reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 52 - Workers' Compensation › Article 9 - Employers Mutual Company › Section 52-9-6 - Board; directors as appointed public officials of state; excluded from personal liability.

Directors are appointed public officials of the state while carrying out their duties and activities under the Employers Mutual Company Act. The directors and the employees of the company are not liable personally, either jointly or severally, for any debt or obligation created or incurred by the company or for any act performed or obligation entered into in an official capacity when done in good faith, without intent to defraud and in connection with the administration, management or conduct of the company or affairs relating to it.
History:
Laws 1990 (2nd S.S.), ch. 2, § 126.
ANNOTATIONS
Effective dates.
— Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 126 effective January 1, 1991.
2023 New Mexico Statutes › Chapter 52 - Workers' Compensation › Article 9 - Employers Mutual Company › Section 52-9-7 - President.

The company is under the administrative control of the president. He shall be in charge of the day-to-day operation and management of the company. The board shall appoint the president, and he shall serve at the pleasure of the board. He shall receive compensation as set by the board. The president shall have proven successful experience as an executive at the general management level in the insurance, or self-insurance, business.
History:
Laws 1990 (2nd S.S.), ch. 2, § 127.
ANNOTATIONS
Effective dates.
— Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 127 effective January 1, 1991.
2023 New Mexico Statutes › Chapter 52 - Workers' Compensation › Article 9 - Employers Mutual Company › Section 52-9-8 - Exclusion of state's liability.

The state shall not be liable for any obligations incurred by the company.
History:
Laws 1990 (2nd S.S.), ch. 2, § 128.
ANNOTATIONS
Effective dates.
— Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 128 effective January 1, 1991.
2023 New Mexico Statutes › Chapter 52 - Workers' Compensation › Article 9 - Employers Mutual Company › Section 52-9-9 - Use of company assets.

The assets of the company shall be applicable to the payment of losses sustained on account of insurance issued by it and to the payment of salaries, dividends as provided in Sections 131 and 132 [52-9-11, 52-9-12 NMSA 1978] of this act and other expenses.
History:
Laws 1990 (2nd S.S.), ch. 2, § 129.
ANNOTATIONS
Effective dates.
— Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 129 effective January 1, 1991.
2023 New Mexico Statutes › Chapter 52 - Workers' Compensation › Article 9 - Employers Mutual Company › Section 52-9-10 - Company to be competitive; safety incentives and penalties; loss control, case management and utilization review.

A. The company shall be competitive with other insurers of workers' compensation and occupational disease disablement insurance. It is the expressed intent of the legislature that the company shall ultimately become self-supporting. For that purpose, loss experience and expense shall be ascertained, and dividends, credits or rate deviations may be made, as provided in the Employers Mutual Company Act. In order to control costs, the company shall provide as many of its services in-house as practicable.
B. The company shall be liable to the same extent as any private insurance company for the payments that are required to be made under Chapter 59A, Article 43 NMSA 1978 to protect against the insolvency of any other insurer of workers' compensation or occupational disease disablement. Likewise, the company shall receive the same benefits under those provisions as any other insurer of workers' compensation or occupational disease disablement.
C. The company shall provide necessary assistance to its policyholders regarding workplace safety. The company may reward or penalize policyholders depending upon their participation in workplace safety programs, actual loss reduction and safety performance. The company shall notify its policyholders of all safety services provided at the time of issuance or renewal of a policy.
D. The company shall provide its policyholders with loss-control services to prevent accidents from occurring, case management review to monitor the status, progress and appropriateness of each claim filed and to help workers return to work, and utilization review to determine the appropriateness of medical services charged.
History:
Laws 1990 (2nd S.S.), ch. 2, § 130.
ANNOTATIONS
Effective dates.
— Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 130 effective January 1, 1991.
2023 New Mexico Statutes › Chapter 52 - Workers' Compensation › Article 9 - Employers Mutual Company › Section 52-9-11 - Annual accountings; possible dividends and credits.

The incurred loss experience and expense of the company shall be ascertained each year. If there is an excess of assets over liabilities, necessary reserves and a reasonable surplus for the catastrophe hazard, then a cash dividend may be declared to or a credit allowed to an employer who has been insured with the company in accordance with criteria approved by the board, which may account for the employer's safety record and performance.
History:
Laws 1990 (2nd S.S.), ch. 2, § 131.
ANNOTATIONS
Effective dates.
— Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 131 effective January 1, 1991.
2023 New Mexico Statutes › Chapter 52 - Workers' Compensation › Article 9 - Employers Mutual Company › Section 52-9-12 - Amount of dividends or credits.

The cash dividend or credit to an employer shall be an amount that the board in its discretion considers appropriate.
History:
Laws 1990 (2nd S.S.), ch. 2, § 132.
ANNOTATIONS
Effective dates.
— Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 132 effective January 1, 1991.
2023 New Mexico Statutes › Chapter 52 - Workers' Compensation › Article 9 - Employers Mutual Company › Section 52-9-13 - Ability of company to transact workers' benefits insurance.

