reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 4 - Cooperative Associations › Section 53-4-42 - Legality declared; not in restraint of trade.

No association, or method or act thereof which complies with these provisions shall be deemed a conspiracy or combination in restraint of trade or an illegal monopoly, or an attempt to lessen competition or fix prices arbitrarily, or to accomplish any improper or illegal purposes.
History:
Laws 1939, ch. 164, § 42; 1941 Comp., § 54-1442; 1953 Comp., § 51-15-42.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 18 Am. Jur. 2d Cooperative Associations §§ 30, 34.
Construction of § 1 of the Capper-Volstead Act (7 U.S.C. § 291) authorizing persons engaged in production of agricultural products to act together in association, 20 A.L.R. Fed. 924.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 4 - Cooperative Associations › Section 53-4-43 - Laws not applicable.

No law of this state conflicting or inconsistent herewith shall, to the extent of the conflict or inconsistency be construed as applicable to associations formed hereunder.
History:
Laws 1939, ch. 164, § 43; 1941 Comp., § 54-1443; 1953 Comp., § 51-15-43.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 4 - Cooperative Associations › Section 53-4-44 - Subsequent laws.

No law of this state subsequent to these provisions shall be construed as amending or repealing these provisions or any part thereof unless such amendment or repeal is expressly stated therein.
History:
Laws 1939, ch. 164, § 44; 1941 Comp., § 54-1444; 1953 Comp., § 51-15-44.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 4 - Cooperative Associations › Section 53-4-45 - Taxation.

Associations formed under Chapter 53, Article 4 NMSA 1978 and foreign corporations admitted under Section 53-4-41 NMSA 1978 to do business in this state shall pay an annual license fee of twenty dollars ($20.00).
History:
Laws 1939, ch. 164, § 45; 1941 Comp., § 54-1445; 1953 Comp., § 51-15-45; Laws 1993, ch. 311, § 7.
ANNOTATIONS
The 1993 amendment,
effective July 1, 1993, substituted "under Chapter 53, Article 4 NMSA 1978" for "hereunder", "53-4-41 NMSA 1978" for "41", and "twenty dollars ($20.00)" for "five dollars ($5.00)".
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 19 Am. Jur. 2d Corporations §§ 2802, 2824, 2839.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 5 - Corporate Reports › Section 53-5-1 - Short title.

Chapter 53, Article 5 NMSA 1978 may be cited as the "Corporate Reports Act".
History:
1953 Comp., § 51-21-1, enacted by Laws 1959, ch. 181, § 1; 1998, ch. 108, § 23.
ANNOTATIONS
The 1998 amendment,
effective January 1, 1999, substituted "Chapter 53, Article 5 NMSA 1978" for "This act" at the beginning of the section.
Law reviews.
— For note, "The Entry and Regulation of Foreign Corporations Under New Mexico Law and Under the Model Business Corporation Act," see 6 Nat. Res. J. 617 (1966).
For comment, "Coal Taxation in the Western States: The Need for a Regional Tax Policy," see 16 Nat. Res. J. 415 (1976).
For article, "1983 Amendments to the New Mexico Business Corporation Act and Related Statutes," see 14 N.M.L. Rev. 371 (1984).
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 5 - Corporate Reports › Section 53-5-3 - Public regulation commission [secretary of state] to supply definitions.

The public regulation commission [secretary of state] shall prepare and make available with appropriate corporate report forms a list of definitions of corporate and financial terms used in the annual corporate reports.
History:
1953 Comp., § 51-21-3, enacted by Laws 1959, ch. 181, § 3; 2001, ch. 200, § 28.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Laws 2013, ch. 75, § 9 provided that as of July 1, 2013, the secretary of state, pursuant to N.M. const., Art. 11, § 19, shall assume responsibility for chartering corporations as provided by law, including the performance of the functions of the former corporations bureau of the public regulation commission, and that except for Subsection D of 53-5-8 NMSA 1978, references to the "public regulation commission", "state corporation commission" or "commission" shall be construed to be references to the secretary of state.
See
8-4-7 NMSA 1978.
The 2001 amendment,
effective July 1, 2001, substituted "Public regulation commission" for 'Corporation commission" throughout the section.
Law reviews.
— For note, "The Entry and Regulation of Foreign Corporations Under New Mexico Law and Under the Model Business Corporation Act," see 6 Nat. Res. J. 617 (1966).
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 5 - Corporate Reports › Section 53-5-4 - Exempt corporations.

