NM Stat § 21-11-4 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 11 - New Mexico Institute of Mining and Technology|Section 21-11-4 - [Operations vested in board of regents; corporate powers; quorum.]

The management and control of said school of mines [New Mexico institute of mining and technology], the care and preservation of all property of which it shall become possessed, the erection and construction of all buildings necessary for its use, and the disbursement and expenditure of all moneys, shall be vested in a board of five regents. Said regents and their successors in office shall constitute a body corporate, under the name and style of, the regents of the New Mexico school of mines [New Mexico institute of mining and technology], with the right, as such, of suing and being sued, of contracting and being contracted with, of making and using a common seal and altering the same at pleasure, and of causing all things to be done necessary to carry out the provisions of this article. A majority of the board shall constitute a quorum for the transaction of business, but a less number may adjourn from time to time. History: Laws 1889, ch. 138, § 29; C.L. 1897, § 3594; Code 1915, § 5140; C.S. 1929, § 130-1102; 1941 Comp., § 55-2602; 1953 Comp., § 73-27-4. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. N.M. Const., art. XII, § 11, as repealed and reenacted November 8, 1960, changed the name of the New Mexico school of mines to the New Mexico institute of mining and technology. See 21-11-2 NMSA 1978. Compiler's notes. — The words "this article," substituted by the 1915 Code compilers for "this act," refer to Article 7 of Chapter 101 of the 1915 Code, compiled as 21-11-1, 21-11-4 to 21-11-14 NMSA 1978. Cross references. — For number, appointment, qualifications and terms of members of the board of regents, see N.M. Const., art. XII, § 13. Institute is state educational institution. — The New Mexico school of mines (now the New Mexico institute of mining and technology) was confirmed by N.M. Const., art. XII, § 11, as a state educational institution with its location at Socorro, New Mexico. Under this section, the management and control of the above institution is vested in a board of regents whose duty is to keep all books and records in its official office. Taylor v. Via, 1955-NMSC-047, 59 N.M. 320, 284 P.2d 211. Control over funds from nonstate sources. — The legislature has expressly recognized the authority of institutions of higher learning to receive benefits and donations from the United States, private individuals and corporations, to buy, sell, lease or mortgage real estate and to do all things which in the opinions of the respective boards of regents, will be for the best interests of the institutions in the accomplishment of their purposes or objects. The legislature lacks authority to appropriate funds received from nonstate sources or to control the use thereof through the power of appropriation. State ex rel. Sego v. Kirkpatrick, 1974-NMSC-059, 86 N.M. 359, 524 P.2d 975. Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. Jur. 2d Colleges and Universities §§ 3, 5, 10, 11. 14A C.J.S. Colleges and Universities §§ 2, 14, 49.