Effective no later than January 1, 1992, the company shall transact insurance business to provide coverage for workers' benefits and employers' liability.
History:
Laws 1990 (2nd S.S.), ch. 2, § 133.
ANNOTATIONS
Effective dates.
— Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 133 effective January 1, 1991.
2023 New Mexico Statutes › Chapter 52 - Workers' Compensation › Article 9 - Employers Mutual Company › Section 52-9-14 - Investment counsel.

The company may retain an independent investment counsel. The board shall periodically review and appraise the investment strategy being followed and the effectiveness of such services. Any investment counsel retained or hired shall report at least once a month to the board on investment results and related matters.
History:
Laws 1990 (2nd S.S.), ch. 2, § 134.
ANNOTATIONS
Effective dates.
— Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 134 effective January 1, 1991.
2023 New Mexico Statutes › Chapter 52 - Workers' Compensation › Article 9 - Employers Mutual Company › Section 52-9-15 - Powers of company.

The company may:
A. insure any New Mexico employer for workers' compensation and employer's liability coverage to the same extent as any other insurer;
B. indemnify a New Mexico employer against his liability for workers' compensation and employer's liability coverage under the laws of any other state for New Mexico employees temporarily working outside this state if the company insures the employer's workers who work within this state;
C. sue and be sued in all actions arising out of any act or omission in connection with its business or affairs;
D. enter into any contracts or obligations relating to the company that are authorized or permitted by law;
E. issue revenue bonds as authorized pursuant to the Employers Mutual Company Act;
F. invest and reinvest money belonging to the company as provided in the Employers Mutual Company Act; and
G. conduct all business and affairs and perform all acts in carrying out its function whether or not specifically designated in the Employers Mutual Company Act.
History:
Laws 1990 (2nd S.S.), ch. 2, § 135.
ANNOTATIONS
Effective dates.
— Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 135 effective January 1, 1991.
2023 New Mexico Statutes › Chapter 52 - Workers' Compensation › Article 9 - Employers Mutual Company › Section 52-9-16 - Powers of president.

In conducting the business and affairs of the company, the president may, subject to restrictions imposed by the board, carry out the policies and procedures established by the board and may:
A. enter into contracts of workers' compensation and employer's liability insurance;
B. sell annuities covering workers' compensation and employer's liability insurance;
C. decline to insure any risk that does not meet the minimum underwriting standards established by the board;
D. reinsure any risk or a part of a risk;
E. cause the payrolls or other operations of employers applying for insurance to the company to be inspected and audited;
F. make rules for the settlement of claims against the company;
G. contract, on the same basis as insurers, with health care providers, as defined in Section 52-4-1 NMSA 1978, for the treatment and care of workers entitled to benefits from the company;
H. make safety inspections of risks and furnish advisory services to employers on safety and health measures;
I. act for the company in collecting and disbursing money necessary to administer the company and conduct its business;
J. sign contracts and incur obligations, including revenue bonds, on behalf of the company;
K. perform all acts necessary to exercise power, authority or jurisdiction over the company to discharge its functions and fulfill its responsibilities, including the establishment of premium rates; and
L. conduct all business and affairs and perform all acts in carrying out his duties whether or not specifically designated in the Employers Mutual Company Act.
History:
Laws 1990 (2nd S.S.), ch. 2, § 136.
ANNOTATIONS
Effective dates.
— Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 136 effective January 1, 1991.
2023 New Mexico Statutes › Chapter 52 - Workers' Compensation › Article 9 - Employers Mutual Company › Section 52-9-17 - Company audit.

The board shall cause an annual audit of the books of accounts, funds and securities of the company to be made by a competent and independent firm of certified public accountants, the cost of the audit to be a charge against the company. A copy of the audit report shall be filed with the superintendent of insurance and the president. The audit shall be open to the public for inspection.
History:
Laws 1990 (2nd S.S.), ch. 2, § 137.
ANNOTATIONS
Effective dates.
— Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 137 effective January 1, 1991.
2023 New Mexico Statutes › Chapter 52 - Workers' Compensation › Article 9 - Employers Mutual Company › Section 52-9-18 - Company assets.

In addition to other provisions of law governing regulation of insurance companies, if the superintendent of insurance finds that the company does not own assets at least equal to all liabilities and required reserves together with the minimum basic surplus and free surplus required of a mutual casualty insurer by the Insurance Code, or that its condition is such as to render the continuance of its business hazardous to the public or to the holders of its policies or certificates of insurance, the superintendent shall:
A. notify the president and chairman of the board of that determination;
B. furnish the company with a written list of the superintendent's recommendations to abate the determination; and
C. notify the governor, the president pro tempore of the senate, the speaker of the house of representatives and the legislative finance committee of the recommendations of the superintendent and any actions taken in response by the company.
History:
Laws 1990 (2nd S.S.), ch. 2, § 138.
ANNOTATIONS
Effective dates.
— Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 138 effective January 1, 1991.
Cross references.
— For the Insurance Code,
see
59A-1-1 NMSA 1978 and notes thereto.
2023 New Mexico Statutes › Chapter 52 - Workers' Compensation › Article 9 - Employers Mutual Company › Section 52-9-19 - Money and property of the company.