The following corporations shall be exempt from filing a report pursuant to the Corporate Reports Act:
A. state banks or insurance companies incorporated under the laws of New Mexico;
B. insurance companies which are incorporated under the laws of the United States, other states or foreign countries, and which are licensed to transact business in the state of New Mexico;
C. national banks; and
D. nonprofit corporations.
History:
1953 Comp., § 51-21-4, enacted by Laws 1959, ch. 181, § 4; 1969, ch. 154, § 1; 1977, ch. 103, § 4.
ANNOTATIONS
A capital stock building and loan association
organized under the general corporation laws of this state cannot be a bank within the meaning of this section and is not exempt from the reporting requirements of 53-5-2 NMSA 1978. 1965 Op. Att'y Gen. No. 65-62.
A mutual building and loan association
is not a bank within the meaning of this section and is not exempt from the reporting requirements of 53-5-2 NMSA 1978. 1965 Op. Att'y Gen. No. 65-62.
A financial corporation
for the purposes of this act is a corporation treated as a financial corporation for the purposes of the Gross Receipts and Compensating Tax Act (Sections 7-9-1 to 7-9-90 NMSA 1978) and the former Banking and Financial Corporations Tax Act (Sections 7-6-1 to 7-6-9 NMSA 1978) (see Corporate Income Tax Act, 7-2A-1 NMSA 1978 et seq.). If there is any doubt as to the status of a corporation, the corporation commission (now secretary of state) may require the corporation to submit proof that it is being treated as a financial corporation by the bureau of revenue (now taxation and revenue department). 1970 Op. Att'y Gen. No. 70-30 (rendered prior to 1977 amendment).
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 18 Am. Jur. 2d Corporations § 14.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 5 - Corporate Reports › Section 53-5-5 - Corporate reports; affirmation; penalty.

A. All reports required to be filed with the commission [secretary of state] pursuant to the Corporate Reports Act shall contain the following affirmation: "Under penalties of perjury, I declare and affirm that I have examined this report, including the accompanying schedules and statements, and that all statements contained therein are true and correct."
B. Any person who makes and subscribes any report required under the Corporate Reports Act that contains a false statement, which statement is known to be false by such person, is guilty of perjury and upon conviction shall be punished as provided for in the perjury statutes of this state.
History:
1978 Comp., § 53-5-5, enacted by Laws 1979, ch. 181, § 2.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Laws 2013, ch. 75, § 9 provided that as of July 1, 2013, the secretary of state, pursuant to N.M. const., Art. 11, § 19, shall assume responsibility for chartering corporations as provided by law, including the performance of the functions of the former corporations bureau of the public regulation commission, and that except for Subsection D of 53-5-8 NMSA 1978, references to the "public regulation commission", "state corporation commission" or "commission" shall be construed to be references to the secretary of state.
See
8-4-7 NMSA 1978.
Cross references.
— For penalty for failure to file corporate reports,
see
53-5-7 NMSA 1978.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 5 - Corporate Reports › Section 53-5-6 - Application for period of extension.

