N.M. Stat. § 53-17-8
Effect of [certificate of] authority.
Unless the commission [secretary of state] disapproves pursuant to Subsection A of
Section 53-18-2 NMSA 1978, upon delivery of the application for a certificate of
authority to the commission [secretary of state], the corporation shall be authorized to
transact business in this state for those purposes set forth in its application, subject,
however, to the right of this state to suspend or revoke the authority as provided in the
Business Corporation Act.