All premiums and other money paid to the company, all property and securities acquired through the use of money belonging to the company and all interest and dividends earned upon money belonging to the company and deposited or invested by the company are the sole property of the company and shall be used exclusively for the operation and obligations of the company. The money of the company is not state money. The property of the company is not state property.
History:
Laws 1990 (2nd S.S.), ch. 2, § 139.
ANNOTATIONS
Effective dates.
— Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 139 effective January 1, 1991.
2023 New Mexico Statutes › Chapter 52 - Workers' Compensation › Article 9 - Employers Mutual Company › Section 52-9-20 - No state appropriation.

The company shall not receive any state appropriation.
History:
Laws 1990 (2nd S.S.), ch. 2, § 140.
ANNOTATIONS
Effective dates.
— Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 140 effective January 1, 1991.
2023 New Mexico Statutes › Chapter 52 - Workers' Compensation › Article 9 - Employers Mutual Company › Section 52-9-21 - Exemption from and applicability of certain laws.

The company shall not be considered a state agency for any purpose. This includes exempting the company from all state personnel, salary and procurement statutes, rules and regulations. The insurance operations of the company are subject to all of the applicable provisions of the Insurance Code in the same manner as those provisions apply to a private insurance company. The company is subject to the same tax liabilities and assessments as a private insurance company.
History:
Laws 1990 (2nd S.S.), ch. 2, § 141.
ANNOTATIONS
Effective dates.
— Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 141 effective January 1, 1991.
Cross references.
— For the Insurance Code,
see
59A-1-1 NMSA 1978 and notes thereto.
2023 New Mexico Statutes › Chapter 52 - Workers' Compensation › Article 9 - Employers Mutual Company › Section 52-9-22 - Marketing.

A. Pursuant to rules adopted by the board, the company, private independent insurance agents licensed to sell workers' compensation insurance in New Mexico and any insurance association acting as a general agent, provided the association has at least one hundred members, may sell insurance coverage for the company. The board shall establish a standard agency contract for any insurance association acting as a general agent with which the board contracts. The board shall adopt a schedule of commissions that the company will pay to any qualified independent insurance agent or association.
B. The marketing representatives employed directly by the company shall obtain a license from the superintendent of insurance. The marketing representatives employed directly by the company shall not be licensed to sell any type of insurance other than workers' compensation or occupational disease disablement insurance.
History:
Laws 1990 (2nd S.S.), ch. 2, § 142.
ANNOTATIONS
Effective dates.
— Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 142 effective January 1, 1991.
2023 New Mexico Statutes › Chapter 52 - Workers' Compensation › Article 9 - Employers Mutual Company › Section 52-9-23 - Annual report.

The president shall submit an annual, independently audited report, in accordance with procedures governing annual reports adopted by the national association of insurance commissioners, by October 1 of each year to the governor, the legislative finance committee and any other appropriate legislative committee indicating the business done by the company during the previously completed fiscal year and containing a statement of the resources and liabilities of the company. The report shall include:
A. the volume of premiums insured through the company and its share of the workers' benefits market in the state;
B. the percent division of the premium dollars among various types of benefit payments and administrative costs for policies and claims under the company;
C. the average rate of return enjoyed by the company on invested assets;
D. recommendations concerning desired changes in the company to promote its prompt and efficient administration of policies and claims;
E. recommendations to the legislature and the governor regarding the continued operation of the company; and
F. any other information the president deems appropriate.
History:
Laws 1990 (2nd S.S.), ch. 2, § 143.
ANNOTATIONS
Effective dates.
— Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 143 effective January 1, 1991.
2023 New Mexico Statutes › Chapter 52 - Workers' Compensation › Article 9 - Employers Mutual Company › Section 52-9-24 - Loan fund created.

There is hereby created in the state treasury a fund to be known as the "employers mutual company loan fund".
History:
Laws 1990 (2nd S.S.), ch. 2, § 144.
ANNOTATIONS
Effective dates.
— Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 144 effective January 1, 1991.
2023 New Mexico Statutes › Chapter 52 - Workers' Compensation › Article 10 - Release of Medical Records › Section 52-10-1 - Release of medical records.