A. A corporation may, upon application to the public regulation commission [secretary of state] by the date upon which a report is required to be filed under the Corporate Reports Act, petition the commission [secretary of state] for an extension of time in which to file the required report.
B. For good cause shown, the public regulation commission [secretary of state] may extend for no more than a total of twelve months the date on which any return required by the provisions of the Corporate Reports Act must be filed or the date on which the payment of any fee is required for a specific corporation subject to the Corporate Reports Act. No extension shall prevent the accrual of interest as otherwise provided by law.
C. The public regulation commission [secretary of state] shall, when an extension of time has been granted a corporation under the United States Internal Revenue Code of 1986 for the time in which to file a return, grant the corporation the same extension of time to file the required return and to pay the required fees and tax if a copy of the approved federal extension of time is attached to the corporation's annual report. No extension of time granted shall prevent the accrual of interest as otherwise provided by law.
D. Nothing contained in this section shall prevent the collection of any tax, penalty or interest due upon the failure of any corporation to submit the required report.
History:
1953 Comp., § 51-21-6, enacted by Laws 1959, ch. 181, § 6; 1961, ch. 197, § 7; 1977, ch. 103, § 6; 1979, ch. 181, § 3; 1989, ch. 102, § 1; 2001, ch. 200, § 29.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Laws 2013, ch. 75, § 9 provided that as of July 1, 2013, the secretary of state, pursuant to N.M. const., Art. 11, § 19, shall assume responsibility for chartering corporations as provided by law, including the performance of the functions of the former corporations bureau of the public regulation commission, and that except for Subsection D of 53-5-8 NMSA 1978, references to the "public regulation commission", "state corporation commission" or "commission" shall be construed to be references to the secretary of state.
See
8-4-7 NMSA 1978.
Cross references.
— For the United States Internal Revenue Code,
see
26 U.S.C. § 1 et seq.
The 2001 amendment,
effective July 1, 2001, substituted "public regulation commission" for "state corporation commission" throughout the section.
The 1989 amendment,
effective January 1, 1990, substituted "by the date" for "not less than fifteen days prior to the date" in Subsection A and "state corporation commission" for "commission" throughout the section.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 5 - Corporate Reports › Section 53-5-7.1 - Canceled corporations stricken from public regulation commission [secretary of state] files.

A domestic corporation whose certificate of incorporation has been canceled by the public regulation commission [secretary of state] pursuant to Section 53-5-7 NMSA 1978 shall be stricken from the files of the commission [secretary of state] without further proceedings. A foreign corporation whose certificate of authority to do business in the state has been canceled by the commission [secretary of state] pursuant to Section 53-5-7 NMSA 1978 shall be stricken from the files of the commission [secretary of state] without further proceedings.
History:
Laws 2001, ch. 200, § 26.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Laws 2013, ch. 75, § 9 provided that as of July 1, 2013, the secretary of state, pursuant to N.M. const., Art. 11, § 19, shall assume responsibility for chartering corporations as provided by law, including the performance of the functions of the former corporations bureau of the public regulation commission, and that except for Subsection D of 53-5-8 NMSA 1978, references to the "public regulation commission", "state corporation commission" or "commission" shall be construed to be references to the secretary of state.
See
8-4-7 NMSA 1978.
Effective dates.
— Laws 2001, ch. 200, § 101 made Laws 2001, ch. 200, § 26 effective July 1, 2001.
Recompilations.
— Laws 2001, ch. 200, § 26 was erroneously compiled as 53-4-6.4 NMSA 1978 and was recompiled as 53-5-7.1 NMSA 1978.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 5 - Corporate Reports › Section 53-5-10 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1993, ch. 318, § 6 repealed former 53-5-10 NMSA 1978, as enacted by Laws 1991, ch. 170, § 4, 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
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 6 - Professional Corporations › Section 53-6-2 - Short title.

This act [53-6-1 to 53-6-13 NMSA 1978] may be cited as the "Professional Corporation Act".
History:
1953 Comp., § 51-22-2, enacted by Laws 1963, ch. 16, § 2.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 6 - Professional Corporations › Section 53-6-3 - Definitions.

As used in this act [53-6-1 to 53-6-13 NMSA 1978]:
A. "professional service" means any type of personal service to the public which requires, as a condition precedent to the rendering of such service, the obtaining of a license or other legal authorization and which, prior to the passage of the Professional Corporation Act and by reason of law, could not be performed by a corporation. The term includes, but is not necessarily limited to, the personal services rendered by certified public accountants, registered public accountants, chiropractors, optometrists, dentists, osteopaths, podiatrists, architects, veterinarians, doctors of medicine, doctors of dentistry, physicians and surgeons, attorneys-at-law and life insurance agents; and
B. "professional corporation" means a corporation which is organized under the Professional Corporation Act for the sole and specific purpose of rendering professional service and which has as its shareholders only individuals who themselves are licensed or otherwise legally authorized within this state to render the same professional service as the corporation.
History:
1953 Comp., § 51-22-3, enacted by Laws 1963, ch. 16, § 3.
ANNOTATIONS
Law reviews.
— For article, "The New Mexico Professional Corporation," see 9 Nat. Res. J. 591 (1969).
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 18A Am. Jur. 2d Corporations §§ 192 to 195; 18B Am. Jur. 2d Corporations §§ 2043, 2120.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 6 - Professional Corporations › Section 53-6-4 - Incorporation.

