § 122 et seq.; 43 C.J.S. Industrial Cooperatives § 12.
NM Stat § 53-4-26 (2021)
2021 New Mexico Statutes|Chapter 53 - Corporations|Article 4 - Cooperative Associations|Section 53-4-26 - Transfer of shares and membership; withdrawal.

If a member desires to withdraw from the association or dispose of any or all of his holdings therein, the directors shall have the power to purchase such holdings by paying him out of surplus funds the par value of any or all of the holdings offered. The directors shall then reissue or cancel the same. A vote of the majority of the members voting at a regular or special meeting may order the directors to exercise this power to purchase. If the association fails, within 60 days of the original offer, to purchase all or any part of the holdings offered, the member may dispose of the unpurchased interest elsewhere, subject to the approval of the transferee by a majority vote of the directors. Any would-be transferee not approved by the directors may appeal to the members at their first regular or special meeting thereafter, and the action of the meeting shall be final. If such transferee is not approved, the directors are under a duty to exercise their power to purchase, if and when there are sufficient surplus funds. History: Laws 1939, ch. 164, § 26; 1941 Comp., § 54-1426; 1953 Comp., § 51-15-26. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Cooperative Associations § 25; 18A Am. Jur. 2d Corporations §§ 689 to 691, 699. 43 C.J.S. Industrial Cooperative Societies § 19.
NM Stat § 53-4-27 (2021)
2021 New Mexico Statutes|Chapter 53 - Corporations|Article 4 - Cooperative Associations|Section 53-4-27 - Share and membership certificates; recall.

The by-laws [bylaws] may give the directors the power to use the surplus funds to recall, at par value, the holdings of any member in excess of the amount requisite for membership; and may also provide that if any member has failed to patronize the association during a period of time specified in the by-laws [bylaws], the directors may use the surplus funds to recall all his holdings and thereupon he shall cease to be a member of the association. When so recalled, such share or membership certificates shall be either reissued or canceled. History: Laws 1939, ch. 164, § 27; 1941 Comp., § 54-1427; 1953 Comp., § 51-15-27. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Am. Jur. 2d, A.L.R. and C.J.S. references. — 18A Am. Jur. 2d Corporations §§ 488, 541, 542. 43 C.J.S. Industrial Cooperative Societies § 19.
NM Stat § 53-4-28 (2021)
2021 New Mexico Statutes|Chapter 53 - Corporations|Article 4 - Cooperative Associations|Section 53-4-28 - Share and membership certificates; attachment.

The holdings of any member of an association, to the extent of the minimum amount necessary for membership, shall be exempt from attachment, execution, or garnishment for the debts of the owner. If any holdings in excess of this amount are subject to such liability, the directors of the association may either admit the purchaser thereof to membership, or may, if and when there are sufficient surplus funds, purchase from him such holdings at par value. History: Laws 1939, ch. 164, § 28; 1941 Comp., § 54-1428; 1953 Comp., § 51-15-28. ANNOTATIONSCross references. — For rules governing garnishment and writs of execution in the district, magistrate, and metropolitan courts, see Rules 1-065.1, 2-801, and 3-801, NMRA respectively. For form for claim of exemptions on executions, see Rule 4-803 NMRA. For form for order on claim of exemption and order to pay in execution proceedings, see Rule 4-804 NMRA. For form for application for writ of garnishment and affidavit, see Rule 4-805 NMRA. For form for notice of right to claim exemptions from execution, see Rule 4-808A NMRA. For form for claim of exemption from garnishment, see Rule 4-809 NMRA. Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 C.J.S. Industrial Cooperative Societies § 10.
NM Stat § 53-4-29 (2021)
2021 New Mexico Statutes|Chapter 53 - Corporations|Article 4 - Cooperative Associations|Section 53-4-29 - Liability of members.

Members shall not be jointly or severally liable for any debts of the association, nor shall subscribers be so liable except to the extent of the unpaid amount on the shares or membership certificates subscribed by them. No subscriber shall be released from such liability by reason of any assignment of his interest in the shares or membership certificate, but shall remain jointly and severally liable with the assignee until the shares or certificates are fully paid up. History: Laws 1939, ch. 164, § 29; 1941 Comp., § 54-1429; 1953 Comp., § 51-15-29. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Cooperative Associations §§ 30 to 32; 18A Am. Jur. 2d Corporations §§ 249 to 257. Liability of member or former member of marketing or purchasing cooperative for its debts or losses, 96 A.L.R.3d 1243. 18 C.J.S. Corporations §§ 414 to 432.