A. A health care provider shall immediately release to a worker, that worker's employer, that employer's insurer, the appropriate peer review organization or the health care selection board all medical records, medical bills and other information concerning any health care or health care service provided to the worker, upon either party's written request to the health care provider for that information. Except for those records that are directly related to any injuries or disabilities claimed by a worker for which that worker is receiving benefits from his employer, the request shall be accompanied by a signed authorization for that request by the worker.
B. An employer or worker shall not be required to continue to pay any health care provider who refuses to comply with Subsection A of this section.
History:
Laws 1990 (2nd S.S.), ch. 2, § 90.
ANNOTATIONS
Effective dates.
— Laws 1990 (2nd S.S.), ch. 2, § 153 made Laws 1990 (2nd S.S.), ch. 2, § 90 effective January 1, 1991.
Severability.
— Laws 1990 (2nd S.S.), ch. 2, § 152, provided for the severability of the act if any part or application thereof was held invalid.
Ex parte contacts properly prohibited.
— The district court did not err in issuing an order prohibiting employer's workers' compensation insurer from engaging in ex parte contacts with worker's treating physician.
Church's Fried Chicken No. 1040 v. Hanson
, 1992-NMCA-115, 114 N.M. 730, 845 P.2d 824, cert. denied, 114 N.M. 577, 844 P.2d 827 (1993).
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 1 - State Corporation Commission (Repealed.) › Section 53-1-1 to 53-1-6 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1978, ch. 132, § 6, repealed 51-1-1, 1953 Comp. (former 53-1-1 NMSA 1978), relating to bonds of members of the state corporation commission, effective March 6, 1978.
Laws 1998, ch. 108, § 81 repealed 53-1-2 to 53-1-6 NMSA 1978, as enacted by Laws 1913, ch. 68, §§ 2, 3, 18, and 11, Code 1915, §§ 5369 to 5372 and Laws 1951, ch. 93, § 1, relating to bonds for the chief clerks and department heads of the state corporation commission and to funds paid to the commissioner, effective January 1, 1999.
See
8-8-1 NMSA 1978 et seq.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 2 - Fees and Miscellaneous Corporation Law › Section 53-2-2 - Authority to make refunds.

In response to a written claim for a refund for overpayment of a fee collected by the commission [secretary of state] pursuant to Section 53-2-1 NMSA 1978, the commission [secretary of state] or its delegate may authorize the refund to a corporation, a foreign corporation or a person of any amount determined by the commission [secretary of state] or its delegate to have been erroneously paid to the commission [secretary of state].
History:
1953 Comp., § 51-12-1.1, enacted by Laws 1977, ch. 103, § 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.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 2 - Fees and Miscellaneous Corporation Law › Section 53-2-3 - Disposition of fees.

Except as otherwise provided by law, the secretary of state shall turn over to the state treasurer the fees collected under the provisions of Chapter 53, Article 2 NMSA 1978 in the manner required by law. The secretary is not responsible for a fraudulent or worthless check, draft, warrant, order or other means of payment accepted in good faith for the payment of a fee or on behalf of a corporation, but the secretary may deduct the fee from money held to be paid into the state treasury. If a fraudulent or worthless check, draft, warrant or order is not made good immediately, it is the duty of the attorney general, as soon as the facts are made known to the attorney general, to institute suit against the corporation and, if sent by the incorporators, its incorporators in the name of the state for the recovery of the amount of the check, draft, warrant, order or other means of payment, and protest fees and costs of the action shall be assessed against the defendant.
History:
Laws 1905, ch. 79, § 120; Code 1915, § 1004; Laws 1917, ch. 112, § 8; C.S. 1929, § 32-224; 1941 Comp., § 54-1002; 1953 Comp., § 51-12-2; 2001, ch. 200, § 10; 2015, ch. 66, § 2.
ANNOTATIONS
The 2015 amendment,
effective July 1, 2015, required the secretary of state to turn over fees collected to the state treasurer; in the first sentence, deleted "The public regulation commission" and added "Except as otherwise provided by law, the secretary of state", and after "provisions of", changed "this article" to "Chapter 53, Article 2 NMSA 1978"; in the second sentence, changed "commission" to "secretary", after "payment accepted", deleted "by it", after "corporation, but", deleted "it shall be permitted to" and added "the secretary may"; and in the third sentence, after "facts are made known to", deleted "him" and added "the attorney general".
The 2001 amendment,
effective July 1, 2001, inserted the section heading; substituted "public regulation commission" for "state corporation commission" throughout the section; in the second sentence, inserted "or other means of payment", substituted "money held by it to be paid into the state treasury" for "moneys in its hands to be covered into the state treasury"; in the third sentence, inserted "if sent by the incorporators", deleted "or directors" preceding "in the name of the state", inserted "or other means of payment" and deleted "or the defendants as they may be" from the end of the sentence.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 2 - Fees and Miscellaneous Corporation Law › Section 53-2-3.1 - Fees of secretary of state; dishonored check; civil penalty; suspension of future filings.