One or more individuals, each of whom is licensed to render a professional service, may incorporate a professional corporation for pecuniary profit and become shareholders therein in the manner provided in the Business Corporation Act [Chapter 53, Articles 11 to 18 NMSA 1978]. The Business Corporation Act applies to professional corporations. If the provisions of the Business Corporation Act conflict with the provisions of the Professional Corporation Act, the provisions of the Professional Corporation Act shall prevail.
History:
1953 Comp., § 51-22-4, enacted by Laws 1969, ch. 245, § 1.
ANNOTATIONS
Requirements for naming dentists' professional corporations.
— Dentists may form a professional corporation for the practice of dentistry so long as the name of the corporation contains all of the names of the members of the professional corporation plus the words "professional corporation" or some other word or abbreviation of a word authorized by 53-6-6 NMSA 1978. 1969 Op. Att'y Gen. No. 69-63.
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 18 Am. Jur. 2d Corporations §§ 53, 54.
Propriety, under state statutes or bar association or court rules, of formation of multistate law partnership or professional service corporation, 6 A.L.R.4th 1251.
18 C.J.S. Corporations § 25 et seq.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 6 - Professional Corporations › Section 53-6-5 - Purposes for which incorporated.

A professional corporation may be organized only for the purpose of rendering one specific type of professional service and services ancillary thereto and shall not engage in any business other than rendering the professional service which it was organized to render and services ancillary thereto; provided, however, that a professional corporation may own real and personal property necessary or appropriate for rendering the type of professional service it was organized to render and may invest its funds in real estate, mortgages, stocks, bonds and any other type of investments.
History:
1953 Comp., § 51-22-5, enacted by Laws 1963, ch. 16, § 5.
ANNOTATIONS
Law reviews.
— For article, "The New Mexico Professional Corporation," see 9 Nat. Res. J. 591 (1969).
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 18 Am. Jur. 2d Corporations §§ 28, 30, 31; 18A Am. Jur. 2d Corporations §§ 192 to 198.
Propriety, under state statutes or bar association or court rules, of formation of multistate law partnership or professional service corporation, 6 A.L.R.4th 1251.
18 C.J.S. Corporations § 28.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 6 - Professional Corporations › Section 53-6-6 - Corporate name.

The corporate name of a professional corporation shall contain the words "limited," "chartered," "professional association" or "professional corporation" or shall contain an abbreviation of those words.
History:
1953 Comp., § 51-22-6, enacted by Laws 1969, ch. 245, § 2.
ANNOTATIONS
Compiler's notes.
— For requirements for naming dentists' professional corporations,
see
notes to 53-6-4 NMSA 1978.
Law reviews.
— For article, "The New Mexico Professional Corporation," see 9 Nat. Res. J. 591 (1969).
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 6 - Professional Corporations › Section 53-6-7 - Professional services through officers, employees, and agents.

A professional corporation shall render professional services only through its officers, employees and agents who are duly licensed or otherwise legally authorized to render such professional services; provided, however, this section shall not be interpreted to include in the term "employee", clerks, secretaries, bookkeepers, technicians and other assistants who are not usually and ordinarily considered by custom and practice to be rendering professional services to the public for which the license is required.
History:
1953 Comp., § 51-22-7, enacted by Laws 1963, ch. 16, § 7.
ANNOTATIONS
Law reviews.
— For article, "The New Mexico Professional Corporation," see 9 Nat. Res. J. 591 (1969).
Am. Jur. 2d, A.L.R. and C.J.S. references.
— Propriety, under state statutes or bar association or court rules, of formation of multistate law partnership or professional service corporation, 6 A.L.R.4th 1251.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 6 - Professional Corporations › Section 53-6-9 - Issuance and transfer of shares.

