N.M. Stat. § 53-11-32
Quorum of shareholders.
Unless otherwise provided in the articles of incorporation, a majority of the shares
entitled to vote, represented in person or by proxy, shall constitute a quorum at a
meeting of shareholders, but in no event shall a quorum consist of less than one-third of
the shares entitled to vote at the meeting. A quorum, once attained at a meeting, shall
be deemed to continue until adjournment notwithstanding the voluntary withdrawal of
enough shares to leave less than a quorum. If a quorum is present, the affirmative vote
of the majority of the shares represented at the meeting and entitled to vote on the
subject matter shall be the act of the shareholders, unless the vote of a greater number
or voting by classes is required by the Business Corporation Act or the articles of
incorporation.