A. In addition to any penalties, fees or costs incurred pursuant to the provisions of Section 53-2-3 NMSA 1978, any person who pays a fee, tax, penalty or interest by check to the secretary of state and which check is dishonored upon presentation is liable to the secretary for such fee, tax, penalty or interest, together with a civil penalty of twenty dollars ($20.00) for each such check.
B. The secretary of state shall not accept for filing any document, instrument or paper from a person that is liable to the secretary for a fee, tax, penalty, interest or civil penalty until the liability is discharged.
History:
1978 Comp., § 53-2-3.1, enacted by Laws 1979, ch. 179, § 1; 1993, ch. 311, § 2; 2015, ch. 66, § 3.
ANNOTATIONS
The 2015 amendment,
effective July 1, 2015, authorized the secretary of state to suspend filing privileges for any person that is liable to the secretary of state for a fee until the liability is discharged; in the catchline, changed "state corporation commission" to "secretary of state", and added "suspension of future filings"; designated the existing language in the section as Subsection A; in Subsection A, after "costs", deleted "under" and added "incurred pursuant to the provisions of", after "check to the", changed "state corporation commission" to "secretary of state", and after "liable to the", deleted "commission" and added "secretary"; and added Subsection B.
The 1993 amendment,
effective July 1, 1993, substituted "twenty dollars ($20.00)" for "ten dollars ($10.00)".
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 2 - Fees and Miscellaneous Corporation Law › Section 53-2-4 - Corporations; compilation.

The public regulation commission [secretary of state] shall compile annually from the records of its office a complete list, in alphabetical order, of the original and amended certificates of incorporation filed during the preceding year, together with the location of the principal office in this state of the corporations affected, the name of the agent in charge, the amount of the authorized capital stock, the amount of stock with which business is to be commenced, the date of filing the certificate and the period for which the corporation is to continue.
History:
Laws 1905, ch. 79, § 123; Code 1915, § 1007; C.S. 1929, § 32-227; 1941 Comp., § 54-1004; 1953 Comp., § 51-12-4; Laws 1983, ch. 304, § 2; 2001, ch. 200, § 11.
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"; inserted "of stock" preceding "with which business"; and made stylistic changes throughout the section.
The 1983 amendment,
effective June 17, 1983, added the catchline and deleted "and published" preceding "a complete list" near the beginning of the section.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 2 - Fees and Miscellaneous Corporation Law › Section 53-2-5 - [Mutual associations; creation of capital stock.]

The members of any mutual association, heretofore or hereafter incorporated, may provide for and create a capital stock of such corporation, upon the consent in writing of all the members of the corporation, and may provide for the payment of such stock, and fix and prescribe the rights and privileges of the stockholders therein.
History:
Laws 1905, ch. 79, § 122; Code 1915, § 1006; C.S. 1929, § 32-226; 1941 Comp., § 54-1005; 1953 Comp., § 51-12-5.
ANNOTATIONS
Bracketed 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 §§ 431 to 434, 484.
Effect of charter provisions, 15 A.L.R. 1232.
18 C.J.S. Corporations §§ 129 to 143.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 2 - Fees and Miscellaneous Corporation Law › Section 53-2-6 - [Life insurance on directors, officers, agents and employees; evidence of authority for corporate action.]

Whenever a corporation, organized under the laws of this state, has heretofore caused or shall hereafter cause to be insured the life of any director, officer, agent or employee, and whenever such corporation is named as a beneficiary in or assignee of any policy of life insurance, due authority to effect, assign, release, relinquish, convert, surrender, change the beneficiary, or to take any other or different action with reference to such insurance, shall be sufficiently evidenced to the insurance company by a written statement to that effect, signed by the president and the secretary or other corresponding officer of such corporation, under its corporate seal. Such statement shall be binding upon such corporation and shall protect the insurance company concerned in any act done or suffered by it upon the faith thereof without further inquiry into the validity of the corporate authority or the regularity of the corporate proceedings.
No person shall be disqualified, by reason of interest in the subject matter, from acting as a director or as a member of the executive committee of such corporation on any corporate act touching such insurance.
History:
Laws 1927, ch. 33, § 1; C.S. 1929, § 32-1101; 1941 Comp., § 54-217; 1953 Comp., § 51-2-17; recompiled as 1953 Comp., § 51-12-9 by Laws 1967, ch. 87, § 4.
ANNOTATIONS
Bracketed 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 § 2121.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 2 - Fees and Miscellaneous Corporation Law › Section 53-2-7 - Amendments by corporations formed under other acts.