Shares of stock of a professional corporation shall be issued and transferred only to persons who are duly licensed or legally authorized to render the professional service for which the corporation is organized, but such shares may be transferred:
A. by operation of law to persons or legal entities not so licensed or authorized, subject to the requirements of the Professional Corporation Act;
B. to a revocable trust the grantor of which is such a duly licensed or authorized person, provided that the trust contains provisions that require the trustee, upon the grantor's death or disqualification to render the professional service for which the grantor was licensed or authorized, to dispose of the shares as otherwise provided in the Professional Corporation Act; and
C. to a tax-qualified employee benefit plan established for the exclusive benefit of the professional corporation's employees, provided that the plan's trustee is required to dispose of the trust's shares as provided in the Professional Corporation Act before transfer or distribution of the shares to beneficiaries of or participants in the plan who are not duly licensed or authorized to render the professional service for which the corporation is organized.
History:
1953 Comp., § 51-22-9, enacted by Laws 1969, ch. 245, § 4; 1983, ch. 304, § 7.
ANNOTATIONS
The 1983 amendment,
effective June 17, 1983, designated Subsection A and added Subsections B and C.
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 18 Am. Jur. 2d Corporations § 21; 18A Am. Jur. 2d §§ 381, 382, 681, 709, 733, 735.
Issues pertaining to ownership of professional corporation as affected by resignation from corporate practice by active shareholder, 32 A.L.R.4th 921.
18 C.J.S. Corporations §§ 129 to 143.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 6 - Professional Corporations › Section 53-6-10 - Sale and transfer of shares.

A. The articles of incorporation of any professional corporation shall provide for the purchase by the corporation, its shareholders, or any person duly licensed or authorized to render the service for which the corporation is organized, of all shares of its stock:
(1) held by any person who shall have become disqualified to render the professional service for which he was licensed or authorized; or
(2) which devolve by operation of law upon any person or legal entity not licensed or authorized.
B. Any purchase of shares under Paragraph (1) of Subsection A shall be effected within a period of thirty days after establishment of the disqualification. Any purchase of shares under Paragraph (2) of Subsection A shall be effected within eight months from the date of devolution. Any shares held in violation of such provisions may be cancelled by action of the board of directors.
History:
1953 Comp., § 51-22-10, enacted by Laws 1969, ch. 245, § 5.
ANNOTATIONS
Law reviews.
— For article, "The New Mexico Professional Corporation," see 9 Nat. Res. J. 591 (1969).
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 18B Am. Jur. 2d Corporations §§ 1802 to 1809, 1812 to 1814.
Construction and application of provision restricting sale or transfer of corporate stock, 2 A.L.R.2d 745.
Validity of restrictions on alienation or transfer of corporate stock, 61 A.L.R.2d 1318.
18 C.J.S. Corporations §§ 217 to 292.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 6 - Professional Corporations › Section 53-6-11 - Contingent purchase or redemption price.

If the articles of incorporation or the bylaws of a professional corporation fail to fix a price at which the corporation or its shareholders may purchase the shares of a deceased or disqualified shareholder, then the price for the shares shall be the book value of the shares as of the end of the month immediately preceding the death or disqualification of the shareholder.
History:
1953 Comp., § 51-22-11, enacted by Laws 1963, ch. 16, § 11; 1969, ch. 245, § 6.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 18B Am. Jur. 2d Corporations §§ 1190, 1191.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 6 - Professional Corporations › Section 53-6-12 - Disqualification; dissolution.

If any officer, shareholder, agent or employee of a professional corporation who has been rendering professional service to the public becomes legally disqualified to render the professional service within this state, or is elected to a public office that, pursuant to existing law, is a restriction or limitation upon rendering of a professional service, or accepts employment that, pursuant to existing law, places restriction or limitations upon his continued rendering of the professional service, he shall sever all employment with, and financial interest in, the professional corporation forthwith. A professional corporation's failure to require compliance with this section shall constitute a ground for the forfeiture of its articles of incorporation and its dissolution. When a professional corporation's failure to comply with this section is brought to the attention of the public regulation commission [secretary of state], the commission [secretary of state] shall certify to the attorney general that fact for appropriate action to dissolve the professional corporation.
History:
1953 Comp., § 51-22-12, enacted by Laws 1963, ch. 16, § 12; 2001, ch. 200, § 33.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Laws 2013, ch. 75, § 9 provided that as of July 1, 2013, the secretary of state, pursuant to N.M. const., Art. 11, § 19, shall assume responsibility for chartering corporations as provided by law, including the performance of the functions of the former corporations bureau of the public regulation commission, and that except for Subsection D of 53-5-8 NMSA 1978, references to the "public regulation commission", "state corporation commission" or "commission" shall be construed to be references to the secretary of state.
See
8-4-7 NMSA 1978.
The 2001 amendment,
effective July 1, 2001, substituted "public regulation commission" for "state corporation commission" in the third sentence.
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 19 Am. Jur. 2d Corporations §§ 2748, 2750 to 2752.
19 C.J.S. Corporations §§ 811 to 882.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 6 - Professional Corporations › Section 53-6-13 - Mergers or consolidations.

