Appointment of receiver; qualifications; powers.

A. Upon the failure of any municipality coming within the provisions of Sections 3- 23-4, 3-23-7, 3-23-8 and 3-23-9 NMSA 1978, to comply with the provisions of these sections, the district court may at the suit of any resident taxpayer of the municipality appoint a receiver for the municipal utility. Under the court's direction, the receiver shall operate the municipal utility to accomplish the objectives and purposes of Sections 3- 23-4, 3-23-7, 3-23-8 and 3-23-9 NMSA 1978. B. No person shall be appointed a receiver unless he: (1) has been an actual resident in good faith of the municipality for not less than one year prior to the date of his appointment; and (2) is a taxpayer and owner of real estate of the value of at least five hundred dollars ($500) within the municipality. Upon petition to remove the receiver signed by not less than fifty-one percent of the qualified electors who are taxpayers resident within the municipality, the district court shall remove the receiver. A receiver shall act until discharged by the district court.