Any corporation organized under any general or special act of the territory or state of New Mexico, including railroad, telegraph and express companies, building and loan associations, banks and savings banks, trust companies, land and irrigation companies and other corporations possessing the right to take and condemn lands, may increase or decrease its capital stock, change its name, the par value of the shares of its capital stock or the location of its principal office in or out of this state, extend its corporate existence and fix any method of altering its by-laws [bylaws] permitted by the Business Corporation Act [Chapter 53, Articles 11 to 18 NMSA 1978]. Any corporation organized under Laws 1878, Chapter 1 [63-1-1 to 63-1-8 NMSA 1978], may extend its corporate existence in the manner prescribed in the Business Corporation Act. Any corporation except a corporation exercising the right of eminent domain may, in the same manner, relinquish one or more branches of its business to such branches as might have been inserted in its original certificate of incorporation; provided, however, that original articles of incorporation of railroad corporations, and articles of incorporation and consolidation of railroad corporations incorporated or consolidated under the laws of the territory or state of New Mexico, or under the laws of the territory or state and any other state or states, or any such articles which may have heretofore been amended, may be amended or further amended by providing that the term of corporate existence of the corporation shall be perpetual.
History:
Laws 1905, ch. 79, § 31; Code 1915, § 915; Laws 1915, ch. 76, § 1; C.S. 1929, § 32-132; Laws 1937, ch. 84, § 1; 1941 Comp., § 54-221; Laws 1947, ch. 29, § 1; 1953 Comp., § 51-2-21; recompiled as 1953 Comp., § 51-12-10 by Laws 1967, ch. 87, § 5.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Filing with county clerks.
— No requirement exists in this provision for filing or recording articles of incorporation, or amendments, with the county clerks. 1968 Op. Att'y Gen. No. 68-108.
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 18 Am. Jur. 2d Corporations §§ 79 to 95.
18 C.J.S. Corporations §§ 54 to 61.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 2 - Fees and Miscellaneous Corporation Law › Section 53-2-9 - Validation of unsealed instruments.

All instruments executed prior to the effective date of this section by a corporation are confirmed and validated notwithstanding the lack of a seal required by law. These instruments have the same effect as if they were properly sealed at the time of execution, and any records of copies shall be received in evidence the same as properly sealed originals.
History:
1953 Comp., § 51-12-12, enacted by Laws 1967, ch. 87, § 7.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 18A Am. Jur. 2d Corporations §§ 300 to 304.
18 C.J.S. Corporations § 106.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 2 - Fees and Miscellaneous Corporation Law › Section 53-2-10 - Private remedy.

A. Any person who suffers any loss of money or property as a result of being designated a director of a corporation without giving his consent may bring an action against the designating corporation to recover actual damages or one thousand dollars ($1,000), whichever is greater.
B. The court may award attorneys' fees and costs to the party injured as a result of the director designation if he prevails. The court may award attorneys' fees to the corporation charged if the court finds that the action brought against the corporation was groundless.
C. The relief provided in this section is in addition to remedies otherwise available against the same conduct under the common law or other statutes of this state.
History:
Laws 1991, ch. 170, § 1; 1993, ch. 318, § 5.
ANNOTATIONS
The 1993 amendment,
effective June 18, 1993, substituted "giving his consent" for "his express written consent" in Subsection A.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 2 - Fees and Miscellaneous Corporation Law › Section 53-2-11 - Electronic filing and certification of documents; use of electronic payment of fees.

A. The secretary of state may permit the electronic filing of documents, including original documents, and the certification of electronically filed documents when filing or certification is required or permitted pursuant to a provision of Chapter 53 NMSA 1978. The secretary of state may accept electronic filings for the purposes of satisfying requirements for original documents or copies. As used in this section, "electronic filing" means filing by facsimile, email or other electronic transmission. If the secretary of state accepts the filing of a document by electronic transmission, the secretary of state shall accept for filing a document by electronic transmission containing a copy of a signature, however made.
B. The secretary of state may accept a credit or debit card, in lieu of cash or check, or other means of payment specified in the secretary of state's rules, as payment of a fee pursuant to a provision of Chapter 53 NMSA 1978. The secretary of state shall determine those credit or debit cards or other means of payment that may be accepted for payment.
History:
Laws 2001, ch. 200, § 13; 2019, ch. 160, § 1.
ANNOTATIONS
The 2019 amendment,
effective July 1, 2019, provided that the secretary of state shall accept for filing a document by electronic transmission containing a copy of a signature; in Subsection A, after the first occurrence of "The", deleted "public regulation commission" and added "secretary of state", after the second occurrence of "The", deleted "rules shall provide for the appropriate treatment of" and added "secretary of state may accept", after "documents or copies", deleted "and shall provide the requirements for signature with respect to electronic filings", after "If the", deleted "commission" and added "secretary of state", after "document by electronic transmission", deleted "it may" and added "the secretary of state shall", and after "filing a document", added "by electronic transmission"; and in Subsection B, after "The", deleted "public regulation commission" and added "secretary of state", after "payment specified in", deleted "its" and added "the secretary of state's", and after the next occurrence of "The", deleted "commission" and added "secretary of state".
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 3 - Franchise Tax (Repealed, Recompiled.) › Section 53-3-1 to 53-3-6 - Recompiled.

ANNOTATIONS
Recompilations.
— Laws 1978, ch. 139, § 23, recompiled 51-13-1, 51-13-2, 51-13-2.1, 51-13-2.2, 51-13-6 and 51-13-7, 1953 Comp. (51-13-1 to 51-13-6 NMSA 1978), relating to the franchise tax, as 51-13-14, 51-13-16, 51-13-20, 51-13-17, 51-13-18 and 51-13-19, 1953 Comp. (53-3-12, 53-3-13, 53-3-17, 53-3-14, 53-3-15 and 53-3-16 NMSA 1978), respectively, effective January 1, 1979.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 3 - Franchise Tax (Repealed, Recompiled.) › Section 53-3-7 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1978, ch. 139, § 24, repealed 51-13-8, 1953 Comp. (53-3-7 NMSA 1978), relating to review of assessments, effective January 1, 1979.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 3 - Franchise Tax (Repealed, Recompiled.) › Section 53-3-8 - Recompiled.