A professional corporation shall consolidate or merge only with another domestic professional corporation organized to render the same specific professional service.
History:
1953 Comp., § 51-22-13, enacted by Laws 1963, ch. 16, § 13; 1969, ch. 245, § 7.
ANNOTATIONS
Severability.
— Laws 1963, ch. 16, § 14, 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.
— 19 Am. Jur. 2d Corporations §§ 2503, 2507, 2509 to 2512, 2514, 2608 to 2615, 2618, 2621, 2623 to 2630.
Propriety, under state statutes or bar association or court rules, of formation of multistate law partnership or professional service corporation, 6 A.L.R.4th 1251.
19 C.J.S. Corporations §§ 792 to 810.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 6 - Professional Corporations › Section 53-6-14 - Application to professional corporations.

The provisions of the Professional Corporation Act shall apply to all professional corporations chartered in New Mexico. Professional corporations heretofore incorporated shall be required to file any amendments to their articles of incorporation necessary to conform to the requirements of the Professional Corporation Act within eight months from the effective date of this act. Any professional corporation which shall not have filed any necessary amendments within such eight-month period shall be involuntarily dissolved in conformity with the provisions of the Business Corporation Act [Chapter 53, Articles 11 to 18 NMSA 1978].
History:
1953 Comp., § 51-22-14, enacted by Laws 1969, ch. 245, § 8.
ANNOTATIONS
Compiler's notes.
— The phrase "this act" at the end of the second sentence apparently means Laws 1969, ch. 245, which is compiled as 53-6-4, 53-6-6, 53-6-8, 53-6-9, 53-6-10, 53-6-11, 53-6-13 and 53-6-14 NMSA 1978 and which was effective on April 3, 1969.
Am. Jur. 2d, A.L.R. and C.J.S. references.
— Propriety, under state statutes or bar association or court rules, of formation of multistate law partnership or professional service corporation, 6 A.L.R.4th 1251.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-1 to 53-7-17 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1983, ch. 312, § 30, repealed 53-7-1 to 53-7-17 NMSA 1978, relating to development credit corporations, effective April 7, 1983. For present provisions,
see
53-7-18 NMSA 1978 et seq.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-18 - Repealed.

History:
Laws 1983, ch. 312, § 1; 1998, ch. 108, § 24; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-18 NMSA 1978, as enacted by Laws 1983, ch. 312, § 1, relating to the short title of the Business Development Corporation Act, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-19 - Repealed.

History:
Laws 1983, ch. 312, § 2; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-19 NMSA 1978, as enacted by Laws 1983, ch. 312, § 2, relating to definitions, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-20 - Repealed.

History:
Laws 1983, ch. 312, § 3; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-20 NMSA 1978, as enacted by Laws 1983, ch. 312, § 3, relating to business development corporations, effective July 1, 2005.
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-21 - Repealed.

History:
Laws 1983, ch. 312, § 4; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-21 NMSA 1978, as enacted by Laws 1983, ch. 312, § 4, relating to corporate purpose, effective July 1, 2005.
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-22 - Repealed.

History:
Laws 1983, ch. 312, § 5; 1991, ch. 21, § 37; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-22 NMSA 1978, as enacted by Laws 1983, ch. 312, § 5, relating to corporation powers, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-23 - Repealed.

History:
Laws 1983, ch. 312, § 6; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-23 NMSA 1978, as enacted by Laws 1983, ch. 312, § 6, relating to requirements for incorporation, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-24 - Repealed.

History:
Laws 1983, ch. 312, § 7; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-24 NMSA 1978, as enacted by Laws 1983, ch. 312, § 7, relating to authorization to commence business, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-25 - Repealed.

History:
Laws 1983, ch. 312, § 8; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-25 NMSA 1978, as enacted by Laws 1983, ch. 312, § 8, relating to first annual meeting, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-26 - Repealed.

