N.M. Stat. § 53-4-20
Removal of directors and officers.
A director or officer may be removed with or without cause, by a vote of two-thirds of
the members voting at a regular or special meeting. The director or officer involved shall
have an opportunity to be heard at said meeting. A vacancy caused by any such
removal shall be filled by the vote provided in the by-laws [bylaws] for election of
directors.