ANNOTATIONS
Recompilations.
— Laws 1978, ch. 139, § 23, recompiled 51-13-10, 1953 Comp. (53-3-8 NMSA 1978), relating to additional data, as 51-13-22, 1953 Comp. (53-3-19 NMSA 1978), effective January 1, 1979.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 3 - Franchise Tax (Repealed, Recompiled.) › Section 53-3-10 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1978, ch. 139, § 24, repealed 51-13-12, 1953 Comp. (53-3-9 NMSA 1978), relating to disposition of amounts collected, and 51-13-12.1, 1953 Comp. (53-3-10 NMSA 1978), relating to refunds, effective January 1, 1979.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 3 - Franchise Tax (Repealed, Recompiled.) › Section 53-3-11 to 53-3-17 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1986, ch. 20, § 136D repealed former 53-3-11 through 53-3-17 NMSA 1978, relating to the Franchise Tax Act, effective May 21, 1986. For present provisions,
see
Chapter 7, Article 2A NMSA 1978.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 3 - Franchise Tax (Repealed, Recompiled.) › Section 53-3-18 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1979, ch. 390, § 12, repealed 53-3-18 NMSA 1978, relating to late filing of the annual report, assessment and notice of franchise tax, penalties and interest, effective July 1, 1979.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 3 - Franchise Tax (Repealed, Recompiled.) › Section 53-3-19 to 53-3-31 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1986, ch. 20, § 136D repealed former 53-3-19 through 53-3-31 NMSA 1978, relating to the Franchise Tax Act, effective May 21, 1986. For present provisions,
see
Chapter 7, Article 2A NMSA 1978.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 3 - Franchise Tax (Repealed, Recompiled.) › Section 53-3-32 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1979, ch. 390, § 12, repealed 53-3-32 NMSA 1978, relating to fraud in the payment or collection of the franchise tax, effective July 1, 1979.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 3 - Franchise Tax (Repealed, Recompiled.) › Section 53-3-33 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1986, ch. 20, § 136D repealed former 53-3-33 NMSA 1978, as enacted by Laws 1979, ch. 390, § 10, relating to the Franchise Tax Act, effective May 21, 1986. For present provisions,
see
Chapter 7, Article 2A NMSA 1978.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 3 - Franchise Tax (Repealed, Recompiled.) › Section 53-3-34 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1998, ch. 108, § 81 repealed 53-3-34 NMSA 1978, as enacted by Laws 1979, ch. 390, § 11, relating to limitations on actions involving franchise taxes, effective January 1, 1999.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 4 - Cooperative Associations › Section 53-4-1 - Definitions.

Unless the subject matter or context requires otherwise, wherever used herein [Chapter 53, Article 4 NMSA 1978]:
A. "association" means a group enterprise legally incorporated hereunder, and shall be deemed to be a nonprofit corporation;
B. "member" means not only a member in a nonshare association but also a member in a share association;
C. "net savings" means the total income of an association minus the costs of operation;
D. "interest-dividends" means the return on share or membership capital which is limited in accordance with the provisions of Section 22 [53-4-22 NMSA 1978] herein;
E. "savings returns" means the amount returned to the patrons in proportion to their patronage in accordance with the provisions of Section 31 [53-4-31 NMSA 1978] herein;
F. "cooperative basis" as applied to any incorporated or unincorporated group not organized hereunder means:
(1) that each member has one vote and only one vote except as may be altered in the articles or by-laws [bylaws] by provision for voting by member organizations;
(2) that the maximum rate at which any return is paid on share or membership capital is limited;
(3) that the allocation or distribution of net savings after payment, if any, of said limited return on capital and after making provision for such separate funds as may be required or specially permitted by statute, articles or by-laws [bylaws], is made to member patrons, or to all patrons, in proportion to their partonage [patronage].
History:
Laws 1939, ch. 164, § 1; 1941 Comp., § 54-1401; 1953 Comp., § 51-15-1.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Cross references.
— For Uniform Unclaimed Property Act,
see
Chapter 7, Article 8A NMSA 1978.
For rural electric cooperatives,
see
62-15-1 NMSA 1978 et seq.
For cooperative marketing associations of agricultural producers,
see
76-12-1 NMSA 1978 et seq.
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 64 Am. Jur. 2d Public Utilities § 5.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 4 - Cooperative Associations › Section 53-4-1.1 - Short title.