History:
Laws 1983, ch. 312, § 9; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-26 NMSA 1978, as enacted by Laws 1983, ch. 312, § 9, relating to board of directors, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-27 - Repealed.

History:
Laws 1983, ch. 312, § 10; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-27 NMSA 1978, as enacted by Laws 1983, ch. 312, § 10, relating to board of directors elections, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-28 - Repealed.

History:
Laws 1988, ch. 30, § 1; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-28 NMSA 1978, as enacted by Laws 1988, ch. 30, § 1, relating to limitation of liability, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-29 - Repealed.

History:
Laws 1983, ch. 312, § 12; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-29 NMSA 1978, as enacted by Laws 1983, ch. 312, § 12, relating to authorized capital stock, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-30 - Repealed.

History:
Laws 1983, ch. 312, § 13; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-30 NMSA 1978, as enacted by Laws 1983, ch. 312, § 13, relating to stockholders' exceptions from other laws, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-31 - Repealed.

History:
Laws 1983, ch. 312, § 14; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-31 NMSA 1978, as enacted by Laws 1983, ch. 312, § 14, relating to application for membership, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-32 - Repealed.

History:
Laws 1983, ch. 312, § 15; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-32 NMSA 1978, as enacted by Laws 1983, ch. 312, § 15, relating to duration of membership, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-33 - Repealed.

History:
Laws 1983, ch. 312, § 16; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-33 NMSA 1978, as enacted by Laws 1983, ch. 312, § 16, relating to loans to corporation by members, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-34 - Repealed.

History:
Laws 1983, ch. 312, § 17; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-34 NMSA 1978, as enacted by Laws 1983, ch. 312, § 17, relating to powers of stockholders and members, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-35 - Repealed.

History:
Laws 1983, ch. 312, § 18; 2001, ch. 200, § 34; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-35 NMSA 1978, as enacted by Laws 1983, ch. 312, § 18, relating to amendment of articles of incorporation, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-36 - Repealed.

History:
Laws 1983, ch. 312, § 19; 2001, ch. 200, § 35; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-36 NMSA 1978, as enacted by Laws 1983, ch. 312, § 19, relating to legislative amendments, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-37 - Repealed.

History:
Laws 1983, ch. 312, § 20; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-37 NMSA 1978, as enacted by Laws 1983, ch. 312, § 20, relating to earned surplus, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-38 - Repealed.

History:
Laws 1983, ch. 312, § 21; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-38 NMSA 1978, as enacted by Laws 1983, ch. 312, § 21, relating to depositories for funds, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-39 - Repealed.

History:
Laws 1983, ch. 312, § 22; 2001, ch. 200, § 36; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-39 NMSA 1978, as enacted by Laws 1983, ch. 312, § 22, relating to annual reports, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-40 - Repealed.

History:
Laws 1983, ch. 312, § 23; 1988, ch. 30, § 2; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-40 NMSA 1978, as enacted by Laws 1983, ch. 312, § 23, relating to exemption from application of other laws, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-41 - Repealed.

History:
Laws 1983, ch. 312, § 24; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-41 NMSA 1978, as enacted by Laws 1983, ch. 312, § 24, relating to duration of corporation, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-42 - Repealed.

History:
Laws 1983, ch. 312, § 25; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-42 NMSA 1978, as enacted by Laws 1983, ch. 312, § 25, relating to dissolution of corporation, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-43 - Repealed.

History:
Laws 1983, ch. 312, § 26; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-43 NMSA 1978, as enacted by Laws 1983, ch. 312, § 26, relating to voidability of act, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-44 - Repealed.

History:
Laws 1983, ch. 312, § 27; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-44 NMSA 1978, as enacted by Laws 1983, ch. 312, § 27, relating to credit of state not pledged, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-45 - Repealed.

History:
Laws 1983, ch. 312, § 28; 1988, ch. 9, § 1; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-45 NMSA 1978, as enacted by Laws 1983, ch. 312, § 28, relating to business development corporation fund creation, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7 - Business Development Corporation (Repealed.) › Section 53-7-46 - Repealed.

History:
Laws 1983, ch. 312, § 29; 1989, ch. 324, § 30; repealed Laws 2005, ch. 184, § 2.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 184, § 2 repealed 53-7-46 NMSA 1978, as enacted by Laws 1983, ch. 312, § 29, relating to investment of fund, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7A - Economic Development Corporation › Section 53-7A-1 - Short title.

This act [53-7A-1 to 53-7A-6] may be cited as the "Economic Development Corporation Act".
History:
Laws 2003, ch. 183, § 1.
ANNOTATIONS
Effective dates.
— Laws 2003, ch. 183 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.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7A - Economic Development Corporation › Section 53-7A-2 - Purposes.

The purposes of the Economic Development Corporation Act are to:
A. promote, stimulate, develop and advance business, prosperity, employment and economic welfare in the state and among its citizens;
B. encourage and assist the location of new business and industry in this state and the rehabilitation and expansion of existing business and industry;
C. cooperate and act in conjunction with other organizations, public or private, in the promotion and advancement of industrial, commercial, agricultural and recreational developments in the state; and
D. provide for the creation of a nonprofit corporation with the responsibility to work with communities throughout New Mexico in effectuating these purposes in a manner that can be quantified and measured.
History:
Laws 2003, ch. 183, § 2.
ANNOTATIONS
Effective dates.
— Laws 2003, ch. 183 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.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7A - Economic Development Corporation › Section 53-7A-3 - Corporation authorized; board of directors; organization; limitation of liability.

A. A nonprofit organization to provide economic development services to the state is authorized to be organized and formed under the provisions of the Nonprofit Corporation Act [Chapter 53, Article 8 NMSA 1978] and the Economic Development Corporation Act.
B. The corporation shall be governed by a board of directors composed of fifteen members as follows:
(1) the secretary of economic development;
(2) one economic development professional, appointed by the governor, from each regional planning district, provided that no more than four of the economic development professionals shall be members of the same political party; and
(3) one professional businessperson, appointed by the governor, from each regional planning district, provided that no more than four of the professional businesspersons shall be members of the same political party.
C. The governor shall appoint a chair and the board of directors shall elect other officers as the board deems necessary.
D. The board of directors shall adopt bylaws, in accordance with the provisions of the Nonprofit Corporation Act, governing the conduct of the corporation in the performance of its duties under the Economic Development Corporation Act.
E. The board of directors shall hire a president who shall be the chief administrative officer of the corporation and be responsible for its operations.
F. A director, the president or another officer shall not be personally liable for any damages resulting from:
(1) any negligent act or omission of an employee of the corporation;
(2) any negligent act or omission of another director or officer of the corporation; or
(3) any action taken as a director or officer or a failure to take any action as a director or officer unless the director or officer has breached or failed to perform the duties of his office and the breach or failure to perform constitutes willful misconduct or recklessness.
History:
Laws 2003, ch. 183, § 3.
ANNOTATIONS
Effective dates.
— Laws 2003, ch. 183 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.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 7A - Economic Development Corporation › Section 53-7A-4 - Corporation; powers.

The corporation shall have the powers conferred upon domestic nonprofit corporations by the Nonprofit Corporation Act [Chapter 53, Article 8 NMSA 1978] unless otherwise specified in the Economic Development Corporation Act and shall also have the power to:
A. sue and be sued in its corporate name;
B. purchase, take, receive or otherwise acquire; own, hold, dispose of or use; and otherwise deal in and with property, including an interest in or ownership of intangible personal property, intellectual property or technological innovations;
C. sell, convey, pledge, exchange, transfer or otherwise dispose of its assets and properties for consideration upon terms and conditions that the corporation shall determine;
D. make contracts, incur liabilities or borrow money at rates of interest that the corporation may determine;
E. make and execute all contracts, agreements or instruments necessary or convenient in the exercise of the powers and functions granted the corporation by the Economic Development Corporation Act;
F. receive and administer grants, contracts and private gifts;
G. invest and reinvest its funds;
H. conduct its activities, carry on its operations, have offices and exercise the powers granted by the Economic Development Corporation Act;
I. employ officers and employees that it deems necessary, set their compensation and prescribe their duties;
J. enter into agreements with insurance carriers to insure against any loss in connection with its operations;
K. authorize retirement programs and other benefits for salaried officers and employees of the corporation; and
L. contract with economic development experts and other experts and consultants that may be required and to fix and pay their compensation.
History:
Laws 2003, ch. 183, § 4.
ANNOTATIONS
Effective dates.
— Laws 2003, ch. 183 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.