Chapter 53, Article 4 NMSA 1978 may be cited as the "Cooperative Association Act".
History:
Laws 2001, ch. 200, § 14.
ANNOTATIONS
Effective dates.
— Laws 2001, ch. 200, § 101 made Laws 2001, ch. 200, § 14 effective July 1, 2001.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 4 - Cooperative Associations › Section 53-4-2 - Who may incorporate.

Any five or more natural persons or two or more associations may incorporate hereunder.
History:
Laws 1939, ch. 164, § 2; 1941 Comp., § 54-1402; 1953 Comp., § 51-15-2.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 18 Am. Jur. 2d Cooperative Associations § 1.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 4 - Cooperative Associations › Section 53-4-3 - Purposes.

An association may be incorporated hereunder to engage in any one or more lawful mode or modes of acquiring, selling, producing, building, operating, manufacturing, furnishing, exchanging or distributing any type or types of property, commodities, goods or services, and for the transaction of any lawful business.
History:
Laws 1939, ch. 164, § 3; 1941 Comp., § 54-1403; 1953 Comp., § 51-15-3.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 18 Am. Jur. 2d Cooperative Associations § 4; 18 Am. Jur. 2d Corporations §§ 28, 30, 31; 18A Am. Jur. 2d Corporations §§ 192 to 198.
Farm or dairy products, cooperative marketing of, by producers' association, 25 A.L.R. 1113, 33 A.L.R. 247, 47 A.L.R. 936, 77 A.L.R. 405, 98 A.L.R. 1406, 12 A.L.R.2d 130.
18 C.J.S. Corporations § 28; 43 C.J.S. Industrial Cooperative Societies § 3.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 4 - Cooperative Associations › Section 53-4-4 - Powers.

An association shall have the capacity to act possessed by natural persons and the authority to do anything required or permitted herein and also:
A. to continue as a corporation for the time specified in its articles;
B. to have a corporate seal and to alter the same at pleasure;
C. to sue and be sued in its corporate name;
D. to make by-laws [bylaws] for the government and regulation of its affairs;
E. to acquire, own, hold, sell, lease, pledge or mortgage any property incident to its purposes;
F. to own and hold membership in and share capital of other associations and corporations, and any types of bonds or other obligations; and while the owner thereof to exercise all the rights of ownership;
G. to borrow money, contract debts and make contracts, including agreements of mutual aid or federation with other associations and other groups organized on a cooperative basis;
H. to conduct its affairs without as well as within this state;
I. to exercise in addition any power granted to ordinary business corporations, save those powers inconsistent herewith;
J. to exercise all powers not inconsistent herewith which may be necessary, convenient, or expedient for the accomplishment of its purposes, and, to that end, the foregoing enumeration of powers shall not be deemed exclusive.
History:
Laws 1939, ch. 164, § 4; 1941 Comp., § 54-1404; 1953 Comp., § 51-15-4.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Cross references.
— For Uniform Unclaimed Property Act,
see
Chapter 7, Article 8A NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 18 Am. Jur. 2d Cooperative Associations §§ 30 to 32; 18 Am. Jur. 2d Corporations §§ 28, 32, 33; 18A Am. Jur. 2d Corporations §§ 196, 197; 18B Am. Jur. 2d Corporations §§ 1990 to 1992, 1995 to 1999, 2001 to 2008, 2085.
Exemption of cooperative associations from operation of statutes relating to use of highways by private motor carriers and contract motor carriers for hire, 109 A.L.R. 550, 175 A.L.R. 1333.
Membership corporation or association or cooperative group furnishing to its members service commonly supplied by public utility, as subject to governmental regulation or to jurisdiction of public service commission, 132 A.L.R. 1495.
Validity and construction of provisions for liquidated damages in contract with cooperative marketing association, 12 A.L.R.2d 130.
19 C.J.S. Corporations §§ 554 to 739; 43 C.J.S. Industrial Cooperative Societies § 6.
2023 New Mexico Statutes › Chapter 53 - Corporations › Article 4 - Cooperative Associations › Section 53-4-6 - Articles of incorporation; filing; recordation; fees.

The articles of incorporation of the association shall be filed with the public regulation commission [secretary of state] together with a fee of fifty dollars ($50.00) and shall be recorded with the county clerk of the county where the principal office of the association is located for a fee of one dollar ($1.00).
History:
Laws 1939, ch. 164, § 6; 1941 Comp., § 54-1406; 1953 Comp., § 51-15-6; Laws 1993, ch. 311, § 4; 2001, ch. 200, § 16.
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, inserted "of the association" following "articles of incorporation" and "the principal office"; and substituted "public regulation commission" for "state corporation commission".
The 1993 amendment,
effective July 1, 1993, inserted "of incorporation", deleted "of New Mexico" following "commission", and substituted "fifty dollars ($50.00)" for "twenty-five dollars ($25.00)".
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 18 Am. Jur. 2d Cooperative Associations §§ 13 to 15; 18A Am. Jur. 2d Corporations §§ 208, 209, 211, 213, 214.
18 C.J.S. Corporations § 25 et seq.